As oil prices continues to slide, Prime Minister David Cameron announced a £250m UK City Deal to shore up the oil & gas industry….reports Asian Lite News
Prime Minister Cameron has reaffirmed the UK Government’s commitment to the UK’s oil and gas industry during meeting in Aberdeen.
In addition to a £250m UK City Deal, Cameron has set out an action plan of further measures to help build a bridge to the future for the industry.
“The oil and gas sector is vital for our energy security and has been at the heart of the UK economy for decades, generating jobs, skills and growth,” said the prime minister.
The UK Government has also 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 this vital national asset.
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.
Speaking in Aberdeen, Cameron also set out further action from the UK Government to boost the oil and gas industry by backing the export of 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.