22 Aug '13, 12am

UK oil and gas investment reaches record high

The UK oil and gas industry has hailed "renewed commitment" from the government after reporting record levels of investment at a time when the coalition's energy policy is facing intense scrutiny. Trade body Oil & Gas UK, which represents offshore operators, said investment levels this year are expected to reach £13.5bn. This represents a £6bn boost on 2012, which it attributed to new tax allowances granted by Chancellor George Osborne aiding new exploration. FURTHER READING Politicians need to catch up with our nation's view on fracking Industry wary as government preps wind power sustainability report "The recent sharpening of focus within government and industry on the business environment required to grow [the sector's] contribution in future has given investors the confidence to develop new fields and redevelop older fields, so we are now seeing the highest-ever inves...

Full article: http://www.businessgreen.com/bg/news/2290230/uk-oil-and-g...

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