The leading representative body for the UK’s offshore oil and gas industry has welcomed the Chancellor’s Spring Statement today.
Independent OBR figures published today demonstrate that the industry will contribute £8.5 billion in direct taxes to the Exchequer over the next five years and will continue to provide around half the nation’s oil and gas needs.
The government further launched the call for evidence on strengthening the UK’s offshore oil and gas decommissioning industry.
Speaking in response to the Spring Statement and call for evidence launch, Oil & Gas UK Chief Executive Deirdre Michie said:
“At a time when industry continues to face many uncertainties, fiscal and regulatory stability are key enablers to help the offshore industry realise the opportunities for decades to come in the North Sea.
“The £8.5 billion in direct taxes adds to the £350 billion already contributed over the last five decades. It reinforces the continued importance of our industry to the wider UK economy, supporting over 280,000 jobs, many of them highly skilled, and providing security of energy supply.
“We look forward to continuing our collaborative engagement with HMT and BEIS on the decommissioning call for evidence. The UK is leading the way as a decommissioning centre of excellence through both effective cost leadership and technical expertise. Working closely, we can together create an enduring benefit to both our world-class supply chain and the nation.”