Top energy firms announce major UK investments at London 2012 summit

Published on Tuesday, 07 August 2012 10:27
Posted by Scott Buckler

Chancellor George Osborne and Business Secretary Vince Cable welcomed substantial new investment in the UK as international delegates from the world's oil and gas companies meet at the British Business Embassy in London

Up to 4,000 UK jobs will be supported by the GDF SUEZ- operated Cygnus project - the extraction of shallow water gas from an 18 billion cubic metre field under the Southern North Sea – in partnership with Centrica and Bayerngas.  And an International Centre for Advanced Materials created by BP with universities including the University of Manchester will build on the UK's world leading status in research and development.

The Chancellor, George Osborne, said:

"The Global Business Summit is a demonstration of how the UK can lead the world in the energy sector: securing investment, creating jobs and building a more prosperous future. The Government is committed to creating an environment in which innovation can thrive and businesses can grow: that's why top businesses such as BP are investing in the UK and supporting our world-leading universities in delivering cutting edge research."

Business Secretary Vince Cable said:

"The oil and gas industry's immense contribution to our skills base, industrial capacity and strength as an exporter are pivotal as we rebalance our economy. Today's summit underlines the Government's commitment to making the UK a great place for energy firms to do business, develop new technologies and recruit the best technicians and engineers.

"Collaboration between business and higher education institutions is boosting the status of the UK as a driver of innovation, and giving our firms a competitive edge. I'm pleased that BP has chosen to partner with a number of our world class universities to find new and more efficient ways of using and generating power."

UK Secretary of State for Energy and Climate Change Edward Davey, said:

"The North Sea remains a vital source of the nation's energy security and our expertise is renowned the world over. The Government is determined to maintain the best possible investment environment to ensure we capitalise fully on this national asset.

"There continues to be significant interest in the annual licensing rounds, with interest in established and the new frontier West of Shetland.  The go-ahead for the Cygnus field is terrific news, and will contribute substantially to the UK's gas needs and support thousands of high skilled jobs."

Bob Dudley, BP's Group Chief Executive, said:

"Advanced materials and coatings will be vital in finding, producing and processing energy safely and efficiently in the years ahead. Energy producers will work at unprecedented depths, pressures and temperatures; as refineries, plants and pipeline operators seek ever better ways to combat corrosion.  Manchester has world-leading capabilities and facilities in materials and it was chosen after a global search to act as the 'hub' of the centre, with 'spokes' in other university departments worldwide. We look forward to building a very productive partnership between our professionals and the academic team at Manchester."

Today's summit,  one of 18 organised by UK Trade & Investment (UKTI) to promote British business during the Olympic and Paralympic Games,  highlights the UK's capabilities in energy and the opportunities for collaboration with overseas companies.  Key themes include technology-specific issues related to regulatory and market reforms, financing needs, deployment challenges and the scaling up of industrial capacity.

Source: ©DECC

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