Daniel Kawczynski – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Daniel Kawczynski on 2016-10-07.

To ask Mr Chancellor of the Exchequer, what long-term plans he has to secure the future of the oil and gas industry in the North Sea.

Jane Ellison

The long-term success of the sector is dependent on a tripartite approach between industry, government and a dedicated regulator, as set out in Sir Ian Wood’s review.

The Government has provided substantial support to the oil and gas sector over the past two years, through measures worth £2.3 billion. This includes significant cuts to tax rates, the introduction of the Investment and Cluster Area Allowances and funding for seismic surveys to support exploration. The UK now has one of the most competitive fiscal regimes in the world for oil and gas.

On 1 October 2016, the Oil and Gas Authority was formally established as a strong, independent regulator for the sector. Its new powers will allow it to act with greater speed and flexibility to attract investment, support jobs and further the UK’s competitive edge.