Aberdeen & Grampian Chamber of Commerce has welcomed Tony Blair’s major intervention, as he sets out what the party he once led must do to retain power and get Britain back on track.
In a 5,600 word essay the former Prime Minister put the need for a more pragmatic approach on North Sea oil and gas front of centre among a set of policy priorities required to deliver growth.
Outlining what Labour must do differently in government to recapture and win the centre ground, he prioritised using 'what is left of our North Sea oil and gas resources' as an approach which is 'essential for our competitiveness' as a country.
The 43rd Energy Transition Survey, published yesterday by AGCC, shows that the overwhelming industry belief that the North Sea still has a bright future under the right conditions.
Commenting, Chief Executive of Aberdeen & Grampian Chamber of Commerce Russell Borthwick said:
'Our region has seen the acute damage caused by hollowing out our proud North Sea oil and gas sector before the renewables and low carbon industries that will supply our future demand have been properly scaled up.
'For as long as we still need oil and gas, we should produce our own – not import these resources from halfway across the world at higher cost, and with greater associated carbon emissions.
'Tony Blair is right – we’re putting ourselves at a huge competitive disadvantage by not using what’s left of our own oil and gas resources.
'We can get the North Sea moving again by unblocking the regulatory process, moving from the damaging Energy Profits Levy to the Oil and Gas Price Mechanism and taking a more pragmatic – and less ideological approach – on new exploration licences, based on our energy needs.
'Unlocking that potential would mean £17.5 billion in direct investment by industry before 2030, sustaining jobs, supporting the supply chain and generating significant public revenues and economic growth.'
Source: Aberdeen & Grampian Chamber of Commerce
