Paul Stockley, Head of the Oil and Gas sector, comments on the announcement of the Treasury's commitment to the oil and gas industry.

"We're pleased to see the Treasury getting behind the Oil & Gas industry with a commitment, among other announcements, to reviewing tax incentives to assist the sale of late-life assets. Facilitating the transfer of late-life fields is a critical issue for sustaining the longer term viability of the North Sea and this commitment builds upon other recent positive developments for the industry in terms of greater oil price stability, cost reductions and signs of greater transaction activity which has given rise to a renewed sense of optimism. The industry will look forward to sight of the formal discussion paper on 20 March but it remains to be seen what concrete help will be offered following this review."