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UK energy minister Anne-Marie Trevelyan told an industry audience the government hoped to sign off “imminently” on the so-called North Sea Transition Deal following months of negotiations with industry.
Trevelyan was speaking during a webinar organised by trade body Oil & Gas UK (OGUK), shortly before Chancellor of the Exchequer Rishi Sunak delivered his annual Budget statement to parliament.
Sunak announced government would make available £27m ($38m) for an Energy Transition Zone (ETZ) in Aberdeen, Scotland, the home of UK’s North Sea oil sector, in a first step towards delivering the wider deal.
The UK oil and gas industry has welcomed new measures announced by the UK Chancellor of the Exchequer in his latest budget.
The UK oil and gas industry has welcomed new measures announced by the UK Chancellor of the Exchequer in his latest budget.
That’s according to industry body Oil & Gas UK (OGUK), which noted that close cooperation with the sector is essential to maximize its “world-leading expertise and assure a successful green energy transition”. OGUK said the combination of taxation and investment measures offers a potentially strong route to transition energy and employment ahead of the “much anticipated and crucial” North Sea Transition Deal that it is currently negotiating with the government.