Energy Secretary Ed Davey said the oil and gas industry is a vital strategic resource.
"With our support for carbon capture and storage, for decommissioning and by encouraging increased collaboration across different energy sectors, especially offshore, there will also be new sustainable growth opportunities for the industry and the wider UK supply chain."
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After Roy Hodgson's resignation following England's humiliating exit from Euro 2016, who are the leading contenders to replace him?
The beleaguered Labour Party leader is clinging onto power in the face of as many as 150 MPs voting to remove him from the top job today.
Mr Osborne said he is "not the person to provide the unity my party needs".