More investment is needed if the oil and gas sector wants to avoid the risk of losing key workers in the North Sea, Scottish National Party MSP Gillian Martin said.
“Without greater investment and activity we risk losing vital capacity and skills in the supply chain that will support production and ensure we realize the total value from maximizing economic recovery from the North Sea,” Martin said in a comment sent to Rigzone.
The SNP reiterated its stance on the UK government’s approach to the North Sea, claiming it has been using the area as a cash-cow only to abandon the oil and gas sector in difficult times.
“Hundreds of billions of pounds have been taken out of the region over recent decades…but when North Sea industry is crying out for help, and jobs are being lost, the Chancellor refuses to listen,” Martin said, referring to Philip Hammond’s Autumn Statement.
“Philip Hammond has failed to move on loan guarantees, failed to encourage exploration and a failed to deal with decommissioning,” Martin added.
UK Chancellor of the Exchequer Philip Hammond pledged to stick to the oil and gas industry tax cuts announced by his predecessor George Osborne in March, although not much more was mentioned regarding the sector when he made his Autumn Statement Nov. 23.
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