US oil major Chevron has 10 producing North Sea fields which helped it turn its 2016 deficit of £1.3 billion into pre-tax profits of £2.4 billion in only three months this year! This huge turnaround is due to the enormous demand for Scottish heavy grade oil in Asia which I’ve already described at:
Scottish oil in new and much increased demand from Asia ‘like never before!’
Chevron chief executive John Watson said:
‘First quarter earnings and cash flow improved significantly from a year ago. We benefitted from increasing crude oil prices and ongoing efficiencies being implemented across the company.’
In April alone, North Sea tankers have taken more than 16 million barrels to Asia. Once more the income will be flooding into the UK Treasury. Once more, we have the evidence that the North Sea has a long way to go and are reminded how important a massive SNP win in June is before a big Yes majority soon after.