Following the announcement by Repsol Sinopec Resources UK that first oil has begun to flow from the Shaw field, Deirdre Michie, Chief Executive of Oil & Gas UK, said:
“This is a tremendous achievement by Repsol Sinopec Resources UK and their commitment to the North Sea is very welcome indeed.
“This is a major redevelopment in an area of the North Sea that has been producing for many years. It combines new and mature field activities that will extend the Montrose area’s productive life and demonstrates the potential that can still flow from the UK Continental Shelf with the right investment.
“At the project’s inception, HM Treasury worked closely with the industry to begin to make the tax regime more competitive. Since then, the tax regime for this basin has improved substantially and is now one of the most fiscally competitive in the world. We look forward to more investment of the kind announced today in order to unlock the billions of barrels of oil and gas that we believe this basin still holds.”