North Sea exploration funding announced
Chancellor announces North Sea exploration funding during Aberdeen and Dundee visit.
New exploration in the North Sea will be supported by a £5 million UK government fund for 2018/19, Philip Hammond announced today (25 September) during a visit to Aberdeen and Dundee. The funding will be used by the Oil and Gas Authority (OGA) to survey under-explored areas of the UK Continental Shelf to find potential new deposits.
The announcement came on the same day that the Oil & Gas Technology Centre in Aberdeen, which the Chancellor visited and is part-funded by the UK government, said its work with industry on new subsea technologies could help unlock 400 million additional barrels of oil and gas from the North Sea and £3 billion of additional value to the industry.
Chancellor of the Exchequer, Philip Hammond, said:
The oil and gas industry remains vital for the Scottish economy and the UK as a whole. The £5 million funding I am announcing will help exploration to find potential new deposits, and boost prospects for jobs in Aberdeen and the surrounding area. This continues the UK government’s extensive package of tax and funding support for the industry and the wider Scottish economy.I’ve seen today how Dundee has benefitted from our life sciences and creative sector funding. I now look forward to progress being made on the Tay Cities Deal, which will follow the £1 billion already committed by the UK to Scotland’s City Deals so far.
This government will continue using the UK’s broad shoulders to provide Scotland with the skills and support it needs to thrive in the future.