Promises of review into North Sea oil and gas production in Budget 2017
PUBLISHED: 18:00 08 March 2017 | UPDATED: 18:37 08 March 2017
An energy industry leader has welcomed government plans to explore options to maximise oil and gas recovery in the North Sea.
In yesterday’s Budget new measures were announced to encourage further investment in the UK continental shelf, with an expert panel to be assembled to discuss issues around the industry over the summer.
A formal discussion document on tax issues relating to late-life assets is also due to be published later this month.
Deirdre Michie, chief executive of Oil & Gas UK, said the body welcomed the chancellor’s “response to our call” to maximise recovery of remaining oil and gas reserves.
“The UK continental shelf continues to offer an attractive range of opportunities and it is vital that we draw in a diversity of investors to ensure these are realised. Enabling assets to transfer when appropriate to new owners is key to this strategy,” she said.