, Scottish Conservative MP for
Aberdeen South, said:
“This report highlights the clear benefits of the collaborative
approach this Conservative government has taken with
industry.
“That starts with a stable taxation regime, which provides
certainty for companies looking to invest in the UK Continental
Shelf.
“My Scottish Conservative colleagues and I have made clear to HM
Treasury that must continue, despite the improved oil price.
“We also encouraged the Chancellor to listen to industry and
introduce the transferable tax history (TTH) policy, which will
apply to all deals from November 1.
“TTH should encourage new entrants and fresh investment in the
UKCS, but there is still more to be done.
“We are committed to ensuring this vital industry remains front
and centre of UK Government industrial policy.”
, Scottish Conservative energy
spokesman at Holyrood, said:
“There’s clearly still huge potential in the North Sea, if we get
the investment environment right.
“The finding that costs have reduced and production increased is
welcome, and testament to the sector’s resilience in recent
years.
“We have been clear that we want to create the right environment
to allow business, enterprise and jobs to flourish. The sustained
tax reductions and support for the North Sea Oil and Gas sector
by the UK Government shows our commitment to ensuring the
longevity of the industry.
“It’s now more important than ever that both the Scottish and UK
governments work together to secure the right investment
conditions to secure the long-term future of the North Sea Oil
and Gas industry.”
