Rosebank and Jackdaw Oilfields

John Cooper Excerpts

Monday 10th February 2025 Commons Chamber

[Michael Shanks]

I do think that carbon capture is important. We were delighted to put forward the investment to get the track 1 projects over the line, and we are looking forward to seeing those develop. That was about giving investors confidence after a protracted period, under the previous Government, in which those projects fell by the wayside several times. We were determined to get them over the line, and I am delighted that we did.

We remain supportive of the track 2 projects, particularly the Acorn cluster in Scotland, which may have an impact on areas such as Grangemouth in future. We want to see investment there as well. Such investments are incredibly important for building the jobs of the future. That is partly why the Government are determined to look at what comes next, and not just to support the oil and gas industry, as important as that is at the moment.

[John Cooper (Dumfries and Galloway) (Con)]

The Minister has talked long and loud about confidence in the industry, but disappearing investment does not engender any confidence. The 200,000 people employed in the oil and gas sector in this country will look askance at GB Energy, which looks less like the second prize and more like the booby prize. The point is that the oil and gas that we are taking from the North sea fulfils existing demand; it does not create new demand. It keeps the lights on in our homes, shops, offices and schools right now.

[Michael Shanks]

The whole House will have heard the hon. Gentleman repeat the point that the £8.3 billion investment in Great British Energy is not welcomed by the Conservative party, but it will create jobs—including, I am sure, in his constituency—through supply chains. We never said that all the jobs would be in the head office. There will be an important head office in Aberdeen, in recognition of the skills there, but the investment made will create tens of thousands of jobs, which is important. In the past 10 years, a third of jobs in this industry have already been lost. Either we accept that a transition is under way, and we put in place a plan and processes to build the industry of the future, or we bury our head in the sand and continue to see thousands more jobs go. I am determined not to do that.