Oil and Gas Boosting British Investment and Jobs, say Energy Secretary:
An audience of MPs representing constituents the breadth of the country will tonight (23 January) hear how changes in the tax regime designed to promote investment in the UK’s oil and gas reserves are already resulting in billions of pounds of valuable work for British firms and the creation of thousands of new high skilled jobs. Rt Hon Edward Davey MP, the Secretary of State for Energy and Climate Change, and Malcolm Webb, Oil & Gas UK’s chief executive, will address the British Offshore Oil & Gas Industry All Party Parliamentary Group at their annual reception at Westminster.
Energy and Climate Change Secretary, Edward Davey, said: “The health of the oil and gas industry is crucial to Britain’s power and economic needs and will be fundamental to our energy policy for decades to come.
“A record breaking offshore licensing round and investment highs, the North Sea is experiencing a recent renaissance. We are working in partnership with the oil and gas industry to create a positive investment environment and a bright future for the North Sea, securing thousands of jobs across the UK.
“The spirit of the North Sea pioneers will be needed to drive this Government’s ambition to power the country, provide prosperity, and protect the planet for future generations.”
Malcolm Webb, Oil & Gas UK’s chief executive, will explain to those in attendance: “We welcome the Coalition government’s new long-term approach to the UK oil and gas industry which is already reaping rewards for the British economy. Capital investment last year soared to well over £11 billion. With improvements to the tax regime as a result of better engagement with the Treasury, no less than 30 new offshore oil and gas developments were approved in the last twelve months. Furthermore, 167 new licences to explore for petroleum in UK offshore waters were awarded in the latest licensing round. This upturn is set to continue and presents excellent business opportunities right across our world-class supply chain to the benefit of the UK’s energy security, balance of trade and tax revenues. Most importantly at this time however, it has, as predicted, resulted in thousands of new and well paid jobs.
“There is no other industry in Britain today creating more jobs than the UK oil and gas industry and this is something we should feel very proud about. In the last six months alone, over £8 billion of new investment and many thousands of new jobs have been announced in projects across the UK continental shelf and we know there are currently more in the pipeline for approval. With up to 24 billion barrels of oil and gas still to be extracted, this industry is set to provide energy, jobs and tax revenues to people across the UK for many decades to come.”
