North Sea Oil and Gas Industry Debate
Full Debate: Read Full DebateDepartment: Department for Business and Trade
Bernard Jenkin
Main Page: Bernard Jenkin (Conservative - Harwich and North Essex)Department Debates - View all Bernard Jenkin's debates with the Department for Business and Trade
North Sea Oil and Gas Industry
Bernard Jenkin Excerpts(1 day, 17 hours ago)
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Michael Shanks
We recognise that the energy profits levy will come to an end and have consulted on what the future of that looks like with industry. It is a matter for the Chancellor to outline tax policy, as is standard practice in this House; it is not for me to comment on that. But there is a broader question about how we ensure that we drive forward investment. Talking down the investment in carbon capture, hydrogen, offshore wind and the supply chains is not the way to drive forward the jobs of the future, alongside the critical, important oil and gas jobs that will be with us for decades to come.
Sir Bernard Jenkin (Harwich and North Essex) (Con)
Why does the Minister refuse to issue new licences for the exploitation of new gas fields and new oil fields in the North sea? That is what the industry would like, and that is what the country would like, because we would like a stronger balance of payments, more tax revenues for the Exchequer, and a future for the North sea oil industry. What is the point of choking off our own North sea oil and gas industry when we have to import those fuels from other countries?
Michael Shanks
We will respond to the consultation on the future of licensing in due course. This Government were elected on the manifesto commitment to not issue new licences to explore new fields, but it remains our position that we will support existing licences and fields for their lifetime. We must manage the future of the basin, which has been in decline for 20-plus years—we hit peak oil in 1999 and peak oil in 2000, so we have been in transition for a long time—and that means investing in the industries that come next, alongside oil and gas.