Oil and Gas Industry Debate
Full Debate: Read Full DebateDepartment: Department for Business, Energy and Industrial Strategy
Lord Truscott
Main Page: Lord Truscott (Non-affiliated - Life peer)Department Debates - View all Lord Truscott's debates with the Department for Business, Energy and Industrial Strategy
(3 years, 7 months ago)
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Lord Callanan (Con) [V]
My noble friend is right that interconnectors have a key role to play. There are a number of existing electricity and gas interconnectors, which will play a key role in the transition. They also provide security of supply to both imports and exports of energy. We will be supporting them.
Lord Truscott (Ind Lab)
My Lords, I refer the House to my relevant interests in the register. BP has forecast that peak oil will come about in the early 2020s—much earlier than previously predicted. What plans do Her Majesty’s Government have to deal with this? Are they ready for it?
Lord Callanan (Con) [V]
As we have said, oil and gas have a key role to play in the transition and that is reflected by the independent Committee on Climate Change. Many of these things are, of course, a matter for the market. We have historically low oil prices at the moment, and the Government are well aware of it. We need to transition away from fossil fuel. BP, which the noble Lord mentioned, is doing a tremendous job in supporting, for example, the Net Zero Teesside scheme.