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<p>The government recognises the importance of the UK oil and gas industry and its
contribution to energy security and the UK economy. We are committed to the future
of the industry and creating the right conditions to maximise economic recovery.</p><p>
</p><p> </p><p>At Autumn Statement, the government published a radical plan for the
future of the oil and gas fiscal regime and set out a package of measures, including
the reduction in the rate of the Supplementary Charge, to tackle the fiscal challenges
and ensure the UKCS continues to attract investment, simplify the current system,
and remove barriers at all stages of the production life cycle. The package is expected
to drive around £7bn of additional investment and 350m barrels of oil equivalent production.</p><p>
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