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Big Ben - London

 

Energy industry trade body Oil & Gas UK said Monday that it had written to the UK's Chancellor of the Exchequer, asking him to use his Autumn Statement on November 23 to help boost investor confidence in North Sea exploration and production.

The Autumn Statement is one of two statements made by HM Treasury every year that detail economic forecasts and the government's spending plans (the other being the higher-profile Budget). November 23's statement will be the first such statement by new Chancellor Philip Hammond since Prime Minister Theresa May formed her governmentfollowing the UK's vote to leave the European Union in the summer.

Oil & Gas UK is calling for the government to recommit to the industry as the North Sea industry currently faces "fierce global competition" to attract investment as well as challenges connected to the continuing lower oil price, a maturing industry and uncertainty in the sector. The organization noted that its recent Economic Report 2016 found that investment in the UK Continental Shelf (UKCS) fell to around GBP 9 billion ($11.25 billion), compared to the record GBP 14.8-billion ($18.5 billion) investment the UKCS saw in 2014.

Oil & Gas UK is asking for four commitments as part of the Autumn Statement: READ MORE