Oil and Gas Exploration: Subsidies

Part of Energy Security and Net Zero – in the House of Commons on 23 May 2023.

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Photo of Kerry McCarthy Kerry McCarthy Shadow Minister (Climate Change and Net Zero)

I think the Minister needs to look at the dictionary definition of “subsidy”. The approval of the Rosebank oilfield would be an astronomical waste of public money, handing £3.75 billion in subsidy to a Norwegian company in tax breaks and incentives without making any difference to British people’s bills. Does he accept that it will not create jobs or solve our energy security needs, and that it will be a backward step for climate targets as it pumps out carbon dioxide equivalent to running 56 coal-fired power stations a year?