Tuesday 13 January 2015

Oil & Gas UK comment following PILOT meeting

Malcolm Webb, Oil & Gas UK’s chief executive, said:

“Today’s meeting of PILOT, the government-industry forum focused on maximising economic recovery of the UK’s oil and gas resource, provided a timely opportunity for senior industry representatives to brief the Energy Minister, Matthew Hancock MP, the Secretary of State for Scotland, Alistair Carmichael MP, and Scottish Energy Minister, Fergus Ewing MSP, on the serious challenges that face the sector as a result of falling oil prices and high costs. 

“With so much existing and future production and associated jobs and tax revenues at risk, we conveyed the urgency with which fiscal and regulatory change is required, alongside industry efforts to tackle costs and improve efficiency. With oil prices now well below $50, Oil & Gas UK  believes that the rationale for the abolition of special taxes, particularly the supplementary charge, is compelling; it also sees it as crucial that the newly-formed Oil and Gas Authority is rapidly resourced so that it is well-placed to perform robust stewardship of the sector. Oil & Gas UK will continue to work with governments and stakeholders to promote the long term future of this industry which is such an important driver of employment, technology and investment across the country.” 

Ends

 

Notes to Editors

Oil & Gas UK is the leading representative organisation for the UK offshore oil and gas industry. Its growing membership, which comprises oil and gas producers and contractor companies, numbers more than 500.

For press enquiries, please contact Sally Hatch at shatch@oilandgasuk.co.uk or 0207 802 2404 or Helen Jackson at hjackson@oilandgasuk.co.uk or 0207 802 2405.