The present invention relates to an oxidation resistant Nickel alloy, characterized in the following chemical composition (in % by weight): 4-7 Cr, 4-5 Si, 0.1-0.2 Y, 0.1-0.2 Mg, 0.1-0.2 Hf, remainder Ni and unavoidable impurities. A preferred embodiment has the following chemical composition (in % by weight): 6 Cr, 4.4 Si, 0.1 Y, 0.15 Mg, 0.1 Hf, remainder Ni and unavoidable impurities. This alloy has an improved oxidation resistance and good creep properties at high temperatures.