Welcoming the Department of Energy and Climate Change’s (DECC) approval to develop the Mariner heavy oilfield, Mike Tholen, Oil & Gas UK’s economics director, said: “We are delighted that the Government has approved this £4.3 billion investment in the UK’s oil reserves.
The scale of the investment highlights the strength of current activity in the sector and the continuing importance of oil and gas to the economy. Once production starts, hundreds of millions of pounds of additional tax revenues will flow to the public purse and the UK’s energy security will be boosted. Mariner requires pioneering technology and its development is creating hundreds of high-skilled, long-term jobs across Britain. Constructive engagement with the Treasury on the tax regime has in part enabled this development and the economic benefits of such projects for the whole of the UK are a positive sign of the importance of on-going engagement with the Government to further improve the UK oil and gas business environment.”