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Offshore investment needs as much ambition as fracking plans, warns OGUK

Shale news
Shale news

The offshore sector has welcomed the UK Government’s tax plans to encourage shale gas operations – but called for George Osborne to be “just as ambitious” in supporting North Sea production.

The Chancellor last week revealed new tax breaks to encourage controversial shale gas exploration

Oil & Gas UK (OGUK), which represents offshore firms, said shale could help meet the country’s energy needs for years to come, but insisted maintaining a successful offshore industry was also vital.

A spokeswoman said: “We welcome the consultation into the tax treatment of Britain’s onshore unconventional oil and gas production and are interested in hearing detail of the allowance when the consultation concludes.

“OGUK hope that the chancellor is just as ambitious in creating a competitive tax regime to maximise economic production from the UK’s offshore oil and gas resources as he is in respect of those found onshore.”

She added: “Oil and gas provides nearly 75% of the UK’s energy demands, and the more of our own indigenous resources that can be developed to meet this demand the better. Oil and gas from shale and other unconventional resources could play a part in meeting this challenge, alongside maintaining a buoyant and prosperous offshore industry in the decades to come.

“It is vital for the long-term and capital-intensive oil and gas industry that the tax regime is competitive and tailored to the opportunities available.

“We welcome measures which drive investment in our industry.”

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