Search

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

Deirdre Michie, chief executive Oil & Gas UK.  Picture: DENISE BRADLEY

Deirdre Michie, chief executive Oil & Gas UK. Picture: DENISE BRADLEY

Archant

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.

Search hundreds of local jobs at Jobs24

Management Jobs

Show Job Lists

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Insight

The brightest stars in our business community were recognised last night as the winners of the EDP Business Awards 2017 were revealed.

Consumer borrowing is growing at 10% a year and inflation has hit 3%, meaning that the Bank of England’s decision on interest rates was the most eagerly-anticipated for years. BETHANY WHYMARK explores the potential impact on savers and borrowers.

Green 100

cover

Enjoy the Green 100
digital edition

Read

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100