Rosebank Oil Field

Debate between Lord Vaux of Harrowden and Baroness Curran

Thursday 29th October 2026 Lords Chamber

[Baroness Curran (Lab)]

I am afraid I am going to have to disappoint the noble Baroness, because I just do not want to be dragged into any detail about the decision. I will absolutely assert that when the Secretary of State makes her decision, she will be given a range of information that I know that she will read and study carefully. She will make the decision in the round and will address that. As I said to the noble Earl, Lord Russell, those issues are on the record in this House.

[Lord Vaux of Harrowden (CB)]

I do not know about other noble Lords, but I would welcome a little bit of financial context on this, following the question by the noble Lord, Lord Bridges. When I look at the OBR document, it is very hard to understand what the financial difference is. It refers to, with Rosebank, a 10% decline in revenues over the period and, without it, a 14% decline over the period. What does that mean in terms of pounds and pence over the financial forecast period?

[Baroness Curran (Lab)]

I was going to say thank you for that question, but I do not know if I do, to be honest. The OBR does not actually make forecasts. It recognises the potential tax receipts for Rosebank, but it does not actually give pounds and pence forecasts for it.