A Pragmatic and Regulated Approach to Oil and Gas

That the Parliament notes the independent review into oil and gas, which was carried out by Professor John Underhill, the Director of Energy Transition at the University of Aberdeen’s Interdisciplinary Institute; recognises that this review urges the UK Government to adopt a pragmatic and regulated approach to oil and gas measures to avoid deepening the UK’s reliance on imports, protect energy security, reduce carbon emissions and support a just transition to net zero; understands that this review identifies a number of factors, including the UK Government’s Energy Profits Levy, which have created uncertainty in the industry, discouraged investment and threatened the viability of existing infrastructure; believes that this review offers a balanced and regulated approach that can ensure climate commitments are met while ensuring energy resilience, economic stability and smooth the transition to low-carbon renewables, and calls on the UK Government to start listening to the experts, follow the lead of countries such as Norway, New Zealand and the Netherlands, and adopt the policy strategy recommended by this review before it is too late.