There are an estimated 20 billion barrels of oil and gas still to be recovered from the North Sea. Total revenue already generated from the sector has been worth around £300 billion to the UK Treasury – or more than £600,000 pounds for each person living in the North East today.
Yet the UK government has said that the oil and gas sector is a “low priority” in Brexit negotiations, highlighting their lack of commitment to the industry.
By contrast, the SNP Scottish Government is doing all it can within its powers to support jobs and businesses in the sector. Here’s how.
3. The £12 million Transition Training Fund is helping oil workers retrain to get jobs in other sectors, including the renewables sector and teaching. By September last year 600 people had applications for support approved.
4. A new £5 million Decommissioning Challenge Fund will ensure companies in Scotland can benefit from the decommissioning of oil and gas infrastructure.
5. We continue to press the UK government to take further action on tax to improve exploration and investment. The UK government must take action to reduce costs and increase production in fields nearing decommissioning; reaffirm its commitment to loan guarantees for the sector; and introduce measures to support further exploration.
6. We are supporting the wider North East economy through the Aberdeen City Deal and our plans for £254 million additional investment in rail and road improvements, digital connectivity and housing.