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21/08/13 00:01

Oil and gas report

Finance Secretary John Swinney has responded to Oil & Gas UK’s 2013 Economic Report, published today(August 21).

Mr Swinney said:

“The latest report from Oil and Gas UK highlights that investment in the sector is expected to reach a record £13.5 billion in 2013, with a further £100 billion required to develop the oil and gas reserves in companies’ plans. This is a major vote of confidence for the industry.

“In time, the record levels of investment that we are currently seeing will raise production, which will see the sector continue to make a significant contribution to the public finances.

“With up to 24 billion recoverable barrels with a potential wholesale value of £1.5 trillion, more than half of the resources in the North Sea, by value, still to be extracted, it is clear that the industry will make an important contribution to the Scottish economy for decades to come. This latest report suggests that the industry will be active beyond 2050.

“The positive evidence on employment and the supply chain is also welcome, with the sector now estimated to support 450,000 jobs across the UK, of which around 50% are in Scotland.

“Scotland’s industry-led Oil and Gas strategy has helped implement a range of measures to support the industry. We are already working constructively with the UK government as part of PILOT and the Industry Council, and we look forward to working closely with the Wood Review to ensure that the review best reflects the challenges and opportunities facing the North Sea sector.”