New Report Highlights Strength of Oil & Gas Sector

A new report by Scottish Enterprise highlighting the extent of new oil & gas fields that are expected to come on stream in the North Sea in coming years demonstrates the strength with which the sector is expected to operate for years to come.

The report makes clear that there are 34 new fields already under development and a further 52 classed as ‘probable developments’, taking the total number of fields on which work is expected to begin by 2016 to 86.

In addition to these new fields, the same report also highlights that major investment is underway on 15 existing fields.

It is anticipated that £44 billion will be invested in UK Continental Shelf projects between 2012 and 2016.

Commenting, SNP MSP Maureen Watt said:

“This report highlights the strength of the oil & gas sector - and the good news is that there is more revenue to come out of the North Sea than has been extracted to date.

“With 86 new fields expected to be developed in the next few years and around £44 billion of expected investment in the sector to come, it is clear that there is great confidence in the continuing strength of the industry for decades to come.

“Instead of these resources being squandered as they have been decade after decade by successive Westminster Governments - Tory and Labour - we need the powers of an independent Scotland to ensure that oil & gas resources work for the benefit of the people of Scotland.

“With the powers of an independent Scotland we can build an oil fund as fiscal conditions allow ensuring that Scotland sees the benefit of our oil and gas resources for generations to come.

“This is the kind of decision that can only be made by an independent Scotland, and only a Yes vote in 2014 will secure us that opportunity."

More information on Scottish Enterprise’s report can be viewed at http://www.heraldscotland.com/