THE ANGUS MP has welcomed a report which details how Scotland has substantial potential in its offshore resources.
Mike Weir, who is vice chairman of the all party oil and gas group was pleased to read the research which was carried out by Aberdeen University.
The report ‘Prospects for Activity in the UK Continental Shelf after Recent Tax Changes: the 2012 Perspective’ – authored by Professor Alex Kemp and Linda Stephen – makes a number of recommendations to maximise the long-term benefit of Scotland’s oil resources and highlights the substantial investment currently under way.
Scottish Government estimates are that remaining North Sea reserves represent an estimated £1.5 trillion of wholesale value, far higher than the value extracted to date. Commenting on the new report, Mr Weir said: “This welcome report is the latest in a series of analyses which underline the strength of Scotland’s offshore oil and gas industry for many decades to come.
“This is very welcome news not just for the Scottish but for the local Angus economy. A significant number of people in Angus work in the oil and gas industry and many firms rely on orders from it. It is very clear that the industry has a very significant and long term future.”