Media Centre

Media Centre

Friday 21 December 2012

Oil and Gas Investment of Over £4 Billion to Boost Jobs and Tax Revenues, Says Oil & Gas UK

Welcoming Statoil’s investment of over £4 billion in the UK’s oil and gas reserves, Mike Tholen, Oil & Gas UK’s economics director, said: “An investment of this magnitude in the UK’s oil and gas reflects this industry’s crucial role in boosting Britain’s economic growth. The largest offshore development in the UK for a decade, Mariner requires pioneering technology and will bring hundreds of high skilled, long-lasting jobs across the country, hundreds of millions of pounds in additional tax revenues as well as crucial security to our energy supplies. Expected to produce oil and gas for thirty years, this project, and others recently given the go ahead on the UK continental shelf, will help to boost production and stem the decline we have seen in recent years, so helping the full economic benefit of our reserves to be realised in time. 

"The approval of Mariner can in part be attributed to recent close engagement with the Treasury and the resulting tax changes aimed at boosting investment in a range of difficult fields including heavy oil projects. The economic benefits of such projects for the whole of the UK are a stark reminder of the importance of ongoing engagement with the Government to further improve the UK oil and gas business environment.”

Ends

For more information, please contact Sally Hatch on 020 7802 2404.

Note to Editors

Details of Statoil’s announcement can be found here.

 

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