Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what the Government's strategy is to provide support to (a) increase investment in, (b) create jobs in and (c) maximize the global competitiveness of the oil and gas sector.

The Government has now implemented all of the Wood Review recommendations and established the Oil and Gas Authority as a strong, independent regulator focused on maximising economic recovery of the UK Continental Shelf (UKCS). This in turn will help to drive investment and support jobs. The Oil and Gas Authority is working hard with industry to facilitate greater collaboration across the UKCS, increase efficiencies, and promote the industry in the UK and abroad.

In the last two Budgets, the Government has provided a £2.3bn package of support to ensure the UK has one of the most competitive oil and gas tax regimes in the world, protecting jobs and investment. As part of this, we have contributed £40 million to fund two new seismic campaigns to help encourage exploration activity. In addition, the Oil and Gas Authority recently published a new supply chain strategy and delivery plan to maximise the economic potential of the supply chain, anchor the service sector in the UK and improve the supply chain’s export potential.