Malcolm Webb, Oil & Gas UK’s chief executive, said: “The industry representatives today had a full and frank discussion with the Secretary of State for Energy, Secretary of State for Scotland, Economic Secretary to the Treasury and Energy Minister.

“The meeting recognised the concerns arising out of the new measures in the Budget for gas fields, new field developments, decommissioning, mature fields, infrastructure and the supply chain.

“A meeting is to be arranged between industry and the Chancellor of the Exchequer. The Government wishes to engage with the industry to investigate whether the negative impacts of the tax increase can be mitigated. Furthermore, agreement was reached that the Government and industry should work together with a view to ending, by Budget 2012, the instability of the UK oil and gas tax regime and the problems of uncertainty around decommissioning reliefs.

“The industry also advised that in late April 2011, it would publish a survey outlining the impact the tax increase would have on its members’ current and future investment if left unchanged.”

Ends

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