Oil Industry Response To Chancellor's Autumn Statement
Wednesday 8 November 2000
Oil Industry Response To Chancellor's Autumn Statement
Following the Chancellors autumn statement this afternoon, the Industry Leadership Team (ILT) which represents oil companies, contractors and trade unions in the offshore oil and gas industry said:
We welcome the Chancellors comments on the North Sea fiscal regime and his determination not to respond to short term factors. We have always been confident that the Government understands fully the economics of the UK industry and the competition that it faces from other parts of the world for investment capital.
Recent announcements have confirmed earlier impressions that investment is returning to the North Sea and the stability of the UK fiscal regime is one of the reasons for this.
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