Norwegian state-owned Equinor is expected to launch a process to sell down a stake in the Rosebank oil field, after the UK’s North Sea Transition Authority (NSTA) gave the go-ahead to develop the licence last week, according to people familiar with the matter.

Rosebank, located around 130km north-west of Shetland, is the largest undeveloped oil and gas field in the North Sea. Equinor could launch a stake sale as early as next month, one of the people said, meaning the process would likely conclude next year.