Angus MP Mike Weir, a vice chairman of the All party Oil and Gas Group, has welcomed the publication of a report from Aberdeen University confirming the “substantial remaining potential” from Scotland’s offshore resources.
The report 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 Weir 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.
“This is very welcome news not just for the Scottish but for the local Angus economy. 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 the industry has a very significant and long term future.
“The skills from the 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.
He concluded: “The reality now is that more than half of the revenues are still to come.”