SJD Accountancy

£100bn oil and gas investments could benefit UK contractors

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A recent report has shown that the UK oil and gas sector will be witnessing one of the highest investments for more than thirty years.

Contractors working in the oil and gas sector will be interested to hear that due to investments totalling nearly £100 billion, thousands of new job opportunities are being created across the UK.

The Oil & Gas UK’s 2013 Activity Survey revealed that these exciting investments are ranging from projects that are less than £50 million, through to some that are over a billion pounds.

Oil & Gas UK’s chief executive, Malcolm Webb, said, “Here is some really good news for the UK. After two disappointing years brought about by tax uncertainty and consequent low investment, the UK continental shelf (UKCS) is now benefitting from record investment in new developments and in existing assets and infrastructure, the strongest for more than three decades.

“The recent introduction of targeted tax allowances to promote the development of a range of difficult projects, coupled with the Government’s ground-breaking commitment to provide certainty on decommissioning tax relief, has prompted global companies and independent businesses alike to take another look at the UK as an investment destination and resulted in a new wave of investment. It is crucial that we sustain this momentum in the years ahead.”

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