Scotland on the verge of a new North Sea oil boom
A recent report by Sir Ian Wood concluded that North Sea oil can deliver a £200 billion injection into the Scottish economy over the next 20 years. The report – described as “the biggest independent review of the North Sea oil and gas industry in its history” – argued that reforms to exploration and production would vastly increase output. An independent Scotland, which mobilised such resources, would be well placed to generate far greater prosperity for people and business.
Yesterday the group outlined a plan to use unmanned buoys to produce oil and gas from the North Sea. Supporters state that this will bring more oil fields into production and reduce current costs.
In a wider context, there are three key factors which will influence the potential of North Sea oil resources: price, reserves and investment. All three areas suggest vast, untapped economic opportunities.
Report by Michael Gray – Business for Scotland.