Wednesday 18th June 2008 

Weir Re-elected as Vice Chairman of Oil and Gas Group

Oil Remains Important but Companies Face Challenge to Diversify

Angus MP Mike Weir was re elected as one of the vice chairman of The UK Oil and Gas Industry All Party Group at their AGM in Westminster. The group pursues and interest in all issues relating to the oil and gas industry.

Commenting on his re election Mr Weir said

“Clearly oil and gas remains a very important industry for north east Scotland in general and Angus in particular. Many local companies work with the industry and many of my constituents still work in the industry.”

“There are clearly many major issues around the industry at present, particularly with the escalating cost of both oil and gas. The North Sea still contributes a very substantial amount of oil, and indeed tax, to the UK and there is as much oil left as has been extracted to date.”

“Most major companies now, however, also recognise the reality and importance of climate change. Clearly oil and gas remain major contributors to our energy sources, both industrial and domestic, but we must also face up to the need to find more renewable sources of energy. Several companies are now seeking to address that challenge and  diversify into offshore renewable energy.”

“The next few years will be very challenging for the industry both in meeting current supply needs but also looking to alternative sources. I look forward to being able to contribute fully to that debate.”

Ends