As you know, regulators have just approved the drilling in Rosebank oil and gas field. This has the potential to produce 8 per cent of Britain's oil output which is in line with the Government's plans to secure our domestic energy supply in the face of global events.
It is my understanding that, as is normal in these cases, the regulators submit all proposals for extensive scrutiny which includes a detailed environmental impact assessment process and an extensive consultation. Comment is invited on the proposals from a number of statutory nature conservation bodies, and there is an opportunity for members of the public and non-governmental organisations to engage in the decision-making process. Now that both regulators have made their final decision about the Rosebank application, the decision along with a detailed summary of conclusions on its likely environmental impact, will be published for us all to study.
Oil and natural gas are still required for heating, cooking and transport, and are vital to the production of many everyday essentials such as medicines, plastics, cosmetics and household appliances. While the Government is working hard to drive down demand for fossil fuels, there will continue to be ongoing demand for oil and gas over the coming years, as recognised by the independent Climate Change Committee, with the UK as net importers of both oil and gas.
This recognises that importing oil and gas harms our ambition to reach net zero.
The Government is therefore boosting our energy security by committing to new oil and gas field licences in the North Sea, making sure we are not reliant on expensive, foreign imports. It is also investing in Carbon Capture and Storage, delivering on our net zero ambitions while creating 25,000 jobs and driving £10 billion of investment.
This will cut bills, cut emissions, and cut our dependence on foreign imports, safeguarding our long-term energy security, supporting families with the cost of living, and delivering on the Prime Minister’s pledge to grow the economy.