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595403

registered interest
date	07/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Offshore Industry: North Sea
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what long-term plans he has to secure the future of the oil and gas industry in the North Sea.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	47398
answer	answer is ministerial correction date of answer 17/10/2016 answer text <p>The long-term success of the sector is dependent on a tripartite approach between industry, government and a dedicated regulator, as set out in Sir Ian Wood’s review.</p><p>The Government has provided substantial support to the oil and gas sector over the past two years, through measures worth £2.3 billion. This includes significant cuts to tax rates, the introduction of the Investment and Cluster Area Allowances and funding for seismic surveys to support exploration. The UK now has one of the most competitive fiscal regimes in the world for oil and gas.</p><p>On 1 October 2016, the Oil and Gas Authority was formally established as a strong, independent regulator for the sector. Its new powers will allow it to act with greater speed and flexibility to attract investment, support jobs and further the UK’s competitive edge.</p> answering member constituency Battersea answering member printed Jane Ellison question first answered 17/10/2016 15:50:23 answering member 3918 label Biography information for Jane Ellison
tabling member	1566 label Biography information for Daniel Kawczynski

595409

registered interest
date	07/10/2016
answering body	HM Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	CaTreasury
hansard heading	Natural Gas: North Sea
house id	1
legislature	25259 pref label House of Commons
question text	To ask Mr Chancellor of the Exchequer, what fiscal steps his Department is taking to encourage the exploration of natural gas in the North Sea.
tabling member constituency	Shrewsbury and Atcham
tabling member printed	Daniel Kawczynski
uin	47546
answer	answer is ministerial correction date of answer 17/10/2016 answer text <p>To support exploration activity, the Government has significantly cut tax rates for the oil and gas sector and introduced the Investment and Cluster Area Allowances to reduce the effective rate of tax paid by producers. Lower tax rates will encourage exploration by improving the economics of new discoveries.</p><p> </p><p>Over the last two years the Government has also funded a £40 million programme of seismic surveys. This will boost offshore exploration in under-explored areas of the UK Continental Shelf.</p> answering member constituency Battersea answering member printed Jane Ellison question first answered 17/10/2016 15:51:14 answering member 3918 label Biography information for Jane Ellison
tabling member	1566 label Biography information for Daniel Kawczynski