Speech to BP on the National Exploration Company Bill

[Alexander Portela (CON)]

Environment Secretary Alexander Portela spoke at British Petroleum’s headquarters about the National Exploration Company Bill. Portela spoke in support of the bill and explained why it would be a good step forward for Britain’s future.

A nation that does not invest and save during its times of plenty is a nation that will be burdened with trouble in times of need.

Britain is a nation with valuable natural resources that can fuel growth, progress, and prosperity. Around the world, we have seen how nations have harnessed the wealth powered by the hydrocarbon industry to fuel long-term wealth creation in a sovereign wealth fund.

Just a few years ago, Norway chose to invest the surplus revenues of their hydrocarbon sector. In 1976, in the state of Alaska, the revenues of oil and gas in the state were also invested in a sovereign wealth fund that now gets used to deliver a direct stipend to every Alaskan resident. It is high time that we join their ranks – and take full advantage of our huge natural oil and gas reserves.

The Government has introduced recently a bill, the National Exploration Company Bill. This bill will open up exploration and production of oil in the Falklands to private firms working under the watchful eye of the nation, tapping into a reserve worth upto seventy billion pounds.

The revenues and profits from the work private firms do to extract resources from the Falklands will be used to create a national sovereign wealth fund under this Bill. And at least 50% of the profits of new oil operations – worth tens of billions of pounds – will go directly towards growing this national fund, which will be invested to create rolling wealth for all generations to come It will join the ranks of the NHS and the great outdoors as part of our national inheritance.

These jobs created under this Bill will be British jobs for British citizens, created by British companies. It is a trifecta of wins for this country - higher pay, more jobs, and greater prosperity.

The sovereign wealth fund can be used to support our pensions, to support the NHS, or it could provide the economy with a good shock absorber when the price of oil is unstable. This wealth can be something Britain can count on to make our lives better and our economy stronger in the long-run.

The plan is clear: this Bill is an instrument for long-term wealth creation for Britain and its people. And make no mistake, this plan will also get us off foreign sources of oil and result in more stable fuel prices for consumers. We will be able to source our oil less and less from abroad.

This Bill establishes a partnership between public firms and the government as a sensible middle ground, a sensible path forward. Private firms are ultimately using a resource that belongs to Britain - and Britain will benefit from it

While Labour is busy planning to seize and nationalise businesses, we are committed to supporting and building up businesses. This Bill will create jobs for Britain and ensure that our companies are the ones that will be boosted and supported.

It is a plan that will benefit all of Britain, and support companies like BP to forge a new future of booming energy production.

[Redgrave]

A speech by the Environment Secretary that goes down well with the audience, given he chose to speak at BP headquarters. He keeps his remarks succinct and holds audience attention, mixing aspirational rhetoric with the key tenets of the plan to give attendees a nice overview of just how the Bill will work for the benefit of the country and their industry.

1XP to Portela