'North Sea oil and gas will be important for decades,' says chancellor Rachel Reeves

Rachel Reeves has said North Sea oil and gas has “an important role to play for many decades to come”.

On a visit to Lossiemouth in Moray on Friday, the UK chancellor said the sector is important for Scotland – and the whole UK – after Donald Trump described the North Sea as a “treasure chest”.

Reeves’ appearance in Scotland followed a five-day visit from the US President, who called on the UK Government to “incentivise the drillers, fast”.

However, the chancellor said renewable and non-renewable energy sources are not an “either-or”.

“The oil and gas sector has an important role to play in the UK energy mix for decades to come,” Reeves said.

“At the same time, we need to invest in the future.”

She pointed to the UK Government’s backing of the Acorn carbon capture and storage project