Positive news from oil and gas industry

Angus MP Mike Weir has welcomed the news from the UK oil and gas sector that the future for the industry is positive .

The CEO of Oil and Gas UK, Malcolm Webb, has made it clear that he personally expects the reserves from the North Sea to be higher than 24 billion barrels.

During a conference at the University of Aberdeen on the politics of the oil and gas sector, Mr Webb made clear his personal view that the estimated 24 billion Barrels of Oil Equivalent (BOE) remaining in the waters off Scotland’s coast is an “underestimate”.

Commenting on the news, Mr Weir, SNP Westminster Spokesperson on Energy, said: “These measured and sensible comments from one of the key figures in the oil & gas sector could scarcely contrast more with the hyperbolic negativity towards the industry that has become the hallmark of the No campaign.

“The oil and gas industry clearly shares Malcolm Webb’s confidence in the future of the North Sea, with the sector investing a record £13 billion this year alone in improving production.

“With some £1.5 trillion in wholesale revenues remaining in these waters - and potentially much higher depending on oil prices - it is essential that Scotland gains the opportunity to use these resources to the benefit of people living here.

“The Oil and Gas industry is also an important part of the local economy of Angus. Not only are many people employed both in the North Sea but, increasingly, further afield but many companies do work for the oil industry from small scale specialist engineering to major employers such as GE in Montrose which refurbishes large oil field equipment.

“The skills used in the oil and gas industry also provide a significant cross over to the new offshore renewables industry which can ensure continuing business and employment well into the future.”