FUTURE UK OIL AND GAS PRODUCTION

That this House welcomes Oil and Gas UK's 2008 economic report; recognises the value of the oil and gas industry to the UK economy, given that it employs 450,000 people and benefits the UK balance of payments to the tune of £45 billion a year; further notes the untapped potential of the industry to contribute to the nation's future security of energy supply, with 25 billion barrels or more of oil and gas equivalent recoverable from the UK continental shelf, including the West of Shetland reserves; recognises that substantial investment and exploration activity will be required over and above current plans to extract these reserves; and therefore calls on the Government to build on its constructive engagement with the industry to ensure the necessary investment is made to unlock this country's full potential to produce its own oil and gas.