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Oil & Gas UK welcomes UK Government's Industrial Strategy green paper

Published:  30 January, 2017

Oil & Gas UK’s CEO Deirdre Michie has welcomed the the publication of the UK Government’s green paper “Building our Industrial Strategy”.

She commented: “We look forward to contributing to the consultation on the Industrial Strategy to ensure that Government policy recognises and supports the importance of the vital upstream sector to the UK. We are developers of cutting edge technology, providing highly skilled jobs, helping to power the nation and exporting to the world. Furthermore, with up to an estimated 20 billion barrels of oil and gas to recover, the UK offshore oil and gas industry still has enormous potential to drive this country’s growth.

Michie explained that the sector has contributed over £330 billion in corporate taxes since production began and currently still supports around 330,000 jobs across the UK. She added that the supply chain is worth almost £30 billion and around 40% of this is made up from exports: “We welcome the focus on growing productivity, innovation and research and on managing the skills challenge. As a UK wide industry, with hubs from Shetland to Southampton, we also welcome the focus on regionalisation.

Michie continued to emphasise that she firmly believes that the UK needs a strong and vital indigenous oil and gas industry underpinning the UK’s economic prosperity: “The current industry downturn is extremely challenging for many of our members and we believe the industrial strategy can be a lever to ensure that this economic success story survives and continues to underpin the UK’s economic prosperity.

“Oil & Gas UK will coordinate industry and stakeholders in building a case for a sector deal that help towards that aim, deepening and developing centres of excellence from technology and decommissioning to subsea.”

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