MSP welcomes North Sea report

Banffshire & Buchan Coast MSP Stewart Stevenson has welcomed the publication of a report from Aberdeen University confirming the “substantial remaining potential” from Scotland’s offshore resources.

The report Prospects for Activity in the UK Continental Shelf after Recent Tax Changes: the 2012 Perspective – authored by Professor Alex Kemp and Linda Stephen – makes a number of recommendations to maximise the long-term benefit of Scotland’s oil resources, and highlights the substantial investment currently underway.

Scottish Government estimates are that remaining North Sea reserves represent an estimated £1.5 trillion of wholesale value - far higher than the value extracted to date.

Mr Stevenson said: “This welcome report is the latest in a series of analyses which underline the strength of Scotland’s offshore oil and gas industry for many decades to come.

“Just last week, oil firm TAQA announced the purchase of $1billion worth of assets from BP – underlining their confidence in the North Sea’s future – which itself came on the back of a Scottish Enterprise report anticipating that 86 new North Sea oil and gas fields will begin development by 2016, with investment of £44 billion.

“The £1.5 trillion value of North Sea resources still remaining is much higher than the value already extracted.

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

“Westminster governments have been saying that the oil and gas is running out since the 1970s - the reality is that more than half of the revenues are still to come.”