TREASURY minister Robert Jenrick appears to have moved to allay fears that the Government could hike taxes in the North Sea.

Speaking after meeting industry leaders and local MPs in Aberdeen, Mr Jenrick said: “I reaffirmed the Treasury’s commitment to globally highly competitive, stable and predictable taxation for the sector.”

The meeting came amid concern the Government may be tempted to try to increase the tax take from the North Sea following the rally in the crude price since late 2016.

The Government cut taxes during the deep downturn in the industry triggered by the crude price plunge from the summer of 2014.

The chief executive of industry body Oil & Gas UK, Deirdre Michie, championed the value of the sector at the meeting. She noted it helps secure the UK energy supply, contributes billions to the economy and supports hundreds of thousands of jobs.

“We continue to work with governments and the regulator to guarantee the success of our industry for many decades to come,” said Ms Michie.

“It’s why I’m pleased the Minister again confirmed the government’s commitment to fiscal stability – a critical element of our offering to investors in a globally competitive market.”

Mr Jenrick became Exchequer Secretary to the Treasury in January.