Talking-up Scotland

A survey for Aberdeen and Grampian Chamber of Commerce, of 95 companies, found the following:

• 60% believe the downturn has reached its bottom
• 29% believe the worst has already passed
• 48% of contractors said they were more confident for the year ahead
• Bottom of Form
• Top of Form
• Bottom of Form
• 83% expect to be involved in decommissioning work in the next 5 years
• 54% predict they could be doing more in renewables

http://www.insider.co.uk/news/north-sea-oil-companies-report-11612524

This is good news but pretty hesitant and slow to appear, I’d say. We’ve had strong indicators of a Third Wave of prosperity from key players for many months now. See, for example:

International Energy Agency forecasts big increase in demand to give North Sea producers cause for optimism

‘I feel good about the North Sea’

With shortages and price increases on the near horizon, Scottish North Sea oil field start-ups reach a 10-Year High

An additional 900 million barrels in the North Sea by raising recovery factor from only 42%

An Edinburgh University Professor says North Sea oil and gas has only ten years left while the Wall Street Journal describes it as an ‘oil hot spot’ and Oil and Gas UK doesn’t recognise his figures. Who’s right?

If you search this blog for ‘North Sea’ you’ll get many more optimistic reports on the prospects for the North Sea and evidence that it has at least another 3 decades in it.