Oil & Gas UK statement on Scottish Referendum result

In light of the ‘No’ vote in the Scottish Referendum, Oil & Gas UK looks forward to continuing working closely with both the UK and Scottish Governments towards the shared ambition of maximising economic recovery of the UK’s offshore oil and gas resource.

This vote does not and will not diminish the pivotal role played by the Scottish Government in supporting the offshore oil and gas industry and Oil & Gas UK looks for this to continue.

Malcolm Webb, Oil & Gas UK Chief Executive, said:  “The Referendum campaign rightly revealed the important role the offshore oil and gas industry plays in our economy, both in Scotland and in the rest of the United Kingdom.  This is understandable given this industry remains the UK’s largest corporate taxpayer and largest industrial investor, and its crucial role in helping assure thousands of well-paid highly skilled jobs as well as our energy security.

“To safeguard the industry’s future, it is particularly important that that the government now presses swiftly ahead with fiscal reform as well as the implementation of Sir Ian Wood’s recommendations to maximise the economic recovery of our oil and gas resource.  The industry must not delay either in a cross-sector effort to bring its escalating costs under control.

“There has been a great deal of discussion about how much oil and gas resource remains to be produced from the UK continental shelf.  Oil & Gas UK’s position remains that there could be between 12 – 24 billion barrels of oil and gas still to recover but that the above three pivotal challenges need to be resolved if we are to stand any chance of reaching the top half of this range.

“We will continue to work with both UK and Scottish Governments on our mutual goals.  This is not just to maximise the economic recovery of the substantial remaining potential of the UKCS oil and gas resource but also to strengthen its supply chain across Scotland and in all other parts of the United Kingdom.”

Among top Scottish oil and gas exploration companies include: Abbot Group plc, Cairn Energy, Dana Petroleum, Britoil  and the Wood Group.

Author: Samuel Kamau Mbote

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