Lord Blencathra (Con)

My Lords, there are 3.3 billion barrels of oil easily available in the North Sea. An independent study by Westwood Global Energy Group for Offshore Energies UK suggests that up to 7.5 billion barrels could still be produced, while the Government’s own figures suggest about 3.2 billion barrels. The North Sea Transition Authority estimates that there are 6.1 billion barrels of oil of contingent resources and 4 billion barrels of oil in mapped leads and prospects—whatever those are—plus an additional 11.2 billion barrels in plays outside these mapped areas. There are billions and billions of gallons of oil that we could use, and we need. But we have a fanatical Secretary of State for Energy who is obsessed with the last bit of his title: the Minister for Net Zero. He is destroying the UK’s energy needs on our doorstep—or under our seabed, to be more precise. Energy should be our priority. Without substantial new investment in domestic production, the UK is projected to import about 70% of its oil and gas needs by 2030, rising to over 80% by 2035. Even with a goal of net zero by 2050, the UK will still need between 13 billion and 15 billion barrels of oil and gas equivalent to meet its energy needs. Although demand for oil and gas will fall significantly, they are expected to meet a quarter of energy needs by 2050 to provide long-term power and support the energy transition, especially when paired with carbon capture technology. So a quarter of our energy needs will still come from oil and gas. We are sitting on billions of gallons of oil that we will not extract from our own country, and we will then import billions from abroad. How barking mad is that? This fanatical energy department is not only destroying our oil and gas production systems but putting whole swathes of British industry out of action, making it uncompetitive by removing a cheap commodity that all our competitors use. There will never be Labour’s dream of growth while the Secretary of State is still in post—no wonder most of the Cabinet want him sacked. His obsession with net zero is also leading to the destruction of some of our finest countryside and the imposition of massive—