Talking-up Scotland

(c) rgu.ac.uk

I’ve posted more than twenty pieces on the resurgence of wealth generation in the North Sea and west of Shetland. These two provide evidence of massive increases in tax revenue after one year of losses (2016):

‘North Sea oil output boost on horizon’ according to Reuters, only three months after we spotted it

Estimates of Scotland’s oil reserves West of Shetland now massively increased to around 8 billion barrels! ‘A super-resource now on the cards.’

You may have read of increases in US shale oil production holding prices down and generating scare stories in the media but this is temporary and the mid to longer-term prospects for fracking are poor. See:

The Scottish Third Wave of Oil Productivity is built on solid foundations but those of the Shale Oil Industry are built on sand and on sand that is disappearing fast

Expert Opinion on Fracking Health Risks from New York Medical Professionals

So, it’s reassuring to see that the Scottish Government has invested wisely, putting in £15.9 million and exceeding its original commitment of £10 million. This money has supported 82 companies, 111 projects and produced a combined investment in innovation of £43 million. The First Minister said:

‘This investment by Scottish Enterprise highlights that Scotland is continuing to lead the way in making oil and gas one of this country’s great success stories. Innovation is absolutely crucial to the sector for maximising economic recovery, reducing costs without compromising safety, and for enabling our supply chain to continue to win new business overseas. Ultimately, it is key to ensuring the sustainability of the North Sea oil and gas industry for the future.’

https://sbnn.co.uk/2017/06/06/oil-gas-innovation-spend-trebles-43m/