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10/06/13 14:45

Energy Minister welcomes independent oil & gas sector review

Announced today by the Rt Hon Edward Davey MP: Secretary Of State For Energy And Climate Change, an independent review, to be led by Sir Ian Wood, to look at the oil & gas sector.

Commenting on the independent review Minister for Energy, Enterprise and Tourism Fergus Ewing said:

“We welcome the announcement of this review to be led by Sir Ian Wood, and the recognition this gives to supporting Scotland's world-leading oil and gas sector.

"The Scottish Government's industry-led Oil and Gas strategy is this week celebrating its one year anniversary. Our strategy has helped implement a range of measures to support the industry. We are cooperating with all for the good of the industry, and working on boosting the supply chain opportunities, encouraging innovations supporting exports and exporting, as well as the launch of Energy Skills Scotland.

"Oil and Gas is the largest industrial sector in Scotland, it supports employment for around 200,000 people across Scotland and it accounted for more than a quarter of the UK Government’s corporation tax receipts in 2011-12.

“Oil and gas will remain an enormous economic resource for decades to come with the remaining oil and gas reserves having a potential wholesale value of up to £1.5 trillion. This implies that, by value, more than half of the oil and gas reserves in the North Sea could yet be extracted.

"The Scottish Government is already working constructively with the UK government as part of PILOT and the Industry Council, and we look forward to working closely with Sir Ian to ensure that the review best reflects the challenges and opportunities facing the North Sea sector."

Notes to editors

Mr Ewing chaired today’s Scottish Government Oil and Gas industry leadership group and will also be hosting an event to celebrate the anniversary of the Scottish Government oil and gas strategy this Wednesday. On Thursday Mr Ewing will be delivering a key note speech at an event on finance for SMEs.