The Jackdaw project will not cut energy bills and will create 27 new jobs.
The UK government has approved environmental consent for the Jackdaw gas field project - with the economy set to be boosted by more than £2 billion.
But with so much focus on the key North Sea project, who is poised to benefit from the development going ahead?
Jackdaw, along with the Rosebank oil project, which is still awaiting approval, is being developed by the Adura partnership between fossil fuel giants Shell and Equinor.
Economy
The developer also estimates that the project will add around £2.9 billion to the UK economy with around £2.1bn of investment.
READ MORE: Jackdaw gas field approved by UK government to 'begin gas supply this winter'
The UK government has confirmed that a new energy wealth fund will be set up to reinvest oil and gas revenues into renewable and low carbon projects, with £2 billion paid into the fund as a starting point.
Jobs
Oil and gas giants have shed hundreds of North Sea jobs over recent months and years.
Adura has argued that the Jackdaw project will safeguard 273 jobs that would otherwise be lost.
READ MORE: Jackdaw gas field approval cannot be distraction from wider crisis facing Aberdeen and the North Sea
The partnership has estimated that 27 new full time jobs will be created by Jackdaw going ahead.
Energy prices
The Jackdaw project will do nothing to reduce energy prices for consumers. Oil and gas wholesale prices are dictated by global markets.
The most straightforward way for UK fuel prices to be cut is by accelerating the move to renewables but we will be reliant on oil and gas for the coming decades due to our demand for heating, petrol and diesel and manufacturing processes.
Energy Security
The big argument in favour of Jackdaw has been on energy security and boosting domestic supplies of gas, amid reports that reserves could run low this winter.
READ MORE: The five North Sea oil and gas projects waiting in pipeline if Rosebank and Jackdaw given green light
Over its lifetime, expected to be around 11 years, Jackdaw is estimated to produce gas with an energy equivalent to around 40 million barrels of oil.
Jackdaw will boost domestic production by up to 6 per cent at its peak - meaning less gas will ned to be imported.
According to UK Energy Secretary, Miatta Fahnbulleh’s decision to grant consent, Jackdaw going ahead will “improve the security of supply and resilience of our gas system by a small but meaningful amount”.
Climate crisis
Approving the Jackdaw project will undoubtedly worsen the UK’s impact on the climate crisis. Climate change is fuelled by burning fossil fuels like coal, oil and gas and experts have warned that global efforts to restrict warming are not consistent with new projects going ahead.
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Estimates suggest Jackdaw could produce up to 35.8 million tonnes of carbon emissions over its 11-year life. For comparison, Scotland’s entire annual emissions for 2024 for 39 million tonnes of carbon dioxide.
The energy secretary concluded that “the emissions from this project will not prevent the UK’s ability to meet its carbon budgets and achieve net zero by 2050”.