Weir welcomes oil investment

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Angus MP Mike Weir has welcomed the 2013 Activity Survey from Oil and Gas UK which shows increasing investment in the industry and says that this is good news for the Angus economy.

He said: “The Oil and Gas industry already forms an important sector of the local economy in Angus. It employs a considerable number of people in the area, both in the North Sea area but increasingly throughout the world. There are also a number of companies in all parts of Angus who are engaged in the supply chain for the industry. The report is very good news on both fronts.”

“This report confirms that Scotland’s Oil and Gas sector is going from strength to strength. It shows considerable industry investment at a level unparalleled in our economy, in both new developments and existing assets, and also in infrastructure - the strongest for more than three decades.

“The report shows the continued importance of the North Seas within the energy world. Scotland’s Oil and Gas Strategy, developed in conjunction with industry shows the confidence that industry and investors have in Scotland and the future of Scotland’s economy. The strategy lays out a plan to help the industry continue to grow and increase capital investment - with the report predicting that investment should rise from £11.4 billion in 2012 to over £13 billion in 2013 - clearly demonstrates the confidence investors and the industry have in Scotland.

“The oil and gas sector is vitally important not only to Angus but for Scotland’s economy and, with more than half of the value of the North Sea’s oil and gas reserves yet to be extracted, up to 24 billion recoverable barrels with a potential wholesale value of £1.5 trillion, oil and gas will remain an enormous economic resource for decades to come.”

“As we also look offshore with renewable energy, such as the wind farms proposed off the coast of Angus skills developed in the Oil and Gas industry will increasingly become important for our clean, green energy of the future which will increasingly become part of our local economy.”