How We’re Backing Oil And Gas

Today I took the Cabinet to Scotland where we set out how the UK government can maximise the benefit of North Sea oil and gas to the UK economy for decades into the future.

When it comes to the future of oil and gas, we’re stronger together as a United Kingdom. Together we have a domestic market of over 60 million people to draw on. Together we can offer the vital long-term stability that is needed for investment. And together we’ve built this industry, from the first brave forays into the North Sea to the leading, innovative force that UK oil and gas is today – with hundreds of businesses and thousands of jobs.

The oil and gas industry is literally the powerhouse of the UK economy. It powers our businesses, fuels our trucks and trains, heats our offices and factories – and is a central part of our long-term economic plan. The UK government is 100 per cent behind the oil and gas industry. Everything we can do to back this industry, we’re doing. We have extended the allowances that support investment and exploration. We’ve put in place the first ever national oil and gas strategy. And most importantly, we’ve given the industry the long-term stability it needs, with certainty on tax reliefs over a 30-year period. I promise we will continue to use the UK's broad shoulders to invest in this vital industry so we can attract businesses, create jobs, develop new skills in our young people and ensure we can compete in the global race.

Today Sir Ian Wood sets out what more we can do to maximise this great national asset. The British economy could be boosted by an extra £200 billion over the next 20 years. That means thousands more decent, well-paid jobs across Scotland and the UK; thousands more young people with the opportunity to get on in life; and thousands of families who have the peace of mind and security that they can provide for their children.

This is the prize – and we are much better equipped to go for that prize together, as a United Kingdom.