Again with the oil

A report from the industry body, Oil & Gas UK, contains so much detailed, independent, positive analysis that even the Telegraph says that " the bullish assessment will raise the profile and importance of North Sea oil and gas in the independence debate and provide [Yes Scotland] with more economic leverage [and that].. the fresh lease of life projected in today's analysis provides a considerable boost".

Where to start?

• North Sea investment this year will be the biggest and most extensive for 30 years.

• Producers say they are ready to embark on the biggest exploration programme for six years. 


• Reserves in existing fields or under development are also at their highest level since 2007 at 7.4bn barrels. Britain will still be an oil producing nation through to 2050, at least.

• Projects approved in the last two years alone will generate £100bn for the economy, create thousands of jobs and provide an additional £25bn for the Exchequer in production taxes.

• In the last six months companies have announced investments worth more than £8bn, creating around 6,000 new jobs. Licence conditions are contributing to a surge in exploration with 130 wells planned over the next three years to help replace the fall of 500m barrels in company reserves because new discoveries failed to keep pace with production.

• The analysis provides a considerable boost for supply companies north and south of the border and the 440,000 workers, most of them in Scotland, contributing to the industry.

• The arrival of new companies means fifty new field developments are included in the latest programme, eight of them west of Shetland, 23 in the central North Sea area and six in the southern North Sea or Irish Sea.

• Most of them are small with recoverable reserves of under 20m barrels, while 11 could yield more than 100m.

• Over the last year the Energy Department has approved 33 projects involving investment of £13.4bn.