The region's energy sector could see fresh investment in southern North Sea gas despite plunging oil prices, industry analysts have found.

Market changes may make gas a lucrative development option for businesses because it is no longer closely linked to the price of crude, according to Norwich-based market intelligence firm Cornwall Energy.

The brighter picture follows a sustained period of pain for the energy sector, which has seen job losses and pay cuts since Brent Crude fell below $50 a barrel in January.

Business chiefs in Norfolk called for an emergency tax cut from the chancellor George Osborne at the beginning of last month in a bid to stave off further damage.

However, the sharp drop has handed a sweeter deal to some businesses and consumers, which are now benefitting from cheaper fuel.

The problems facing the energy sector will come into sharp focus at the East of England Energy Group's Southern North Sea conference held at the Norfolk Showground on March 4 and 5.

James Brabben, of Cornwall Energy, said: 'Despite falling oil prices impacting the gas market, the outlook for the Southern North Sea gas is by no means all doom and gloom in 2015.

'The market is becoming increasingly independent from oil as trading moves towards gas hub pricing and away from oil linked prices. Gas market independence could yield new opportunities for the sector and predictions of higher prices out to 2020 could lead to greater investment.

'From a policy perspective gas is seen as the key transition fuel to a low-carbon future, with a growing new market balancing the region's growing renewables capacity. '

Meanwhile, businesses will be hoping that energy minister Matthew Hancock will show his support when he takes the stage for his keynote speech on the second day of the conference – with hopes of a change to the government's fiscal regime to address the falling cost of oil.

Simon Gray, chief executive of EEEGR, said the east of England's low cost base would help the region to ride the difficult times and collaboration was crucial.

He said: 'It's even more important than ever to be as competitive as we can. Cost control and contract management will be crucial to operators.

'This is the opportunity for the east of England to drive down costs and show what we do is at the highest standard for the lowest price. Our region is best in the international market.'

• Has your business been affected by the falling price of oil? Contact business editor Ben Woods on 01603 772426 or email ben.woods@archant.co.uk