The British government said the oil and natural gas industry has invested more than $20 million into the economy this year, making it the largest industrial contributor in the country.
Davey told a London oil and natural gas conference that the industry deserves praise for its commitment to the British economy.
"As we move to a low carbon economy, oil and gas will remain a vital part of the U.K.'s energy mix for decades to come, providing energy security, jobs and investment," he said.
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.
The government says the strategy would provide a boost for conventional resources while ensuring energy independence in the country.
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]