Yesterday I was in Aberdeen meeting with oil and gas industry leaders to talk about the future of the North Sea.

I was very pleased to hear the optimistic tone that was struck throughout the day, and for me to be able to take the opportunity to reassure those I met that the Government fully recognises how important the North Sea is to the UK and to the thousands of jobs it supports. In creating the Oil and Gas Authority, we are showing our commitment to ensuring that we maximise the economic recovery from the North Sea basin.

We have one of the world’s most developed oil and gas industries in the North Sea basin and some of the world’s most experienced and highly regarded regulators. The southern North Sea has significant untapped gas reserves and a low cost base and, of course, as gas is the cleanest fossil fuel it can also help to meet our decarbonisation objectives.