UK Secretary of State for Energy and Climate Change Ed Davey said Thursday that he expects oil and gas to remain a vital part of the country's energy mix for decades.
Speaking at an Oil & Gas UK event in London, Davey said:
"As we move to a low carbon economy, oil and gas will remain a vital part of the UK's energy mix for decades to come – providing energy security, jobs and investment.
"I want to pay tribute to the oil and gas industry. Operating in some of the toughest conditions anywhere in the world it spearheads revolutionary technology in offshore exploration and production.
"Alongside the many opportunities the North Sea offers, there are of course challenges too. I believe that the joint work by government and industry … will pay real dividends and ensure continuing investment and success."
Oil & Gas UK Chief Executive Malcolm Webb added:
"We are delighted that the country's senior energy policy maker has today shone the spotlight on the UK's valuable and high technology oil and gas industry. Delegates heard first hand about the government's commitment to promoting investment in the UK's oil and gas reserves, building on the Treasury's new approach on tax and the launch of the long-term industrial strategy for oil and gas."
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