British Gas owner, Centrica, is to forge ahead with creating 4,000 jobs in the UK after the government unveiled a £500m tax break for the gas industry.
Centrica, owner of British Gas, is to invest £1.4bn and create 4,000 energy jobs in the UK after the government unveiled a £500m tax break for the gas industry.
Under plans announced by the energy secretary on Wednesday, the government is introducing a £500m field allowance for large shallow water gas fields to encourage investment in marginal gas fields in the UK Continental Shelf.
“Gas is the single biggest source of energy in the UK,” said Chancellor George Osborne. “The government is signalling its long-term commitment to the role it can play in delivering a stable, secure and low carbon energy mix.”
Centrica said the allowance would enable it to proceed with the development of the Cygnus project, the largest gas discovery in the Southern North Sea for 25 years.
The development is expected to create around 4,000 jobs in the UK across the supply chain. At peak production, the field would account for around 5pc of the UK’s total gas production, said Centrica, enough to meet the demand of nearly 1.5m homes.