Tuesday, 08 January 2019 08:33


A new report has forecast that the North Sea oil and gas industry is set for a substantial recovery in exploration drilling and development, predicting a "bumper year" for the region.

Industry experts Wood Mackenzie revealed the latest good news for the sector, demonstrating huge cause for optimism in one of Scotland’s most important industries.
It was reported in October that £330 billion could be spent extracting oil and gas from UK waters over the next three decades with today’s news spelling further investment for jobs and Scottish companies.
Despite this positive news, the oil and gas industry remains threatened by the impact of a Tory hard Brexit, which could erect barriers in terms of labour availability and market access.
North-East MSP Maureen Watt, who co-convenes Holyrood’s cross-party group on oil and gas, said:
“The latest projections are extremely encouraging, and are further proof of the strength and resilience of the North Sea oil and gas industry, as it continues to recover from the recent downturn.
“It’s no secret that successive Westminster governments have presided over disastrous mismanagement of North Sea oil, and with Tory Brexit uncertainty looming over Scotland, it’s high time that Scotland takes control of our own oil and gas revenues.
“The SNP has consistently argued for full powers over the oil and gas sector to come to Holyrood so that Scotland can provide full support to the industry by properly stewarding our natural resources, creating jobs, growing our economy and investing in future generations.”

Notes to editors:

'Oil exploration in North Sea 'to bounce back' in coming year' https://www.bbc.co.uk/news/uk-scotland-scotland-business-46796983

'Wood Mackenzie sees buoyant North Sea oil, gas exploration, M&A prospects' https://www.spglobal.com/platts/en/market-insights/latest-news/oil/010819-wood-mackenzie-sees-buoyant-north-sea-oil-gas-exploration-mampa-prospects

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