Effective Measures Needed by Spring 2016 to Boost UK Exploration

Also commenting on the need to encourage exploration, Martin Findlay, head of tax at accountants KPMG, noted that the industry needed to play its part.

"The government’s commitment to the industry remains positive but It is hard to predict at this stage how long it will take for new exploration to start in the UK sector, current market conditions being something that tax alone cannot deal with. The Chancellor cannot control global commodity pricing and many of the issues faced by the industry can only be addressed by the operators, service companies and the supply chain working in new ways that reflect today's market conditions," he said.

Meanwhile, Andrew Speers, managing director of oil and gas recruitment firm Petroplan, said he was disappointed that the Budget had not included more support for the sector.

"As a global recruitment specialist, we are finding that oil and gas professionals are more predisposed to leaving the UK to continue their career in this sector. The risk is that this talent, often in skill sets that are in short supply such as engineering, may build their professional life in other global locations.

"Furthermore, continuing to attract graduates and entry-level talent into this sector may prove more challenging for employers committed to long term investment in the UK, which would have a further impact on the competitiveness of the UK oil and gas economy in the future."

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