Talking-up Scotland

Scottish Energy Jobs Task Force prompts UK Oil and Gas Authority (OGA) to project massive growth by 2035

In its Activity Plan 2017 and 2018, the OGA sees the opportunity to increase gross revenue by £140 billion by 2035. Here’s their opening ‘vision’ statement:

‘The OGA is working with the industry, governments and others to develop a single, compelling vision for the UK oil and gas industry. The need for a clear long-term vision for the UK oil and gas industry was identified at the Scottish Energy Jobs Task Force, Values and Principles workshop in May 2016. By maximising economic recovery and doubling the UK’s share of the global oil field services and technology market, the opportunity exists to increase the value of the UK oil and gas industry by half again by 2035. This work will also help inform the oil and gas elements of the UK Government’s emerging Industrial Strategy.’

Published in March 2017, this comes on the tail of reports of major reinvestment in the North Sea and West of Shetland by the industry itself and of massive investment from hedge funds.

North Sea oil and gas is on the crest of a ‘Third Wave’ and the SNP Government is already supporting plans for it

 ‘Hedge Funds Bet Big on Oil’

 ‘Global demand for oil could outdo the 10-year average in 2017.’ Why the SNP Government, the sector and hedge funds are all optimistic.

https://www.ogauthority.co.uk/media/3473/420432-oga-activity_plan_2017_18_print_11.pdf