The UK Government's Approach to Energy Policy

That the Parliament notes the reported announcement from the APA Corporation that it will pull out of the North Sea in the next five years, with the firm stating that it will run a "very limited capital programme" in 2025 before ceasing all production in its North Sea assets by 31 December 2029; understands that the chief executive of APA Corporation, formerly known as Apache, has reportedly stated that this is well ahead of what would have been an otherwise reasonable time frame; notes that APA Corporation also reportedly states that "the onerous financial impact of the Energy Profits Levy makes production of hydrocarbons beyond the year 2029 uneconomic"; considers that this is further evidence that the UK Government’s approach to energy policy is to blame for operators leaving the North Sea earlier than expected, which, it believes, will cause a loss of jobs and threaten the very investment needed for the transition to net zero, and calls on the UK Government to finally wake up to the situation that is unfolding in the North Sea and adopt a more realistic and practical approach, working with the industry instead of against it, before it is too late.