Oil & Gas UK Welcomes Government Investment Strategy

Oil & Gas UK’s chief executive, Malcolm Webb, welcomed the publication of the UK Government’s strategy to secure investment and create jobs.

He stated: “Close engagement with the UK government and the resulting tax changes introduced last year to promote investment in the oil and gas sector are now bearing fruit. Record investment is forecast this year to search for and produce UK oil and gas reserves. This will be followed by an upturn in production from 2014, sustaining growth across the supply chain and reinforcing the industry’s already significant contribution to the UK economy.”

“The launch of the government’s strategy for the sector is one more step in the right direction and brings deserved recognition to the capabilities of our world class supply chain.”

“The strategy fosters strong and meaningful collaboration between the government and industry and will help to focus efforts on addressing particular areas such as skills, technology and exports. It will further strengthen the oilfield services sector across the country, boost investor confidence, safeguard jobs and help to maximise recovery of Britain’s oil and gas reserves.”

[mappress]

Press Release, April 1, 2013