North Sea spending to hit £22bn

It is predicted that oil and gas firms will continue to spend and invest to the tune of £22bn next year, according to Oil and Gas UK.

The prediction coming ahead of Oil and Gas UK’s latest economic report, is positive and will comfortably surpass the £19.1bn spent last year in an area still viewed as rich with oil reserves by the industry.

In the face of recent hype regarding Scottish independence and its impact on investment in the North Sea, Oil and Gas UK chief executive Malcolm Webb used the latest prediction to show confidence has not been dampened.

“There isn’t any evidence that the posing of the question is yet causing damage,” said Mr Webb, adding “this industry is too important for these British Isles no matter what their constitutional set up”.

The UK oil and gas industry is reported to have contributed £6.5bn in Corporation Tax, 15% of the Exchequer’s takings in 2012-13.

 

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