Oil and gas will continue to play an important role in the UK’s energy supply as the country transitions to net-zero carbon emissions, Boris Johnson has said.
The Prime Minister led a discussion of the UK energy security situation at the weekly meeting of the Cabinet in Downing Street on Tuesday.
The move coincided with the announcement by oil giant BP of £11 billion pre-tax profits, however No 10 indicated there was no shift in the Government’s opposition to calls for a windfall tax of fossil fuel firms.
“There is obviously volatility in gas prices, you are seeing that reflected in profits,” the Prime Minister’s official spokesman said.
“I am not going to comment on individual companies. Those that perform well pay more in taxes, including corporation tax.”
The spokesman said the UK was investing in renewables to provide further security of supply, with important roles for nuclear and offshore wind, as the economy moved towards net zero.
“The oil and gas industry will continue to play a role as we make that transition. They are investing in clean technologies like carbon capture and hydrogen that we need to get to net zero,” the spokesman said.
“We know that having an element of independence of oil and gas is important. Sourcing gas locally through the North Sea makes us less dependent on foreign imports.”
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