Economic Report 1999 Index

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Oil and Gas Industry Task Force (OGITF) In November 1998 the Secretary of State for Trade and Industry announced the establishment of a Government and Industry Oil and Gas Task Force. The objective was to bring together top level representatives of the industry and senior officials of DTI, DETR, Treasury and the Scottish Office to tackle the challenges facing the industry. This partnership approach was widely welcomed by all sectors of the industry. Subsequently, changes in licensing and regulation of exploration and production were announced in March 1999, followed by an amendment to the Finance Bill to re-introduce Capital Gains Tax Rollover Relief for the industry. Further initiatives to address the challenges facing the industry were announced in the OGITF Report "A Template for Change" which was published in September 1999. These initiatives not only address the needs of offshore producers but also reflect the importance of developing export markets and creating new business opportunities for suppliers and contractors. In addition, two All Party Groups for the Offshore Oil and Gas Industry were established at Westminster and in Edinburgh to provide parliamentary forums to increase knowledge and understanding of the industry, its suppliers and employees.