- Target:
- The UK Government
- Region:
- United Kingdom
Last year in 2013 we began with 22 rigs drilling in the North Sea and by the end of the year there were 10. It resulted in the lowest level of exploration drilling in the UKCS since 1965!
The North Sea market is key to the economic health of the UK in a number of ways. However, what is often overlooked is that a thriving and dynamic home market is absolutely core to innovative technology development in the UK. This mostly results in export income, increased jobs, and ultimately in value creation by cashing in on the global potential of these new technologies.
George Osbourne is proposing another tax swoop which will hit directly at potential drilling activity in the North Sea. It is short sighted and could become the straw that breaks the camel's back.
We the undersigned call on the UK Government to take pro-active steps to stimulate exploration and development drilling in the UK and give more tax breaks to those companies investing in the future development of the UKCS. Moreover this should include an undertaking to thereafter maintain that tax regime in a stable condition for ten years.
This will allow planned investment and a return on that investment in a time period which gives medium term security of earnings to these companies.
The future of UK Oil and gas is in more drilling not less.
You can further help this campaign by sponsoring it
The Drill more North Sea wells! petition to The UK Government was written by Fraser Innes and is in the category Government at GoPetition.