Benefits of the union to UK oil and gas industry laid out by Chief Secretary
12 Jun 2014 04:01 PM
In a speech in Aberdeen,
the Chief Secretary to the Treasury set out why the oil and gas industry is a
jewel in the UK’s crown.
Speaking at the Oil and Gas UK Annual
Conference in Aberdeen on 12 June, Chief Secretary to the Treasury,
Danny Alexander, set out why the oil and gas industry is a jewel in the
UK’s crown.
Opening Day Two of the
conference, the Chief Secretary celebrated the North Sea oil and gas industry
as a major part of the success of the UK.
He explained how, as part of the
union, the industry benefits from UK’s ability to support oil and gas
production and ensure that it has sustainable future.
Read the Chief Secretary’s speech in
full
The government asked Sir Ian
Wood to conduct a review into how to increase oil and gas production and
accepted his recommendations, including to create a new independent agency to
maximise the economic recovery of the country’s oil and gas
reserves.
Danny Alexander announced more
details of the new independent agency. He also announced that it will be called
the Oil and Gas Authority and will be based in Aberdeen, at the heart of the
UK’s oil and gas industry.
The Oil and Gas Authority will
be designed to encourage economic production in the UK and provide sustainable
long term support for the industry. An advert will be published 19 June 2014 to
find a Chief Executive to lead the independent body.