Positive view of North Sea oil reserves

Mike Weir MP: 'Many decades' of oil and gas revenue to come.
Mike Weir MP: 'Many decades' of oil and gas revenue to come.

The bright future ahead of the oil and gas sector has been highlighted as the CEO of Oil and Gas UK made clear that he personally expects North Sea reserves to be higher than current estimates of 24 billion barrels.

During a conference at the University of Aberdeen on the politics of the oil and gas sector, Malcolm Webb made clear his personal view that the estimated 24 billion Barrels of Oil Equivalent (BOE) remaining in the waters off Scotland’s coast is an “underestimate”.

He also confirmed the critical role that the oil and gas sector plays in the UK’s balance of payments and made clear that he does not believe that the reliance of an independent Scotland on oil and gas revenues would be “overwhelming”.

Mike Weir, SNP Westminster spokesperson on Energy, said: “These measured and sensible comments from one of the key figures in the oil and gas sector could scarcely contrast more with the hyperbolic negativity towards the industry that has become the hallmark of the No campaign.

“The oil and gas industry clearly shares Malcolm Webb’s confidence in the future of the cal economy of Angus. Not only are many people employed in the North Sea but and further afield but many companies do work for the oil industry from small scale specialist engineering to major employers such as GE in Montrose which refurbishes large oil field equipment. The skills used in the North Sea oil and gas industry also provide a significant cross over to the new offshore renewables industry which can ensure continuing employment well into the future.”