February 25th, 2014
A radical revamp to the UK’s oil & gas industry is set to add at least £200bn to the UK’s economy over the next 20 years, it has been suggested.
Sir Ian Wood, former head of oil services supplier Wood Group, has put forward proposals to maximise Britain’s remaining offshore oil and gas resources that include, amongst other suggestions, improving collaboration between the government and energy companies.
At a time when energy prices are at an all-time high, today’s proposals suggest that prices could soon be made more affordable – with the help of a legion of Contractors.
As the mainstay of the oil & gas industry, the nation’s Contractors will undoubtedly have a big role to play in this transformation, which will include revitalising exploration to ensure that the UK’s recoverable fossil fuel resources are fully exploited.
“The UK government can afford to support the industry and make it profitable to extract the increasingly hard-to-reach oil and gas in the North Sea,” said Prime Minister David Cameron.
UK tax revenues in 2012-13 were a worrying 40% lower than the previous financial year, at £6.5bn, however this news would suggest that Contractors, which make up a vast number of Britain’s oil & gas workforce, could be set to prosper.
“The report comes at a time when the future of Scotland as a nation and therefore an invaluable income stream to the UK is uncertain, however to a vast army of Contractors who work in the industry, this positive proposal provides reassurance that, come what may, their incomes will be sustainable” said Taj Kang, Business Development Director at Contractor Mortgages Made Easy.
“With the cost of living in the UK remaining high, there is always the worry that the rug could be pulled out from underneath public-funded industry; but this news of a buoyant oil & gas trade will come as welcome news to the nation’s Contractors, many of whom have or are recently entering the property market for the first time.”
These changes, say the government, are set to produce an additional three-to-four billion barrels of oil, from a previously seldom-tapped resource.
“The North Sea has suffered from poor stewardship from the UK government to date, and the time has come to address that” said John Swinney, Finance Secretary.
Separate meetings will be held with the UK and Scottish cabinets in Aberdeen shortly, to determine the future of the North Sea oil trade, something critics suggest is long overdue.
With the premise of a boom in production over the coming years, Contractors will hope that this will herald a new dawn for the country’s economy, and that they will start to reap the financial rewards of many years’ worth of hard work.
Article By: Mark McBurney, Senior Mortgage Consultant at Contractor Mortgages Made Easy
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