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Oil and gas industry can thrive with UK Government support, say MPs

The UK Government has been told it needs to step up “urgently” to protect the future of Scotland’s oil and gas industry.

The Scottish Affairs Committee at Westminster has published a report outlining significant challenges facing the sector and recommendations to ensure it can thrive.

The committee heard from academics, industry bodies, unions, energy and climate change specialists, experts in decommissioning and regulators, as well as the UK and Scottish Governments, over the course of an inquiry.

Noting the sector had “come through a significant and challenging downturn”, the committee report calls on the UK Government to agree an “ambitious sector deal” to protect the future of the industry.

 

Union Jack Oil (LON:UJO), The directors believe that significant opportunities exist to invest in, or acquire, a company or companies or businesses or assets in the hydrocarbon sector.

The investment strategy will have a heavy emphasis on acquiring late stage exploration projects where planning consent has been approved for drilling wells and to acquire minority production working interests onshore and/or offshore in the UK.

 

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.