SNP Calls for Government to Incentivize North Sea Exploration, Development

The Scottish National Party (SNP) has joined calls for the UK government to use the Autumn Statement on November 23 to incentivize North Sea exploration and development. 

On Monday, Oil & Gas UK said it had written to the UK's Chancellor of the Exchequer, asking him to use his statement on November 23 to help boost investor confidence in North Sea exploration and production. Now, the SNP is also urging the UK Chancellor to use the upcoming Autumn Statement to commit to the future of the industry in order to attract global investment.
 
Oil & Gas UK's recently published Economic Report 2016 demonstrates that urgent action is required if the industry is to maximize the potential of the up to 20 billion barrels of oil and gas in the North Sea, said an SNP spokesperson.
 
Theresa May would not commit to supporting the oil and gas industry in the Autumn Statement when asked by Callum McCaig SNP MP (member of parliament), Westminster’s energy spokesperson, at last week’s Prime Minister’s Questions.
 
“Now is the time for the UK government to listen to common sense and commit to the future of oil and gas – a vital industry to the UK economy - in their Autumn Statement,” Stewart Stevenson MSP (member of Scottish parliament) for Banffshire and Buchan Coast said in a statement sent to Rigzone.
 
“Exploration and development are integral to the growth of the sector and further incentives to invest, including tax breaks, would boost investor confidence and encourage them to bring their business to the North Sea. Thousands of jobs depend on oil and gas thriving in a competitive global marketplace, and the UK government needs to use this Autumn Statement to make substantial commitments and show that they understand the importance of this industry to the UK economy,” he added.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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