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.
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.