In Energy Voice yesterday, based on an Oil & Gas UK report, we read that between 12 and 16 new fields will be developed in 2018 alone. Between 2015 and 2017, an average of only 3 new fields were developed each year. Not surprisingly Energy Voice were very positive about this trend saying:
‘The fresh investment will unlock around £5billion and yield more than 450million barrels of oil and gas in the long run, Oil and Gas UK (OGUK) said in its 2018 Business Outlook. Just nine new field developments were given the go-ahead from 2015-17, according to OGUK.’
Somehow, the Scotsman was able to headline:
‘North Sea oil and gas outlook remains ‘uncertain’’
And to go on to say:
‘But the report highlighted a “serious concern” about the lack of drilling in the North Sea, with 94 wells started in 2017, the lowest number since 1973.’
Somehow, the Scotsman was able to read the same Oil & Gas UK report as had Energy Voice, miss the positive trend for 2018, and come to a pessimistic view of the future.
This report from the Scotsman is a lone voice, and luckily one with a shrinking readership, when you read the considerable number of predictions of a rich and sustainable future for Scotland’s oil and gas industry already reported here: