North Sea Oil and Gas Producers: Investment Allowances Debate
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Peter Aldous
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North Sea Oil and Gas Producers: Investment Allowances
Peter Aldous Excerpts(2 years, 8 months ago)
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Lucy Frazer
The hon. Gentleman makes a large number of points. The reason we are taxing this sector is that these are extraordinary profits that have been made not as a result of anything that the companies have done, but because of the price of gas. The Chancellor also said that he would look at electricity generation, because that is riding on the back of gas prices.
On the hon. Gentleman’s point about decarbonisation and the oil and gas sector, I point out that capital allowances will be available for capital expenditure from the oil and gas sector that makes the production of oil and gas less carbon-intensive, which could include electrification.
Peter Aldous (Waveney) (Con)
Ongoing investment in the North sea is vital to the transition to a low-carbon economy and to the creation of long-term jobs in emerging industries such as offshore wind, hydrogen and carbon capture and storage, which are very important in coastal communities such as the one that I represent. Can my right hon. and learned Friend give an assurance that the levy will not imperil that ongoing investment?