I congratulate the hon. Member for Aberdeen North (Mr Doran) on securing this timely debate.
Despite current difficulties, the North sea oil and gas industry remains vital for Scotland—north-east Scotland, in particular. The industry makes a huge contribution not only to the Scottish economy, but to the economy of the whole UK: since its inception, it has contributed more than £300 billion in taxation to the Treasury.
We have built a world-class industrial cluster in the North sea, and we now export the skills and services required to support it around the world.
In my constituency, for example, many people work in the oil and gas industry, increasingly not only in the North sea, but in various parts of central Asia, Africa and the far east. Many companies in Angus are also part of the supply chain for the North sea industry. The low level of oil and gas prices and the difficulties that that is causing are obviously of great concern. Clearly, we have experienced such falls in prices before; the previous time it happened was as recently as 2009, when the price plunged from $144 to $40 a barrel. Nevertheless, the current low price is of concern, and action must be taken to ensure that the industry is assisted through such a turbulent period.
Despite the rather dramatic headlines in some newspapers and other media reports, the North sea oil and gas sector continues to have a bright future. Indeed, when I spoke to BP about the job losses that it announced last week, it emphasised that it remained committed to the North sea, with the Kinnoull field coming on stream and the Clair field due to continue operations well into the 2050s. We should not, therefore, get too downhearted about what is going on. Immediate action is needed, however, to ensure that employment and exploration continue.