Oral Answers to Questions

Debate between Robert Smith and Matt Hancock

Thursday 20th November 2014 Commons Chamber

[Sir Robert Smith (West Aberdeenshire and Kincardine) (LD)]

With several hundred job losses already announced in the north-east of Scotland as projects come to maturity in the North sea and costs rise, what are the Government doing to encourage further investment and exploration and to underpin many vital jobs across the UK?

[The Minister for Business and Enterprise (Matthew Hancock)]

The hon. Gentleman raises a vital point, not least because of the fall in the oil price we have seen in the past few weeks, which is good news for the consumers at the pump but tough in Aberdeen. With the Wood review, we are reviewing and making more business friendly the regulation of offshore oil drilling, and we also have a review of the fiscal regime, because our goal is to get every economic drop out of the North sea.