Rise in oil production ‘can safeguard jobs’

An increase in oil production in the next five years could help safeguard jobs in the industry. That’s according to the latest summary of the oil and gas sector published […]

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An increase in oil production in the next five years could help safeguard jobs in the industry.

That’s according to the latest summary of the oil and gas sector published by the Scottish Government.

The report shows production appears to be reaching a turning point as it rose by by almost 10% in April compared to the same period last year.

It adds there are opportunities to expand production in the long term, with up to 23 billion recoverable barrels of oil equivalent remaining in the UK Continental Shelf (UKCS).

The report highlights production is set to increase by around 17% between 2014 and 2019.

It states the oil and gas sector supports around 200,000 jobs across Scotland and has a supply chain with international sales of more than £11 billion.

Scottish Deputy First Minster John Swinney said: “Considerable opportunities to extend production remain in the UKCS and properly supported, the industry can boost production over the next five years.

“The critical issue is the UK Government needs to deliver on its commitment to consult on incentives to boost exploration in the North Sea and this consultation must be launched urgently.”