Equinor's chief executive has warned the UK must show itself to be attractive for investors by reapproving Rosebank and Jackdaw.
Anders Opedal told energy secretary Ed Miliband that issuing new permits for the major oil and gas fields would show that the UK is a "predictable country for investors".
Previously granted permits for the developments were overturned last week in the Court of Session, but work has been allowed to continue while new licences are applied for.
The Telegraph reports that while Mr Miliband has opposed new oil and gas projects, Mr Opedal points out: "Reading the Labour manifesto, Rosebank is an existing licence for an existing field that we are now developing.
“That’s why we think it’s right to continue that development, although we respect that the current governments do not want to issue new licences.
“Although there is a new government, we expect that [licencing] decisions made by the previous government will be followed through. It is important for the UK to be a predictable country for investors.
“So we are assuming that Rosebank will go through, based on the first approval we got from British authorities.”
He added: “If this project is not executed, the oil will be supplied from somewhere else. But that will make the UK more dependent on imports. Rosebank will also contribute to job creation and growth.”
A Department for Energy Security and Net Zero spokesman told the Telegraph: “The government has already consulted on revised environmental guidance to take into account emissions from burning extracted oil and gas.
"We will respond to this consultation as soon as possible and developers will be able to apply for consents under this revised regime.”
Meanwhile Equinor has announced plans to halve its renewable energy investment over the next two years.
Explaining the move, the BBC reports, Mr Opedal said the transition to green energy was moving slower than expected, costs had gone up and customers were reluctant to agree longer term contracts.