The UK coalition government has published an oil and gas strategy to demonstrate its commitment to the industry, but it remains ambivalent on the outlook for production. The strategy reiterates promises of fiscal stability after the backlash that followed a 2011 tax hike on the industry (WPA, 1 March, p2). Along with promises of a favourable tax regime, it pledges efforts to fill skills gaps and support service sector exports. It contains no new proposals on tax, after a series of allowances unlocked major spending decisions in recent months. It predicts ￡14bn ($21bn) in investment by the industry this year, up from a February prediction of at least ￡13bn by industry body OGUK.
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