Peter Truscott (Baron Truscott) is a Labour peer in the UK House of Lords and was briefly an energy minister from late 2006-June 2007. He also was an MEP during the nineties.
Truscott is director of Energy Enterprises Ltd, his own strategic advice consultancy focusing on the oil and gas industry, and a former director of several oil and gas firms in Russia, the UK and Africa. Current roles declared on the House of Lords register in 2018 include chair of the Advisory Board for Russian Gold Fund (private equity investment fund) and an adviser to CEO, Thaler.One (real estate blockchain platform).
In 2008 Private Eye reported:
- Peter Truscott was once a humble Labour Euro MP. Then he became Lord Truscott, energy minister. Now he has become a consultant to a financial PR firm called Gavin Anderson, whose 'public affairs' unit specialises in what it calls 'influencing legislation'. Gavin Anderson's most notable client? The controversial energy giant, Gazprom.
ErminegateIn January 2009 Lord Truscott was one of four peers who allegedly agreed to accept money from undercover Sunday Times reporters, who were posing as business lobbyists, in return for amending legislation.
Both Lord Truscott and Lord Taylor of Blackburn were suspended for six months from the House of Lords for their role in what became known as the 'erminegate' affair. Lord Moonie and Lord Snape were both cleared by the Lords Privileges Committee but were invited to apologise for their "inappropriate attitudes".
Lord Truscott allegedly said he had previously offered to help an energy client who was concerned about the energy bill. Lord Truscott discussed a £72,000 fee with the undercover reporters and said "I can work with you over it ... identifying people and following it ... meeting people, talking to people to facilitate the amendment and making sure the thing is granted."
- Parliamentary Under Secretary of State for Energy, since November 2006
- Member of the House of Lords European Union Committee
- Former departmental liaison peer to the Ministry of Defence
- MEP Hertfordshire (1994 - 1999)
- Labour's Foreign Affairs and Defence spokesperson
- Member of the Foreign Affairs Committee
- Vice-President of the Security Sub Committee
- Member of the European Parliament's delegation for relations with the Russian Federation
- Claims to have written extensively on foreign and security policy. An expert on the former Soviet Union and European security
- Visiting Research Fellow with the Institute for Public Policy Research from 1999 - 2000
- Consultant Gavin Anderson & Company, started role in January 2008. Approved by ACOBA subject to "12 months after leaving office, he should not become personally involved in lobbying the UK Government on behalf of his new employer or its clients"
- Associate Partner and Adviser, Opus Executive Partners Ltd, January 2008-2011. Was approved by ACOBA subject to "12 months after leaving office, he should not become personally involved in lobbying the UK Government on behalf of his new employer or its clients"
For the following appointments, ACOBA saw "no reason why he should not take up the appointment forthwith, provided he does not become personally involved in lobbying UK Ministers or Crown servants, including Special Advisers, on behalf of the company for a year after leaving office"
- Consultant, Landis+Gyr Group, April 2008.
- Non-executive director and consultant, Eastern Petroleum Corporation Ltd, May 2008.
- Non-executive director and consultant, Gulf Keystone Petroleum (UK) Ltd, May 2008.
- Consultant, Torftech Ltd, July 2008.
- Consultant and member of advisory board, VAL Energy, March 2009.
- International adviser, Japan Bank for International Cooperation, March 2009
For the following appointment ACOBA 'noted and saw no difficulty, provided he does not become personally involved in lobbying UK Ministers or Crown servants, including Special Advisers, on behalf of the company for a year after leaving office':
- Non-executive director and consultant, African Minerals (UK) Ltd , April 2008. . Truscott left the role in 2009 but retains shareholdings in the company. 
- African Minerals Ltd
- Nighthawk Energy plc (hydrocarbon projects in USA)
- Ophir Energy plc (hydrocarbon exploration)
Non financial interests
- Parliamentary Ambassador for the Russian Federation and Former Soviet Union, British Council
- Associate Fellow, Royal United Services Institute for Defence and Security Studies (RUSI); member RUSI International Advisory Board
- Director, 25 Jermyn Street St James's RTM Company Ltd (property management company)
- Director, 9 Lansdown Place West Limited (property management company), Bath
- Lord Truscott, www.parliament.uk, undated, acc 18 November 2014
- Private Eye, No. 1206, 21 March - 3 April 2008, p. 5
- 'Two Labour peers face suspension', BBC, 14 May 2009.
- Nicholas Watt, 'Erminegate: police called to examine corruption allegations in House of Lords', The Guardian, 26 January 2009.
- BERR Website Our Ministerial Team accessed 16th June 2008
- The Advisory Committee on Business Appointments Ninth Report 2006-2008 Advisory Committee on Business Appointments, accessed 6 November 2014
- Lord Truscott Parliament.uk, accessed 6 November 2014
- Tenth Report 2008-2009 Advisory Committee on Business Appointments, accessed 17 November 2014