The two largest undeveloped offshore fields in the UK are moving towards final investment decisions despite lingering concerns about the impact of the UK energy profits levy on profitability and the protestations of environmentalists opposed to any new oil projects.

The Rosebank and Cambo fields are operated by Equinor and Ithaca Energy, respectively, and are located in the West of Shetland area with significant oil and gas reserves.

Rosebank’s expected recoverable resource is more than 300 million barrels of oil equivalent, while Cambo contains nearly 150 million boe.