IoD Scotland welcomes Government help for North Sea oil and gas industry
04/12/14 15:02 Filed in: Client news
Commenting on the announcement made in Aberdeen by Danny Alexander, Chief Secretary to the UK Treasury, David Watt, Executive Director of IoD Scotland said:
“It is encouraging that the message from Danny Alexander is that the government will move from a position of maximising North Sea oil and gas revenue to maximising recovery.
“It would be hard to over-estimate the significance of our oil and gas industry to the UK economy. Therefore it is vital that the Government takes decisive action to build confidence and encourage investment, particularly during this period of low oil prices.
“The measures announced yesterday by the Chancellor as part of his Autumn Statement and today’s announcements by Danny Alexander, show the Government has understood the urgency to secure the future, through investment in new developments and exploration to find new oil and gas fields.
‘Whether these moves will be sufficient to stimulate development and exploration activity, we shall have to wait and see.”