Malcolm Webb, Oil & Gas UK’s chief executive, said: “Oil & Gas UK welcomes the announcement of the 27th oil and gas licensing round. We estimate that there are up to 24 billion barrels of oil and gas remaining to be extracted offshore in the UK and with the right business environment, investment in and economic recovery of that resource will be maximised. In transforming the licences offered to real exploration and production activity for the economic and energy benefit of the UK, the current engagement with the Treasury to stimulate investment in marginal fields and achieve certainty on access to tax relief on decommissioning is crucial, and on this we look forward to a positive conclusion by Budget 2012.”

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