Production forecasts for Scotland’s oil and gas sector have been significantly revised upwards by the industry regulator.
The Oil and Gas Authority (OGA) now forecast that 11.9 billion barrels will be extracted by 2050, almost 50% up from 8 billion predicted four years ago.
The revised forecast follows an oil and gas revival in Scotland, with lower production costs and new discoveries in the North Sea.
Kenneth Gibson MSP commented:
“These latest revisions to OGA confirms the major economic potential the North Sea still offers, with almost four billion barrels more than was estimated in 2015.
“Successive UK governments have sold Scotland’s short, downplaying the bright future of the oil and gas sector and syphoning off revenues for the Treasury.
“A portion of our revenues should be invested in a fund for future generations, as most other oil-producing countries have done, to ensure there is a positive economic and social legacy from our oil wealth.
“Of course with industries across Scotland doing well, like our food and tourism sectors, ours is a wealthy country even without oil and gas. Nevertheless, it is a welcome bonus that should benefit everyone in Scotland.
“The only way to ensure Scotland’s valuable natural resources are invested here and not squandered by Westminster, is through independence.”