Scottish Cabinet holds emergency meeting over North Sea oil industry

The Scottish Cabinet will hold a special session today to explore how the Scottish Government can support the oil and gas industry.

With the price of Brent crude falling again yesterday, dropping by 6.3 per cent from Friday to $30.15 a barrel, and amid heavy job losses in the North Sea, the cabinet will hold a meeting to create a plan for further action.

Scottish Enterprise CEO Lena Wilson, who is also chair of the Energy Jobs Task Force, will also attend.

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Nicola Sturgeon said: “The Cabinet will discuss what action is required, now and in the longer term, to maximise economic recovery from the North Sea.

“The Scottish Government will do all it can to support the industry and the workforce at this time. There is a long-term future in the North Sea, but only if the right action is taken.

Sturgeon wrote to the Prime Minister last week urging him to agree accelerating the conclusion of a city deal for Aberdeen to boost infrastructure investment in the area.

The First Minister added: “While the power for essential change to the taxation regime remains with the UK Government the Scottish Government continues to stand alongside Scotland’s oil and gas industry, doing all that we can to improve collaboration, cooperation and innovation – creating a more competitive sector as well as further developing its status as a global centre of oil and gas expertise.”

Sturgeon last week rejected calls to divest from fossil fuels, telling the Scottish Parliament anything that undermines the oil and gas industry would be “unhelpful” while it is recovering from a low oil price.