Oil & Gas UK’s economics director, Mike Tholen, said: “Oil & Gas UK welcomes Wood Mackenzie’s review of 2011 which reflects the current diverse nature of the business in the UK, with investment strong in some areas but struggling in others. The review illustrates that the UKCS is not proving attractive for exploration activity, that mature assets for sale are languishing on the market and that the tax increase in Budget 2011 highlighted the fiscal instability of the UK.

“While investment in 2011 was high and the outlook for 2012 onwards is positive, last year it did not reach the £8 billion conservatively forecast by Oil & Gas UK just before the Budget. For the sake of the UK’s energy security, employment, tax revenues and balance of trade, we must therefore ensure that through engagement with the Treasury, investment is attracted to the projects made uncommercial by the tax increase and the fields whose sale to new owners is currently being held up.”

Ends

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