OEUK responds to the Chancellor’s Spring Statement and OBR forecast

Offshore Energies UK, the leading trade body for the UK’s integrating offshore energy industry has responded to Chancellor Rishi Sunak’s Spring Statement, and forecasts by the Office for Fiscal Responsibility. 

Commenting, OEUK CEO Deirdre Michie OBE said: 

“The OBR figures published today show that the oil and gas industry is forecasted to pay £15.7billion in taxes over the next three years, significantly more than expected last October. £11billion of that is forecasted to be paid by the end of 2023. 

“A predictable and stable fiscal regime will ensure industry continues to attract investment in energy supplies, support energy security, and accelerate net zero. We will work with the government as they look to encourage capital investment across the UK in support of this. 

“Our industry needs long term confidence in the UK, allowing us to make major investment decisions in both oil and gas production and the new low carbon technologies including Carbon Capture and Storage, hydrogen and offshore wind.”