North Sea Oil
The question
To ask the Chancellor of the Exchequer, what steps she has taken to support growth in the North Sea oil industry.
Answered by Lucy Rigby
The government recognises the economic importance of the North Sea. Oil and gas production has played, and will continue to play, a role in the UK’s energy mix as we move to a lower carbon economy.
Our North Sea Future Plan, published alongside the Budget, provides certainty on the future regulatory regime for oil and gas and sets out the action we are taking to support ongoing investment and continued opportunities in oil and gas to ensure a fair orderly and prosperous transition in the North Sea.
We are introducing new ‘Transitional Energy Certificates’ (TECs) to ensure existing fields can be managed for their full lifespan. In April we set out further details on the criteria for the granting of a TEC.
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