To ask Her Majesty's Government what action they are taking, or plan to take, to support the UK offshore oil and gas industry and its supply chain through (1) the changes in the global oil market, and (2) the COVID-19 pandemic. [T]
30 April 2020
My Rt. Hon. Friend Mr Chancellor of the Exchequer has announced a host of measures to help business in this period with £330bn worth of government backed and guaranteed loans to support businesses across the UK. These support measures remain under review and have been adapted based on feedback from industry to ensure they continue to meet the needs of all sectors of the economy.
Over the past month, Ministers and officials have been proactively engaging with the oil and gas sector and its supply chain by holding virtual meetings with representatives, individual businesses, trade associations, their members and the regulators to ensure that the sector can benefit from the far-reaching package of interventions that the government has put in place to help businesses through the current situation.
Officials in the Department are working closely with the Oil and Gas Authority, to monitor and mitigate the impacts of low oil prices and Covid-19 on the sector and track any financial and operational risks, particularly any that could impact on health, safety, the environment or security of supply.