The Secretary of State for Scotland Michael Moore took a flight out to observe an instillation in Tiffany oilfield in the North Sea this morning (Thurs 22 March). The Minister discussed the positive measures for the oil and gas sector announced in yesterday’s Budget with James Edens and Dave Haywood of CNR International on the flight from Aberdeen airport.
Michael Moore said: “The Budget will make a real difference to the companies working in the essential oil and gas sector in Scotland and will help secure billions of pounds of additional investment in the UK Continental Shelf. It is always good to see the scale of the investment being put into the North Sea by companies like CNR International and I am glad the industry has welcomed the measures announced by the Chancellor yesterday.”
“Taken alongside our announcements of a further reduction in corporation tax, support for the video games industry and extra money for job-creating enterprise zones in Dundee, Irvine and Nigg, this budget is one that will benefit Scottish business and help generate the jobs we need.”
Yesterday, the UK Government introduced a package of oil and gas measures in the Budget. to secure billions of pounds of additional investment in the UK Continental Shelf.
- a contractual approach to offer long term certainty on decommissioning relief;
- extending the amount and scope of the existing small field allowance;
- introducing a new field allowance targeted at the West of Shetland area.