The oil and gas industry is literally the powerhouse of the UK economy.
It powers our businesses, fuels our trucks and trains, heats our offices and factories and is a central part of our long-term economic plan.
Aberdeen is a world-class centre of excellence, leading the world through the innovation and skill of its people and companies.
The industry’s success is Aberdeen’s success, and the city can be rightly proud of all it has achieved.
So I have brought the Cabinet here today with two important messages.
First, when it comes to the future of oil and gas, we’re stronger together as a United Kingdom.
Together we have a domestic market of over 60million people to draw on. Together we can offer the vital long-term stability that is needed for investment.
Together we’ve built this industry, from the first brave forays into the North Sea to the leading, innovative force that UK oil and gas is today, with hundreds of businesses and thousands of jobs here in Aberdeen.
Today we’re going to hear more good news about the industry and that is further proof that we are stronger and more successful together.
When it comes to oil and gas, being a “United Kingdom” works. The sum is greater than the parts.
My second message is that the UK Government is 100% behind the oil and gas industry.
Everything we can do to back this industry, we’re doing. We have extended the allowances that support investment and exploration. We’ve put in place the first ever national oil and gas strategy.
And most importantly, we’ve given the industry the long-term stability it needs, with certainty on tax reliefs over a 30-year period.
This is tangible evidence of how the broad shoulders of the UK help to nurture and sustain the industry and help it manage the volatility of the international market.
Today Sir Ian Wood sets out what more we can do to maximise this great national asset. The British economy could be boosted by an extra £200billion over the next 20 years.
That means thousands more decent, well-paid jobs across Scotland and the UK, thousands more young people with the opportunity to get on in life, and thousands of families who have the peace of mind and security that they can provide for their children.
This is the prize and we are much better equipped to go for it together, as a United Kingdom.
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