UK Government Outlines Oil and Gas Strategy for UK Continental Shelf

The UK government has set out its latest oil and gas strategy for the UK Continental Shelf, which it says aims to maximise the economic recovery of the troubled sector.

In a statement released on the Department of Energy & Climate Change's website on Wednesday, the government says it will focus on improving collaboration between companies and improving cost efficiency.

"There are still plenty of opportunities in the UK Continental Shelf," Energy Minister Andrea Leadsom said in the statement, "and the measures set out in this strategy will help us get the most out of it and continue to compete globally."

The UK offshore oil and gas sector has been hard in recent times by the global oil price crisis with companies slashing expenditure throughout the field. In September, trade body Oil and Gas UK said that since the beginning 2014, more than 65,000 jobs from direct, supply chain and indirect employment had been lost due to cutbacks in the offshore sector.

The strategy is now out for consultation. A final version will be presented to the parliament early next year. Consultation will run until January 8th 2016.