Andy Brogan, oil and gas leader for Ernst & Young in the UK & Ireland, responds to Oil & Gas UK's latest Economic Report.
11 October 2011 - Andy Brogan, head of oil and gas for Ernst & Young in the UK & Ireland, says: “The report reaffirms the crucial role that the oil and gas industry plays in adding buoyancy to the UK economy but also highlights the negative and far-reaching consequences of applying short-term thinking when setting the fiscal framework for an industry that has to make investment decisions that last for decades.
“However, it is encouraging to note that the UK Government has recognised the impact policy has on the competitiveness of the UK Continental Shelf (UKCS) and is now working constructively with the industry – as it promised to when formed in 2010 – to mitigate impediments to growth and create a stable and fair oil and gas regime.
“Those of us who work within the oil and gas sector have long heard commentators refer to it as a twilight industry, but Oil & Gas UK has demonstrated that it can remain a core source of high quality economic activity and employment for the foreseeable future as well as making a massive contribution to the UK's balance of payments.”
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