Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of taxation of the oil and gas sector on levels of future development in the North Sea.

The Government is taking a responsible and proportionate approach to managing the taxation of the North Sea which recognises the ongoing role of the oil and gas industry and workforce in our current energy mix while ensuring the sector contributes more towards our energy transition. The Government engages regularly with industry stakeholders and monitors independent analysis, to assess the effects of taxation on investment and development activity in the basin.

The Government’s Building the North Sea’s Energy Future consultation sought to gather responses on the long term future of the North Sea. Britain is well-placed to mobilise its natural advantage, using the skills and expertise of our offshore workforce and supply chain to support the energy transition.