Scottish First Minister (SFM) Nicola Sturgeon has unveiled four key areas of support the Scottish Government will invest in for the oil and gas sector.

Ms Sturgeon outlined the actions at a Cabinet Meeting in Edinburgh today, 26 January.

She said while the industry is currently facing an "extremely challenging outlook", it can still make a "significant contribution" to Scotland's economy.

While renewable energy supports over 11,000 jobs across Scotland, oil and gas employs around 200,000 people both directly in the industry and by supporting jobs in other sectors of the economy.

The four areas of support are:

• Skills – ensuring that the sector retains its workforce by supporting high-quality training and enabling redeployment and reskilling within the industry.

• Exploration – support to remove barriers to exploration and improve collaboration between industry and academia.

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• Innovation – enabling the application of new and existing technology to improve production and processes.

• Finance – address issues of access to finance that can hinder growth and international activity.

It is understood discussions are to be held with the industry, the Oil & Gas Authority, enterprise agencies and local partners to deliver urgent action in these areas.

SFM Surgeon said: "The oil and gas industry is a huge success story for Scotland. It has fostered innovation, supported energy security and skilled employment, and generated significant economic value.

"There is no doubt the industry is currently facing an extremely challenging outlook, but oil and gas can continue to make a significant contribution to the Scottish economy and energy security for decades to come. However, this will only be achieved if we support the industry through this difficult period, encourage investment and ensure it remains well placed to benefit from a future upturn in oil prices.

It is understood Finance Secretary John Swinney will call for a meeting with Chancellor George Osbourne to discuss the Scottish Government's proposals to lower the tax burden on the oil and gas industry.

"The Scottish Government is taking action to support the industry at this difficult time, but this needs to be matched by a commitment from the UK Government to address the fiscal regime in which the industry operates," Ms Sturgeon said.

"Only the Chancellor can deliver the competitive tax regime that the sector requires at this moment and following our discussions today, we will continue to make the case to the UK Government for urgent action in the forthcoming Budget to lower the tax burden on the industry, a move that will help to protect jobs and investment."

(LM/CD)