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<p>While sustained lower oil prices are challenging for companies active in the North
Sea, it is important to recognise that the industry is cyclical. The majority of operators
and investors make their assessments on long term outlooks taking into account potential
fluctuations in prices.</p><p>The UK Government is committed to supporting this vital
industry that creates jobs and generates investment. This support includes the full
implementation of the Wood Review recommendations and the package of fiscal changes
and initiatives announced by the Treasury in early December designed to ease the tax
burden on the industry.</p><p> </p>
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