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North Sea oil industry to receive a £250 million emergency investment package

David Cameron, the Prime Minister of the UK, has announced a £250 million package to boost the North Sea oil industry. 

This investment will be used not only to promote innovation and diversification in the oil and gas industry in the North Sea, but also include the expansion of Aberdeen harbour and enable the city to compete for decommissioning work, as it is estimated that about £45 billion will be spent on decommissioning of offshore infrastructure in the North Sea over the next two decades.

Moreover the package also includes a  £20 million fund to support seismic surveying of the North Sea to boost offshore exploration.

Mr. David Mundell, Secretary of State for Scotland, said "Oil and gas is a crucial sector, not just for the North East of Scotland but for the whole of the UK.We need action to help in the short, medium and long-terms, building a bridge to the future of the North Sea; helping the UK's oil and gas industry to export its world-class expertise around the globe; and encouraging diversification of the economy to create new opportunities in other sectors too."

The North Sea oil and gas industry has been facing a slump in the past few years as the oil prices continue to fall. 

Source: www.ft.com