OGUK unveils blueprint to deliver £290bn prize for economy

An oil and gas industry body today unveiled a blueprint aimed at providing a £300billion boost for the UK economy.

Oil and Gas UK (OGUK) said it wanted the next British Government to focus on delivering four priorities, including the creation of an energy policy which realises the full benefits of the country’s resources.

OGUK also said the government should take steps to ensure the UK is globally competitive for investment and that Brexit negotiations support the sector.

Lastly, it wants the operators, suppliers and workers to be protected.

Presented ahead of next week’s General Election, OGUK said the measures could help generate an extra £290billion for the Treasury over the next 20 years.

OGUK chief executive Deirdre Michie said: “Against the backdrop of a busy political environment and a difficult operating climate for the industry, we urge the next UK Government to support our sector through our four key asks.

“Our blueprint details the steps we believe our political leaders should take to help sustain our industry, which continues to help secure the UK’s energy needs and supports hundreds of thousands of jobs.

“We are now operating in a totally different climate and have made big changes to how we do business. Industry has significantly upped its efficiency, improved its cost base by 50% and increased its competitiveness. While we are still managing our way through tough times we must also look ahead.”

OGUK’s fourth annual conference will take place in Aberdeen on Tuesday, two days before the General Election.

Vision 2035, industry’s vision for the future and the sector’s role in the UK’s Industrial Strategy, will be a key debate topic at the event.

Ms Michie added: “Vision 2035 sets out a compelling future with a £290billion opportunity which could be unlocked for our sector if we continue to build on the good progress already made by industry and Government continuing to work together.”

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