Rosebank oil field

That this House recognises that the UK’s transition away from oil and gas production is underway, as North Sea reserves decline and the climate imperative intensifies; notes that a well-managed transition has the potential to deliver economic benefit, strengthen domestic supply chains and revitalise our industrial heartlands; encourages the Government to accelerate the clean energy transition in order to bolster the UK’s energy security and lower household energy bills; believes new clean energy industries must bring tangible benefit to communities and workers currently reliant on the oil and gas industry; welcomes that the Government will cease issuing new oil and gas exploration licenses in line with climate science; further notes with concern that the proposed Rosebank oil field’s projected carbon emissions are vast, totalling 254 million tonnes of carbon dioxide equivalent; also notes that opening any new North Sea oil and gas fields is inconsistent with limiting warming in line with the temperature thresholds in the Paris Agreement, to which the UK is a signatory; is concerned that Rosebank would be of minimal benefit to the UK’s energy security as most of the oil from Rosebank will be exported and sold on the international market; and therefore urges the Government to prioritise investment in a clean energy transition that benefits workers, communities and future generations.