Welcome for oil and gas report

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

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

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ANGUS MP Mike Weir has welcomed a report from Aberdeen University confirming the “substantial remaining potential” from Scotland’s offshore resources.

Mr Weir, a vice chairman of the all party Oil and Gas Group, said the report is the latest in a series of analyses which underline the strength of the offshore oil and gas industry for “many decades to come.”

The study, ‘Prospects for Activity in the UK Continental Shelf after Recent Tax Changes: the 2012 Perspective’, 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 already extracted.

Mr Weir said: “A significant number of people in Angus work in the oil and gas industry and many firms rely on orders from it. It is very clear that the industry has a very significant and long term future.

“The skills from the Oil and Gas industry will also be transferable and have considerable impact upon the new offshore renewable industry which also offers considerable benefit for the future of the Angus economy.”

“Westminster governments and anti-independence parties have been saying that the oil and gas is running out since the early years of production in the 1970s. The reality is that more than half of the revenues are still to come.”