UK Energy Secretary Ed Davey hailed the spirit of the North Sea oil and gas industry’s “pioneers” last night – and praised the sector’s recent “renaissance”.
The Lib Dem minister said the offshore industry would be “crucial” to Britain’s economic and energy needs for decades to come. He was addressing the British Offshore Oil and Gas Industry All-Party Parliamentary Group at its reception at Westminster.
It follows a wave of recent investment in the North Sea linked to a UK Government move to improve field allowances and provide certainty on decommissioning costs.
He 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.”
Malcolm Webb, chief executive of Oil and Gas UK, also addressed MPs, saying: “Capital investment last year soared to well over £11billion. With improvements to the tax regime because of better engagement with the Treasury, no less than 30 new offshore oil and gas developments were approved in the last 12 months.”
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