The Budget proves that the north-east oil sector can rely on the UK Government, a Tory MSP said.
Chancellor Philip Hammond repeated last night’s Treasury announcement that a panel of industry experts would consider how tax reforms could ease the sale of mature oil and gas fields.
The Treasury also said the UK Government would publish a discussion paper on how to support the sector.
Alexander Burnett, Scottish Conservative energy spokesman, said: “I welcome the Chancellor’s announcement today of an expert panel to explore how tax reform could make it easier for operators to sell mature fields.
“The transfer of decommissioning tax relief could help to prolong the life of ageing assets and prevent the early break-up of infrastructure in the North Sea.
“I said at the Scottish Conservative conference last weekend that whilst we are seeing signs of recovery in the oil and gas sector, we always need to be vigilant and listen to the industry.
“The measures announced today, the latest in a package worth £2.3billion in the last three years, make it clear that the North East can continue to rely on the broad shoulders of the United Kingdom.”
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