The UK Government has introduced a £1.3bn package of tax measures for the oil and gas industry to ensure the UK Continental Shelf remains an attractive destination for investment and safeguard the future of its vital national asset.
Also, a major new injection of cash into North East Scotland’s economy was confirmed with the signing of a new £250m UK City Deal, jointly funded by the UK and Scottish Governments.
UK Government is to boost the oil and gas industry by backing the export of Britain’s world class skills in oil and gas and diversifying the economy of the North East of Scotland, including a £20m package of investment in exploration, innovation and skills.
Innovate UK is launching an “Energy Game Changer” which will make £1.5m available for innovators, micro businesses and SMEs from outside the energy sector to come up with radical solutions and disruptive technologies in response to challenges set by the energy industry. These include challenges set by the oil and gas sector in areas like monitoring corrosion under installation, vessel inspection and use of sensors and data.
