The British government pledged to maintain economic policies that would encourage investments and address skilled-labor shortages in the oil and gas sector through research investments.
Davey said the strategy would provide a boost for conventional resources while ensuring energy independence in the country.
"Even as we move to a low carbon economy, oil and gas will remain an integral part of the U.K. energy mix for decades to come," he said in a statement.
The government said the oil and gas industry needs at least 15,000 new employees over the next five years. More than $10 million was given to Newcastle University through an education fund to help train the next generation of offshore engineers.
British Business Secretary Vince Cable said part of the strategy is to ensure that "future decades of investment and growth can be maintained in the North Sea."
Davey this month said the government wants to give project developers the confidence they need to invest in the country's low-carbon economy.
British officials have set a goal of getting 30 percent of the country's electricity generated by renewable resources by 2020.
Notable deaths of 2014 [PHOTOS]