The chief executive of Oil & Gas UK was quick to welcome Theresa May as prime minister.
Deirdre Michie emphasised the stability her victory in the Tory race for the top job could bring.
But the vicar’s daughter’s decision to scrap the Department for Energy and Climate Change as she reshuffled the Cabinet immediately set alarm bells ringing.
Of course the energy brief has been reallocated.
It will now be covered by a new department entitled Business, Energy and Industrial Strategy.
And yet there is a sense the sector has dropped down the UK Government’s list of priorities.
There will no longer be a Cabinet minister 100% dedicated to the industry, which will make a difference.
Greg Clark, the man at the helm of the new department, will be juggling multiple balls.
In the context of this new landscape, it is no exaggeration to say the role of Andrea Leadsom’s replacement will be of the utmost importance.
It will be absolutely crucial both in terms of stimulating North Sea exploration and the development of renewable technologies.
Nobody has been appointed so far, but it’s still early days and Mrs May is too intelligent to axe the post.
Amid the downturn, it would be political lunacy to do so.
There are also fears about climate change policy going forward, quite legitimate given the backdrop of cuts to renewables subsidies and the 11th-hour abandoning of £1billion funding for carbon capture and storage.
The Government has confirmed it falls within Mr Clark’s remit and insisted Mrs May stands by her party’s general election manifesto, which included a pledge to meet climate change commitments.
But the removal of the words from the department title doesn’t send a particularly positive message to the rest of the world or potential investors.
All that said, reactions to Decc’s abolition were not universally negative.
Some said the sector could benefit from being part of a bigger department, while others described energy and industrial strategy as a logical fit.
Moreover, Mrs May has made a good choice in Greg Clark, whose credentials seem at first glance impressive.
He served as shadow Decc secretary when the Conservatives were in opposition and has written significant policy papers on the subject.
They set out how a Conservative government would make Britain a leading player in the low carbon economy.
Mr Clark also has experience in both the communities and cities briefs as well as a background in business and as a special adviser on trade and industry.
And most importantly – unlike a number of climate change sceptic Tory MPs – he is not a climate change denier.
So if he can manage his time effectively, and is allowed to run the new department with minimal interference, he will hopefully be a reliable and safe pair of hands.
Not much is known about Mrs May’s own views, having been largely silent on the issues since becoming an MP.
In addition, as home secretary for the last six years, her interventions have largely been in relation to that.
Her voting record on the environment while in government mirrors that of her party and she was absent from the vote on allowing fracking in national parks before Christmas.
It’s pretty difficult to deduce much from that.
Perhaps more interesting is the fact she has won the support of energy magnate and prominent Tory party donor Alexander Temerko.
His firm OGN builds oil and gas rigs and he reportedly once spoke out against the climate change act.
His money could earn him an ear with the new prime minister, but Mrs May clearly knows her own mind and is unlikely to be influenced if she doesn’t wish to be.
The only other possibly illuminating moment came in her speech on Monday, when she was still in the race for the Tory leadership.
Outlining plans to change the way big businesses are governed, she said workers should have places on their boards.
This could have implications for the industry, particularly in light of the recent backing for strike action amid mounting tensions.
So, will Mrs May be good or bad for the industry?
Given the other candidates, and how things could have panned out, she’s probably the sector’s best bet at this moment in time.
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