The economic benefits of offshore oil and gas production, for energy security, jobs, tax revenue and growth to be maximised.
The economic benefits of offshore oil and gas production, for energy security, jobs, tax revenue and growth are set to be maximised, as Government announced the start of an independently-led review today.
The UK’s oil and gas industry is of vital national economic importance, supporting 440,000 jobs, and stimulating business, innovation and skills. Some 41 billion barrels of oil and gas have already been produced from the UK Continental Shelf (UKCS) and we must maintain our momentum and make the most of the huge opportunity that the UKCS still represents.
The review will be led by Sir Ian Wood, who will undertake full analysis, and work with industry leaders and Government to make recommendations for improving the future economic recovery of UKCS oil and gas.
Secretary of State Edward Davey said:
“Although investment levels are rising strongly, the UKCS is one of the most mature basins in the world and therefore faces unprecedented challenges.
“Our offshore infrastructure is getting older, and we are seeing a decline in the rate of exploration and in the amount of oil and gas that is being recovered.
“All these issues need to be addressed if we are to stimulate innovation in this sector and see maximum economic benefit for the UK in the decades ahead.