North Sea expected to produce much more oil and revenue than expected

According to a report in Energy Voice yesterday:

‘Top petro-economist Alex Kemp will soon deliver a more “bullish” forecast for North Sea oil production out to 2050. The Aberdeen University professor said higher than expected Brent crude prices and lower costs meant existing predictions could be too conservative. His last study estimated that nearly 11 billion more barrels of oil would be produced between 2017 and 2050 with Brent around $60 per barrel. But with prices hovering between $70 and $80 for the last few months, Prof Kemp and his colleagues at the institution could deliver more optimism.’

https://www.energyvoice.com/oilandgas/north-sea/181032/prof-kemp-to-deliver-more-bullish-north-sea-production-forecast/

This is a sign that more conservative, cautious, opinion is catching up with more alert thinking revealed in earlier reports here:

Scottish crude oil value surges to record level in more than 3 years

A fifth prediction of oil rising to $100 per barrel for Scottish oil, suggests pre-tax revenue of around $1 trillion!

As Scottish oil industry booms, Aberdeen contractors more confident but Scottish media pay little attention.

As oil prices soar and exploration increases, employment in Scotland’s oil industry returns to record levels

A wealthy independent Scotland? Nearly $300 billion in new oil revenue to be unlocked in latest offshore licensing round.

According to Bank of America, oil prices could hit $100 a barrel next year but all of Scotland’s ‘business correspondents’ miss the news again and for the fourth time in a year.

Scottish oil surging back toward £100 per barrel and massive Treasury revenue?

May 10, 2018johnrobertson8343 Comments

Oil prices to rise to $70 per barrel this summer as two new fields are discovered in last two weeks

Another major oil-find in Scottish sector of North Sea

Multi-million-barrel oil discovery in North Sea

Of course, for this wealth to be properly exploited will require a change of behaviour in the Treasury. See:

http://www.taxresearch.org.uk/Blog/2018/09/03/london-is-giving-away-scotlands-oil-revenues/

 

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2 thoughts on “North Sea expected to produce much more oil and revenue than expected

  1. John September 8, 2018 / 8:46 am

    One of the reasons they want to hang onto us , if there was no oil , no whisky , no fish , no Scottish innovations , they would have dumped us decades ago !

    Liked by 4 people

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