Oil and Gas Windfall Tax Debate
Full Debate: Read Full DebateLord Bellingham
Main Page: Lord Bellingham (Conservative - Life peer)Department Debates - View all Lord Bellingham's debates with the Department for Energy Security & Net Zero
(1 year, 1 month ago)
Lords ChamberMy Lords, what the noble Lord refers to as a “kickback” is actually an investment allowance. If I am right, the same noble Lord was asking me about reducing flaring and about introducing electrification of fields. It is those investment allowances that pay for the very policies that he asked me to introduce.
My Lords, in concurring with the noble Lord, Lord Bruce, in his statement that oil and gas are a vital part of transition to net zero, can I ask the Minister what the situation is with the Rosebank oil project, which is a world-class asset and one of the largest of its kind anywhere in the world?
I thank my noble friend for the kind invitation to respond to that. He will understand that I cannot comment on licensing decisions.