Oil & Gas UK’s economics director, Mike Tholen, said: “Oil & Gas UK welcomes the opening of the Treasury’s consultation on how best to provide certainty on decommissioning tax relief. An effective solution should provide the industry with the long term confidence to invest in oil and gas activities for a long time to come and delay decommissioning of oil and gas infrastructure, give rise over time to up to £40 billion of extra investment and result in the recovery of an additional 1.7 billion barrels of oil and gas. The Exchequer could receive an extra billion pounds of tax revenues in the first five years alone. Oil & Gas UK will engage keenly in the consultation over the coming weeks to help ensure that the details of the measure are established to best effect.”

Ends

For more information, please contact Sally Hatch.

Notes to Editors

1. Details of the Treasury's announcement are available here.
2. Oil & Gas UK's 2012 Economic Report, which highlights the industry's contribution to the UK's economy, energy supply and employment, is available here.

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