Future of the Oil and Gas Industry
Debate between David Duguid and Douglas Chapman(5 years, 1 month ago)
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Douglas Chapman
My hon. Friend makes an excellent point. Norway’s population is very similar to Scotland’s and it has a similar ability make good from the resource it found on its doorstep. It now has the world’s largest sovereign wealth fund, yet in Scotland and the UK we have not put anything aside for future generations. That is a huge lost opportunity for the industry and the UK people.
David Duguid
We often hear about the Norwegian sovereign oil fund. Is the hon. Gentleman aware that the same fund is investing heavily in the UK market as we prepare to leave the European Union?
Douglas Chapman
That is a fantastic option that Norway has, but in the UK we do not have that wealth fund to decide how we will invest in the future. That makes a bit of a mockery of us. We have had all that wealth; Norway has done a huge amount with theirs, but we have taken ours off our balance sheet and spent it as it came in. We should have put some away for future generations.