The UK Government has pledged its “full support” to help maximise the economic opportunity in the UK North Sea.
During his first visit to Scotland as Energy Minister, Richard Harrington said the government would ensure the oil and gas industry continues to flourish and that it is also committed to supporting the decommissioning sector.
He addressed oil and gas leaders as well as attended meetings on the Industrial Strategy’s role for supporting the industry and the prospect of Remote Islands Wind.
With 10 to 20 billion barrels of oil yet to be recovered by 2035, the government suggests an estimated £140 billion additional gross revenue from production and £150 billion turnover from exports could be achieved.
Mr Harrington said: “These are challenging but exciting times with new opportunities in North Sea oil and gas. We are working with the sector to build on the £2.3 billion worth of UK Government support through our modern Industrial Strategy.
“I want to make it clear that the industry has full support of the UK Government and that we are continuing to create the right environment though a stable and supportive package to allow business, enterprise and jobs to flourish.”