Offshore industry chiefs have urged the UK Government to speed up measures to support the sector after coalition ministers unveiled radical plans to reward North Sea investment.
Tax regime changes aimed at making sure as much oil and gas as possible is extracted have been welcomed by operators.
But they want them implemented sooner rather than later because of the challenges posed by low crude prices and high exploration costs.
Highland MP and Chief Secretary to the Treasury Danny Alexander, and Exchequer Secretary to the Treasury Priti Patel, were both in Aberdeen yesterday to present their department’s financial review of the sector.
The head of oil and gas for professional services firm EY said the Chancellor's announcement could prove to be a "turning point" for exploration and production in the North Sea.
In an interview with Energy Voice, Derek Leith said the initial steps taken may receive a mixed review from the industry.
Further announcements are expected tomorrow, in Aberdeen, by the Chief Secretary to the Treasury, Danny Alexander.
Lord Smith of Kelvin, chair of the Smith Commission on Scottish Devolution, will appear before Holyrood’s newly-convened Devolution (Further Powers) Committee.
His report recommended the UK government would remain in charge of licensing for all offshore oil and gas extraction under the proposals but Holyrood could get the power to determine if fracking goes ahead in Scotland.
The coalition’s industrial strategy is little more than “economic tinkering“ that will fail to tackle the trade deficit, according to a report.
Vince Cable’s plans lack ambition and will not tackle the structural problems in Britain’s economy, think tank Civitas claimed.
It accused the Business Secretary of setting objectives that are too easy to achieve and failing to address the problems that need to be solved to make Britain’s recovery export-led.
