North Sea Oil and Gas Industry Debate
Full Debate: Read Full DebateDepartment: Department for Business and Trade
Mary Glindon
Main Page: Mary Glindon (Labour - Newcastle upon Tyne East and Wallsend)Department Debates - View all Mary Glindon's debates with the Department for Business and Trade
North Sea Oil and Gas Industry
Mary Glindon Excerpts(1 day, 22 hours ago)
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Michael Shanks
I thank the hon. Gentleman for his tone and I accept the point that he makes. As I have said, we can be clear that there is a viable future for those 2,000 workers and we should be positive about that—it is important that we talk up the future potential of the company—but I recognise that that does nothing for those who might be worrying. We accept that the EPL will come to an end. We have consulted with industry on what the future of that looks like. We want to ensure that the Treasury gains value from price spikes, a point on which his party and mine agree, and that is a matter for the Chancellor to take forward. If he is in favour of a tax cut for oil and gas, it is important that he says where that significant amount of revenue will come from to fund the public services on which he and I rely.
Mary Glindon (Newcastle upon Tyne East and Wallsend) (Lab)
I welcome the Government’s mention of tiebacks in a consultation earlier this year. The development of tiebacks is important because it reduces costs and extends the life of existing critical infrastructure. However, many existing hubs are reaching the end of their life and we may miss the opportunities that are in front of us. Will the Minister look at tiebacks as a pragmatic step to help aid the transition?
Michael Shanks
My hon. Friend is always a great champion for the industry. Although we often talk, quite rightly, about Aberdeen and north-east Scotland, she is right to champion her own community, where there are a significant number of oil and gas workers. I always welcome her straightforward challenge to me on many points. I will not get into the detail of the response to the consultation, which we will publish in due course, but we have been clear that we want a credible, long-term plan for the future of the North sea. That is why we consulted on a range of factors, not just the future licensing position, and we will come to a pragmatic position on what the future of the North sea looks like.