Multi-million energy investment

A multi-million pound investment in Britain's oil and gas supplies will be announced by the Government today.

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Oil and gas provide 'vital role' to Britain's future energy

Vince Cable on a visit to an assembly plant in Broughton yesterday Credit: Martin Rickett/PA Wire/Press Association Images

The oil and gas industry will play a vital role in British energy needs for decades to come, according to three Liberal Democrat ministers.

Business Secretary Vince Cable, Scottish Secretary Michael Moore and Energy Secretary Ed Davey were in Aberdeen this morning to set out their long term strategy, aiming to boost investment and supply chains while promoting exports.

Mr Davey said the industry will play a huge role despite efforts to promote cleaner fuels and decarbonisation.

"The primary products, oil and gas, on all estimations will remain an integral part of the mix for many decades to come," he told an invited audience which included industry leaders and local politicians.

"Only the UK can deliver what is required over a sustained period if you are going to get the most out of the oil and gas industry. The UK is a large economy - that is why we can provide the support.

"Smaller economies have difficulty absorbing the costs.

"The size of the UK economy can really create the framework and certainty."

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