Oil & Gas UK Response to Government Re-shuffle

Responding to the recent announcement that the Rt Hon John Hutton, the Secretary of State for Business, Enterprise and Regulatory Reform, is to assume responsibility for energy in his new department, Oil & Gas UK said it looks forward to working with him towards maximizing the recovery of the UK's indigenous oil and gas reserves so that the economy may continue to reap the associated benefits.

Oil & Gas UK's chief executive, Malcolm Webb, said: "The UK's energy industry is of huge, strategic significance and the oil and gas sector in particular makes an enormous contribution to the economy in terms of security of primary energy supply, technology innovation, jobs, tax revenues and export activities.

"Oil & Gas UK looks forward to working with the new Secretary of State to promote more widespread recognition of this as well as the drivers behind investment decisions in the now mature UK continental shelf (UKCS). Through regulatory and fiscal reform, a world-class, competitive business environment can be developed, which will attract the investment needed to recover the UK's estimated remaining 25 billion barrels of oil and gas and allow the expansion of the £15 billion oil and gas supply chain both in the UK and overseas markets.

"Oil & Gas UK also looks forward to engaging with the Rt Hon John Hutton as chairman of PILOT, at the joint industry Government meetings which aim to secure the long-term future of the industry in the UK."