Oil and Gas: UK Continental Shelf
Lord St John of Bletso Excerpts(8 years, 9 months ago)
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Lord Bourne of Aberystwyth
My Lords, the noble Lord is right that the fall in oil prices is an international problem. He will be aware that there was fiscal reform in the 2015 Budget, with a £1.3 billion injection of extra help over five years through tax cuts. As I have said, the Chancellor will look at representations that have been made to him.
Lord St John of Bletso (CB)
My Lords, are the Government considering a direct subsidy of development capex for exploration and production companies on the UK continental shelf, such as is given to similar companies in Norway?
Lord Bourne of Aberystwyth
My Lords, the package that the Prime Minister announced on 28 January includes £20 million of new investment in seismic exploration. This will be of assistance, together with the City Deal package for Aberdeen which includes a new innovation energy centre. I hope that the noble Lord will welcome it.