East Anglia/UK: Energy Secretary Ed Davey says North Sea oil and gas will ‘remain vital’ to UK energy mix
- Credit: PA
The oil and gas industry remain “a vital part” of the UK energy mix, the Government’s Energy Secretary told industry members today.
The Rt Hon Edward Davey MP, secretary of state for energy and climate change, addressed an audience of 150 in London today as he discussed how best deliver a successful oil and gas industry and how government policy is put into practice in the UK.
The oil and gas industry is the single biggest industrial contributor to the UK economy, investing over £13billion this year. The industry argues it is fostering innovation and creating highly-skilled jobs across the country.
“As we move to a low carbon economy, oil and gas will remain a vital part of the UK’s energy mix for decades to come – providing energy security, jobs and investment,” he said.
“I want to pay tribute to the oil and gas industry. Operating in some of the toughest conditions anywhere in the world it spearheads revolutionary technology in offshore exploration and production.
“Alongside the many opportunities the North Sea offers, there are of course challenges too. I believe that the joint work by Government and industry, through PILOT and the recently launched Industrial Strategy, will pay real dividends and ensure continuing investment and success.”
Oil & Gas UK chief executive Malcolm Webb said: “We are delighted that the country’s senior energy policy maker has today shone the spotlight on the UK’s valuable and high technology oil and gas industry. Delegates heard first hand about the Government’s commitment to promoting investment in the UK’s oil and gas reserves, building on the Treasury’s new approach on tax and the launch of the long-term industrial strategy for oil and gas.”
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Following Mr Davey’s keynote address, he was joined in a panel discussion by the co-chairs of Oil & Gas UK, James Edens, vice-president and managing director of CNR International (U.K.) Limited, and Gordon Ballard, chairman and country manager at Schlumberger UK Limited.