All 1 Debates between Lord Hughes of Woodside and Lord Bourne of Aberystwyth

Oil and Gas: UK Continental Shelf

Debate between Lord Hughes of Woodside and Lord Bourne of Aberystwyth
Tuesday 9th February 2016

(8 years, 10 months ago)

Lords Chamber
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Lord Bourne of Aberystwyth Portrait Lord Bourne of Aberystwyth
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My Lords, I am very much aware that my noble friend has a very distinguished record as a former Energy Secretary. However, I do not think it is true to say that the oil industry is entering a period where its significance is diminished. It is perhaps not what it was, but it is still of enormous importance. The two oil fields to which I referred will be able, when at maximum production, to supply energy to 2 million homes. However, he is absolutely right about the importance of shale and the Government are determined to go ahead with exploration for it.

Lord Hughes of Woodside Portrait Lord Hughes of Woodside (Lab)
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My Lords, will the Minister comment on the reports in today’s press that the Chancellor is expected to raise taxes on the oil industry at a time when consumers are not really seeing a reduction in price at the petrol pumps? Will he disabuse us of that idea?

Lord Bourne of Aberystwyth Portrait Lord Bourne of Aberystwyth
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My Lords, matters for the Budget are, of course, matters for the Chancellor. The noble Lord will know that I cannot comment on that.