First minister Alex Salmond has launched a new industry strategy for Scotland's oil and gas sector.

Wednesday 30 May 2012

Posted by Alex Turner

Scotland's first minister has launched a new industry strategy designed to bring long-term prosperity to the country's oil and gas sector.

It is hoped that the new strategy will safeguard some 440,000 jobs - half of which are in Scotland and many of which are filled by limited company contractors.

The new focus targets higher long-term recovery rates, annual sales of £30 billion and an increase in exports by 2020.

Mr Salmond said that oil and gas has been one of the country's major success stories and with £1.5 trillion worth of oil still to be extracted - the future is bright.

The strategy outlines plans to helping the industry securing the necessary skills by supporting innovation and technology deployment.

"Clearly the industry requires a stable taxation and regulatory regime to provide confidence and encourage long-term investments, something the Scottish government has consistently supported … and which we will continue to do so in the future," the minister commented.

By Victoria McDonnell

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