ROSEBANK owner Equinor has again posted immense profits as over a third of Scottish households face fuel poverty.

The Norwegian fossil fuel firm has been accused by climate campaigners of "ripping off ordinary people" after posting earnings of £29 billion.

Equinor is the UK's largest gas supplier, fulfilling over a quarter of the UK's demand.

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It is also the majority owner of the politically sensitive Rosebank natural gas field, located 80 miles off the coast of Shetland.

Green MSP Mark Ruskell told The National: "Equinor are wrecking our climate, but they are not acting alone. They can only do it because of the governments that are giving them drilling licences and supporting them every step of the way.

"If Rosebank goes ahead it will be a terrible act of environmental vandalism at a time of unparalleled climate chaos around the world. It is utterly reckless."

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Climate campaigners now warn the firm is set to receive around £3bn in tax breaks from the UK Government while developing the natural gas fields.

This means UK taxpayers will cover over 90% of the costs of developing the project, with the benefits passed to the Norwegian public.

The state-owned firm passes dividends from North Sea oil extraction to Norway's sovereign wealth fund, which holds the equivalent of £200,000 for every person in Norway.

Proceeds from the fund are used to fund public pensions in the country.

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Stop Rosebank campaigner Lauren MacDonald said: "Equinor and Norway are ripping off ordinary people, millions of whom are struggling to afford to stay warm in winter and are saddled with energy debt.

"It’s shameful. But instead of standing up for ordinary people, this government is bending over backwards to give Equinor what it wants.

"There is next to no public benefit from approving Rosebank – it won’t lower bills or boost UK energy security as its mostly oil for export – it will just make Equinor even richer."

A spokesperson for Equinor told The National: "Rosebank is expected to create a total gross value add of GBP 25bn through indirect and induced economic impacts over the field life, 77% of direct investments going to UK businesses (£6.6bn).

"At its peak during the development phase in Q2 2025, Rosebank is expected to create over 2,000 UK-based jobs (direct, indirect and induced)."

The spokesperson also said that Rosebank is expected to support an average of 525 employees across the lifetime of the field.

Scottish ministers have wavered on their support for the Rosebank project.

The National: SNP Economy and Fair Work Secretary Neil Gray

In August, energy minister Neil Gray (above) said the Government could back the project if certain "climate compatibility checkpoints" were met in its development.

However on several occasions Humza Yousaf has denounced the scheme, telling Bauer Media it was the "wrong decision" in September.

In May, protesters held a "knit-in" at the company's Aberdeen branch office, which saw attendees knit in the building's foyer and corridors in protest of the Rosebank field.

A protest was held outside the Norwegian embassy on Wednesday, criticising the firm for its plans to drill the Rosebank field.

A spokesperson for the Department for Energy Security and Net Zero said: “The UK is a world leader in net zero and is the first major economy - of the top 20 countries - to halve its emissions.

“Even when we reach net zero in 2050, we will continue to need oil and gas as part of our energy mix – so it is common sense to make the most of our domestic supplies.  

“Rosebank will help us continue to back the UK’s oil and gas industry, which underpins our energy security, supports around 200,000 jobs, and will provide tens of billions in tax revenue over the next 5 years – helping to support our transition to net zero.”