I couldn’t improve on the Oil and Gas People headline above. The message is one we’re hearing increasingly in that there is still life in the North Sea oil deposits and that Scotland can expect considerable revenue from it, if independent, for decades to come. See this:
‘The North Sea will always be “one of the great basins,” said BP CEO Bob Dudley. Royal Dutch Shell Plc will keep investing in a place where it has “deep roots,” said CEO Ben van Beurden. Total SA offered more than just words, with a $7.45-billion deal that was a vote of confidence in the region last month.’
I think we already knew that the North Sea is beginning a Third Wave of Prosperity based in part on new technologies, smaller leaner new companies and increasing prices imminent. Here are just a few recent reports pointing confidently toward the future for the North Sea:
There have been 14 start-ups this year which will pump as much as 12% of the UK continental shelf’s 1.9 million barrels or equivalent per day of oil and gas output next year.
Oil and Gas UK, the industry lobby group, said in a report:
‘It has been a tough time for people in the industry and their families but in this tough environment, we see the North Sea turning things around. Costs are coming down and oil production is back up.’
Let’s claim the taxes from this revenue stream before it gets spent on renovating Westminster.