Aug 7th 2012
Government welcomes major energy investments
On Tuesday 7 August senior members of the coalition welcomed a string of investments in the oil and gas industry, confirmed at the Global Business Summit on Monday. Chancellor George Osborne said the Summit had been a demonstration of how the UK could "lead the world" in the energy sector and stated the government was committed to creating an environment in which "innovation can thrive and businesses can grow". Business secretary Vince Cable said the oil and gas industry had made an "immense" contribution to the UK's skills base, industrial capacity, and export strength. He also argued that collaboration between business and higher education institutions was boosting the UK's status as a driver of innovation. Among the announcements was a field development plan for a £1.4bn development of the Cygnus gas field in the Southern North Sea. The Cygnus reservoir is estimated to hold 18mn cubic meters of gas, enough to supply 5% of the UK's needs, with the first gas being produced in 2015.
Climate Change Levy exempt energy
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