UK Industry Group Predicts Energy Upswing

Leading energy industry group Oil & Gas UK says prospects are good for investment in gas projects across Britain.

In its latest comprehensive forecast, the group says tax changes introduced by Chancellor (Finance Minister) George Osborne have stimulated a burst of investment in energy, including unconventional sources.

The Financial Times said the UK's Department of Energy and Climate Control has approved €50 million (£44m) of projects, while O&G estimates another €34 billion (£30bn) of developments have more than a 50% chance of proceeding.

"The UK continental shelf (UKCS) is now benefitting from record investment in new developments and in existing assets and infrastructure, the strongest for more than three decades," said Malcolm Webb, the chief executive of Oil & Gas.