Oil and Gas Windfall Tax Debate
Full Debate: Read Full DebateDepartment: Department for Energy Security & Net Zero
Lord Bellingham
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Oil and Gas Windfall Tax
Lord Bellingham Excerpts(9 months, 4 weeks ago)
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Lord Callanan (Con)
My Lords, what the noble Lord refers to as a “kickback” is actually an investment allowance. If I am right, the same noble Lord was asking me about reducing flaring and about introducing electrification of fields. It is those investment allowances that pay for the very policies that he asked me to introduce.
Lord Bellingham (Con)
My Lords, in concurring with the noble Lord, Lord Bruce, in his statement that oil and gas are a vital part of transition to net zero, can I ask the Minister what the situation is with the Rosebank oil project, which is a world-class asset and one of the largest of its kind anywhere in the world?
Lord Callanan (Con)
I thank my noble friend for the kind invitation to respond to that. He will understand that I cannot comment on licensing decisions.