The oil and gas sector is benefiting from record investment in new development and improvements to existing assets as a result of certainty in the fiscal regime, according to new survey findings published on 13 May 2013.

The 18th Aberdeen & Grampian Chamber of Commerce Oil and Gas survey confirms the revival of North Sea operations, with activity, investment and confidence in the sector continuing to rise in the UKCS. Progressive changes to tax allowances coupled with increasing international demand contributed to all operators reporting rising total activity in 2012.

This positive outlook is expected to continue for 2013, with 60% of operators anticipating a rise and 40% a level trend in total activity for this year.

Sponsored by law firm Bond Dickinson and independently conducted by the Fraser of Allander Institute, the survey is carried out twice a year and draws on responses from oil and gas operators and contractors to identify trends in areas including investment, exploration and employment.

Kenny Paton, Partner at Bond Dickinson, said,"The current air of optimism and confidence in the UK’s oil and gas industry is in marked contrast to just two years ago following the Government’s surprise hike in tax, and the 18th survey illustrates the importance of a stable and predictable tax regime to safeguard the long-term future of the oil and gas industry and maximise production on the United Kingdom Continental Shelf.

Tags: Aberdeen & Grampian Chamber of Commerce Oil and Gas Survey