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Scottish gov't expects bright future for North Sea oil

Xinhua, June 4, 2016 Adjust font size:

The oil and gas industry in the North Sea can have a bright future amid a sustained period of low prices and considerable challenges, said Scottish government officials on Friday.

Scottish Cabinet Secretary for the Economy Keith Brown restated the Scottish government's commitment to the oil and gas industry during his visit to the city in northeastern Scotland to recognize the importance of the industry to the Scottish economy.

Accompanied by Scottish Minister for Business, Innovation and Energy Paul Wheelhouse, Brown met with key oil and gas companies Nexen and EnQuest, trade unions, industry body Oil and Gas UK and regulator the Oil and Gas Authority to hear how the industry continues to adapt to the ongoing low prices.

He promised continued close engagement with the industry to overcome the current challenges facing the sector and secure its long-term future.

"While this is a difficult time for the industry and the workforce, important steps are underway to adapt to the current low oil price environment. Efficiency initiatives are starting to produce results, for example, a considerable effort from industry to improve production efficiency has led to an increase in annual production for the first time in 15 years," said Brown.

He also called on the British government, who retains control of the key taxation levers affecting the sector, to take the action needed to protect jobs.

The Scottish government's 24.5 million-pound (about 35.57 million U.S. dollars) support package for increased innovation and business support measures, as well as the transition training fund helps hundreds of workers who have faced redundancy use their skills in the best possible way, he added. Endit