The spring budget yesterday led to relief but also disappointment for energy companies in the north-east.
Relief that Chancellor Rishi Sunak ignored calls for a windfall tax on UK oil and gas producers who have benefited from soaring commodity prices.
Disappointment that there was no news on support for the important Acorn carbon capture and storage project.
Labour had sought a windfall tax on offshore producers to raise money to help hard-pressed families, pensioners and businesses.
But such a move would have been a blow to Aberdeen, which is the oil capital of Europe, as a cash raid could have hit industry confidence and led to a downturn in North Sea activity.
Deirdre Michie, chief executive of trade body Offshore Energies UK, highlighted later that the oil and gas industry is forecast to pay £15.7billion in taxes over the next three years - significantly more than expected last October.
She added: "A predictable and stable fiscal regime will ensure industry continues to attract investment in energy supplies, support energy security and accelerate net zero. We will work with the Government as they look to encourage capital investment across the UK in support of this.
"Our industry needs long-term confidence in the UK, allowing us to make major investment decisions in both oil and gas production and the new low-carbon technologies including carbon capture and storage, hydrogen and offshore wind."
But the Chancellor's decision to reject a windfall tax led to anger in Parliament yesterday afternoon.
Shadow Chancellor Rachel Reeves accused him of not understanding the "scale of the challenge" being faced by working families.
She said: "When I set out Labour's plans for a windfall tax in January, we estimated that it would have raise £1.2 billion - now, because of the continued rise in global oil and gas prices, it would today raise over £3billion.
"That is money that could be used to help families, pensioners and businesses with a cut to VAT."
But Mr Sunak responded: "We know on this side of the House that we want to encourage more investment in the North Sea. We want more domestic energy, we want more jobs for the UK and a windfall tax would put that off."
However, hopes were dashed that the Chancellor would take the opportunity in his budget to make an announcement on the Acorn carbon capture and storage project.
Aberdeen & Grampian Chamber of Commerce had urged him to set out a clear timeline for the Scottish Cluster, which will support 15,000 jobs.
It had wanted Mr Sunak to "put right the wrong" with regards to the cluster. At its heart is Acorn, which takes in key facilities across the north-east, as well as former oil and gas pipelines and North Sea geographical features that could be used to store CO2 permanently and safely.
Huge dismay met the UK Government's decision to snub the north-east in a £1billion funding competition last year which saw rival projects in England successful, leaving the Scottish Cluster as a reserve.