North Sea Oil and Gas Industry

Mark Pritchard Excerpts

Monday 27th October 2025 Commons Chamber

[Michael Shanks]

As I have said in a number of answers, the UK arm of Petrofac is a successful and growing business. Its holding company went into administration today due to a number of factors, including the loss of an international contract. It is nothing to do with our policy in the North sea.

[Mark Pritchard (The Wrekin) (Con)]

I say to our colleagues on the Green green Benches that of course climate change exists. We need green investment, green jobs and the green transition, but is there not a fundamental flaw at the heart of the Government’s policy, which is that it is ideologically driven? Have we not learned anything from Russia’s invasion of Ukraine about energy security, energy sovereignty and energy independence? I put it to the Minister, with the greatest respect, that in the medium to long term, if we continue down this track too quickly, without a stable transition for workers and the energy sector, the Government could end up undermining the UK’s national security.

[Michael Shanks]

I thank the right hon. Gentleman for how he has put the question. Energy security is at the heart of what we are trying to do, because our exposure to fossil fuels is what led to some of the most significant price spikes in all our constituents’ bills—spikes that they still face today. Our continued exposure to the impact of Russia’s invasion of Ukraine—even though none of that Russian gas now reaches us—is because of the international markets; they drive this forward. The only way to take back control of our energy is by building the clean power system of the future, and the pace of that transition is absolutely right. We are driving forward momentum, to make sure that the investment comes forward to create jobs in the economy right now. That has been successful; there has been £50 billion of private investment just in the past year. My view is that 10 or 20 years ago, both under the previous Labour Government and under the Conservative Government, we should have recognised that a transition was under way and put in place a credible plan for protecting the jobs. That was not done, but we are determined to do it, so that the transition for oil and gas workers is into good, well-paid jobs in renewables, carbon capture, hydrogen and other technologies, and we have a genuinely just and prosperous transition.