Callum McCaig has welcomed Hurricane’s announcement that it may have found the largest undeveloped UK North Sea reserve.
But he has also warned that it is another reminder that more incentives are needed to attract new investment.
The SNP spokesman for Business, Energy, and Industrial Strategy and Aberdeen South MP said: @This major find will be a huge boost for the oil and gas industry which has had the difficult task of staying optimistic during challenging times.
“This isn’t a straightforward win though, as there is still the issue of ensuring a fit-for-purpose fiscal regime is put in place to get the most out of this new discovery and others like it still to come.
“This announcement is fantastic and should act as clear evidence that now is the time for the UK Government to provide incentives for further exploration of the North Sea using the reserved powers of the Treasury to make that possible.
“Investing in research, development, and exploration is what will safeguard the future of our vital oil and gas industry, and that requires real and significant fiscal support right now.”