North Sea Oil and Gas

Jonathan Edwards Excerpts

Wednesday 9th February 2022 Commons Chamber

[Greg Hands]

I thank the hon. Gentleman for taking a slightly more constructive approach than his Scottish National party colleague, the hon. Member for Aberdeen South (Stephen Flynn). He is right: we can save the planet and save jobs at the same time. He called for a zero-carbon obligation, but I suggest that he should wait to see the results of the consultation on the climate compatibility checkpoint; he will have heard what I said earlier about how the UK Government are supporting carbon capture, utilisation and storage; and as for meeting him, of course I will do so.

[Jonathan Edwards (Carmarthen East and Dinefwr) (Ind)]

According to UK statistics, the amount of oil and gas sourced from the North and Celtic seas has ballooned. It has doubled year on year. One oil company chief executive is reported to have described his company as

“literally like a cash machine”

as he handed billions of pounds to shareholders as a result of those increased exports. Is the reality not that that exploitation has more to do with maximising profits and tax revenues than dealing with the domestic energy crisis?

[Greg Hands]

I thank the hon. Gentleman for that question. I will need to have a look at the timeframe for his statistic on doubling production, because clearly during the first year of the pandemic, in particular, production was very low. I would have to look at that. I think his call is for higher taxation, and again it is worth looking at the tax being paid by the sector. Since 2010, the sector has paid £33.7 billion in taxes, and £375 billion over the past 50 years.