Meeting of the Parliament 15 March 2016
I am able to welcome the measure of consensus in what Sarah Boyack said at the beginning of her question. We have worked pretty much together, in many ways, with many of Ms Boyack’s colleagues over the past five years, for which I am grateful.
I will answer the questions as follows. First, we have made very clear our position on unconventional extraction. A moratorium is in place at the moment and there can be no developments. It is right, however, that we study the matter using an evidence-based approach; it is fair to say that we have set out extremely detailed plans about what evidence we will take and what will follow. We will then have a national debate. That is very clear indeed.
The second question was specifically about oil and gas. I await with interest learning precisely what the Labour Party proposes: what sum of money is proposed and for whom, what will be invested in, on what advice, and when and how that will take place. I say to Ms Boyack that it has appeared to me for quite some time—I have put this on the record in the chamber—that the immediate risk that is faced by the industry is that some operators are under considerable financial pressure, and that the immediate action that is required is for the banks to keep faith in those operators. That point has been well made by Sir Ian Wood in the past couple of days, and that is the most immediate issue that must be dealt with. I have written to the major banks and I am in dialogue with them to urge them to keep faith in the oil and gas industry through these toughest of times, and to avert the risk, which is well recognised in the industry and which I have discussed with Andy Samuel, the Oil and Gas Authority chief executive, of financial contagion or—as it is otherwise known—the domino effect.
Those are answers to the two questions that Ms Boyack asked. I will check to see whether I have missed anything, and if I have I will revert to her.