Oil & Gas UK: Action required to sustain investment in UK continental shelf

The latest in a series of meetings with political leaders, today (March 13, 2015) Oil & Gas UK met with Ruth Davidson MSP, Leader of the Scottish Conservative & Unionist Party and local candidate Alexander Burnett in Aberdeen.

The leading trade association discussed the important role the offshore oil and gas industry plays in both the Scottish and national economics – highlighting the need for urgent fiscal and regulatory reform alongside industry action to improve cost efficiency.

Mike Tholen, Oil & Gas UK’s economics and commercial director, commented:

“There has never been a more important time to debate the state of the industry view with Government parties – less than a week prior to the Chancellor’s upcoming Budget, and in the present environment of  high costs, inappropriate regulation and a tax burden of between 60 and 80 per cent, issues which have been compounded by the recent collapse in the oil. 

”Today’s was a good meeting, where we enjoyed a positive discussion with the Leader of the Scottish Conservative & Unionist Party on progress towards regulatory reform, the actions being taken by industry to reduce its costs, and the urgency with which significant change to the tax regime is required. 

“Across all major political parties there seems to be an understanding that action is required in order to sustain investment in the UK Continental Shelf.”