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<p>The Government has now implemented all of the Wood Review recommendations and established
the Oil and Gas Authority as a strong, independent regulator focused on maximising
economic recovery of the UK Continental Shelf (UKCS). This in turn will help to drive
investment and support jobs. The Oil and Gas Authority is working hard with industry
to facilitate greater collaboration across the UKCS, increase efficiencies, and promote
the industry in the UK and abroad.</p><p>In the last two Budgets, the Government has
provided a £2.3bn package of support to ensure the UK has one of the most competitive
oil and gas tax regimes in the world, protecting jobs and investment. As part of this,
we have contributed £40 million to fund two new seismic campaigns to help encourage
exploration activity. In addition, the Oil and Gas Authority recently published a
new supply chain strategy and delivery plan to maximise the economic potential of
the supply chain, anchor the service sector in the UK and improve the supply chain’s
export potential.</p>
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