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Government announces plans for oil and gas sector

The government has today announced plans to promote the oil and gas sector.

Investment and innovation has been identified as an area for improvement that will be supported by tax relief as announced in last week’s budget. Developing fabrication has been highlighted as important to improve the supply chain. And capitalising on emerging markets will be supported UK Trade and Investment will encourage by providing specialist support to the UK supply chain.

Skills shortages are also a pressing concern, which the government will address through programmes to retrain ex-military personnel and the founding of a £7M research and development centre.

“The oil and gas industrial strategy is the start of a real plan of action owned by industry and government,” said business secretary Vince Cable. “It is a strategy that all sides are committed to, so that future decades of investment and growth can be maintained in the North Sea.

“An important part of this strategy is how we can develop the UK supply chain. I want us to consider what barriers are stopping British companies bidding for and winning work in the North Sea.”

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