Scotland looks to the bright future for oil and gas

The Scottish Government expects the oil and gas industry to be worth £30 billion by 2020. The country expects to boost exports and target higher oil and gas recovery rates […]

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By Priyanka Shrestha

The Scottish Government expects the oil and gas industry to be worth £30 billion by 2020. The country expects to boost exports and target higher oil and gas recovery rates for a secure growth of the industry.

First Minister Alex Salmond announced the strategy today aiming to capitalise on the estimated £1.5 trillion worth of reserves from the North Sea.

He said: “Oil & gas is one of Scotland’s greatest industrial success stories, having transformed the economic well-being of the UK over the last 40 years.  With as much as £1.5 trillion of oil remaining to be extracted from reserves around these islands, an increasingly buoyant export sector now reaching 100 different countries and emerging opportunities to deploy the sector’s vast expertise in other offshore projects, the industry has a bright future.”

He also announced Scottish Enterprise will invest up to £10 million to support innovation in the sector for three years.

The oil and gas sector is the largest industry in the UK and supports 440,000 jobs with nearly half of them in Scotland.