SNP Renews Calls for UK Government to Help North Sea Oil, Gas Sector

The Scottish National Party has renewed calls for the UK government to use the Autumn Statement on November 23 to help the North Sea oil and gas industry, following the release of PwC’s report on the sector.

“Tory government ignorance of the needs of the North Sea industry is laid bare in this report,” SNP MSP for Aberdeenshire East, Gillian Martin, said in a statement sent to Rigzone.

“It makes clear that the oil and gas sector has the potential to develop, but only if the UK government provides the right support, which they have failed to do for decades. PwC has said that there is more than just the fall in the oil price to consider when looking at the industry’s future and it is clear that the UK government’s decades of mismanagement has left the oil and gas sector in this situation where it risks a rapid and premature decline if action is not taken,” she added.

“This is why the Chancellor must listen to industry experts and take the decisive action necessary to help support the North Sea industry, which supports thousands of jobs across Scotland and the rest of the UK,” Martin concluded.

Released November 14, the PwC report highlighted that the past two years have been a “torrid” time for the industry, but stated that there now appears to be light at the end of the tunnel, with supply and demand seeking a gradual equilibrium.

Earlier this month, the Scottish National Party joined calls for the UK government to use the Autumn Statement to incentivize North Sea exploration and development. On November 7, 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.

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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