The growing demand from Asia, warnings of shortages and the now repeated predictions of significantly raised prices for crude between 2018 and 2020, of up to $100 per barrel, have clearly prevented the winding down of Orkney’s Flotta terminal and preserved 280 jobs. The terminal is now quoted in the Energy Voice article yesterday as likely to be in operation ‘for a long time to come’. That last phrase tells you they know what’s coming.
Just four years ago it was expected to be in the process of winding down by now but developments since then have changed all that and it is still handling 100 000 barrels per day.
A major factor had been the Canadian-owned Nexen company’s Eagle Field which has been supplying the terminal since 2014, but it seems likely that future prospects are based on the above three trends reported here:
Soaring oil prices will surely play a part in Indyref2? In 2020?