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<\/p>\nClimate activist and Labour Party donor Dale Vince has explained his shock U-turn on North Sea oil and gas operations. <\/p>\n
Speaking to GB News, the green entrepreneur argued Britain should use its domestic resources better to cut energy bills and protect jobs.<\/p>\n
In April, Mr Vince had described plans to expand North Sea drilling as a \u201cbetrayal\u201d of Britain’s climate commitments.<\/p>\n
He has also said there was \u201cno economic case\u201d for opening up new sites because oil and gas sold into global markets would not lower UK energy bills.<\/p>\n
Nevertheless, he now supports developing the already established Rosebank and Jackdaw North Sea oil and gas fields. <\/p>\n
\u201cI\u2019m saying that they actually would make economic sense. There would be a case for them,\u201d he said.<\/p>\n
\u201cWe could bring our bills down. At the moment, there is no case. And I think that would change.\u201d<\/p>\n
Mr Vince said his new position was to introduce wholesale price controls for North Sea energy, rather than letting global markets dictate prices.<\/p>\n
Dale Vince has explained why he has changed his mind on North Sea oil and gas operations<\/p>\n
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\u201cIf we extend that price control concept to Jackdaw and Rosebank, they could make economic sense, so there could be a case for doing them,\u201d the green entrepreneur said. <\/p>\n
He said the proposals could let Britain benefit from domestic production while lowering consumer costs.<\/p>\n
Mr Vince argued that Britain would continue to use oil and gas for years to come, making domestic production more attractive if it could also deliver cheaper energy.<\/p>\n
\u201cThe two arguments advanced for new drilling are firstly that we can get our bills down. That’s not true under the current system,\u201d he said.<\/p>\n
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The entrepreneur said the expansion of the Rosebank and Jackdaw sites could make ‘economic sense’ <\/p>\n
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\u201cBut if we control the price and we can actually save money by drilling here… it makes sense to make them here.\u201d<\/p>\n
Under his proposal, the price would be based on the cost of production plus a \u201creasonable profit margin\u201d, which he suggested could be around 10 per cent.<\/p>\n
\u201cWe can set the price ourselves based on the cost of production, adding a margin, a reasonable profit margin like 10 per cent, for example,\u201d he said.<\/p>\n
Mr Vince said the approach could also help preserve employment and investment in the North Sea as production declines.<\/p>\n
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Prime Minister Andy Burnham has pledged to take a ‘pragmatic approach’ to the North Sea<\/p>\n
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\u201cIn a very volatile world for the North Sea, particularly as output declines, it gets harder and harder to justify continued operation in a volatile market,\u201d he said, adding: \u201cSo it makes great business sense to do this.\u201d<\/p>\n
The climate activist insisted the change did not mean abandoning his environmental principles.<\/p>\n
\u201cI\u2019m actually a practical, pragmatic person. I’m not some kind of eco idealist beyond everything else.\u201d<\/p>\n
Mr Vince later stressed that he was not calling for unrestricted drilling of new sites. <\/p>\n
\u201cI\u2019m not calling for drilling in the North Sea,\u201d he insisted. <\/p>\n
Instead, the green entrepreneur said his support for Rosebank and Jackdaw depends on his proposed price-control system.<\/p>\n
Mr Vince also said he had put the proposal to Prime Minister Andy Burnham and that it was \u201cbeing considered\u201d.<\/p>\n
Mr Burnham has pledged to take a \u201cpragmatic approach\u201d to the North Sea, explaining: \u201cThere is a resource there. When people are struggling, we can\u2019t ignore that.\u201d<\/p>\n