Thursday 28 June 2007

Oil & Gas UK Response to Government Re-shuffle

Responding to today's announcement that the Rt Hon John Hutton, the Secretary of State for Business, Enterprise and Regulatory Reform, is to assume responsibility for energy in his new department, Oil & Gas UK said it looks forward to working with him towards maximising the recovery of the UK's indigenous oil and gas reserves so that the economy may continue to reap the associated benefits.

Oil & Gas UK's chief executive, Malcolm Webb, said: "The UK's energy industry is of huge, strategic significance and the oil and gas sector in particular makes an enormous contribution to the economy in terms of security of primary energy supply, technology innovation, jobs, tax revenues and export activities.

"Oil & Gas UK looks forward to working with the new Secretary of State to promote more widespread recognition of this as well as the drivers behind investment decisions in the now mature UK continental shelf (UKCS). Through regulatory and fiscal reform, a world-class, competitive business environment can be developed, which will attract the investment needed to recover the UK's estimated remaining 25 billion barrels of oil and gas and allow the expansion of the £15 billion oil and gas supply chain both in the UK and overseas markets.

"Oil & Gas UK also looks forward to engaging with the Rt Hon John Hutton as chairman of PILOT, at the joint industry Government meetings which aim to secure the long-term future of the industry in the UK."

Sally Fraser

Oil & Gas UK Media Relations                   

2nd Floor                                                       

232-242 Vauxhall Bridge Road      

London SW1V 1AU             

Tel:                020 7802 2404

Fax:               020 7802 2401

Email:             sfraser@oilandgasuk.co.uk

Pager :           07659 183 999

http://www.oilandgasuk.co.uk

NOTE TO EDITORS

Oil & Gas UK is the leading representative organisation for the UK offshore oil and gas industry.  Its members are companies licensed by the Government to explore for and produce oil and gas in UK waters and those who form any part of the industrys supply chain.  It has 60 members.