North-east Scottish Conservative MPs have again backed calls for a sector deal for oil and gas after industry leaders outlined the proposals at a Scottish Affairs Committee session today.
Ross Thomson, MP for Aberdeen South, and David Duguid, MP for Banff and Buchan, both sit on the committee that hosted former BP boss and a director at Opportunity North East, Trevor Garlick, Subsea UK CEO Neil Gordon and Oil and Gas Authority Director of HR and supply chain Stuart Payne.
MPs were today told that UK Government backing for a sector deal for the North Sea industry would ensure its ‘Vision 2035’ aim of generating £290bn in extra revenue over the next 15-20 years.
The committee heard that the proposals would realise an additional 3-4 million barrels of oil equivalent from the North Sea, while also maximising the export potential of the supply chain.
David Duguid, Scottish Conservative MP for Banff and Buchan, said:
“The case for a sector deal for oil and gas is undeniable and I think we need a decision to be made at the earliest opportunity.
“If not, there is a potential risk that we lose the momentum that has built up in the north-east of Scotland during what remains a fragile recovery.
“That enthusiasm has built up, not just because of a sustained higher price of oil, but also from having the Oil and Gas Technology Centre and the Oil and Gas Authority based in Aberdeen.
“It is important that we follow through on all the recommendations from the 2014 Wood Report – and the sector deal will do exactly that.”