Oil Industry has Key Role to Play as Scotland Shifts to Low Carbon Economy

Oil Industry has Key Role to Play as Scotland Shifts to Low Carbon Economy
The oil and gas industry will still have a key role to play as Scotland makes a transition to a low carbon economy, according to Scotland's recently released Energy Strategy.

The oil and gas industry will still have a key role to play as Scotland makes a transition to a low carbon economy, according to Scotland’s recently released Energy Strategy.

“We can be proud of the expertise and innovation within our oil and gas industry and the industry will continue to have a key role as Scotland makes its transition to a low carbon economy,” Paul Wheelhouse, MSP minister for business, innovation and energy, said in the government document.

“The exploration and production of oil and gas in Scottish waters will continue to provide high-value employment and a stable energy supply for decades to come,” he added.

The document calls for half of Scotland’s energy needs to be met by renewable sources by 2030, but vows to support the oil and gas industry throughout the transition to a low carbon energy future.

With input from the Energy Jobs Task Force, the Scottish government has pledged to provide continued ongoing support for the oil and gas industry as it adapts to the current economic challenges, “ensuring that the sector can be competitive for decades to come”.

The government has also pledged to maximize opportunities for the transfer of skills and knowledge from the offshore oil and gas sector to support the development of manufacturing and low carbon industries.

Commenting on the government’s Energy Strategy, Oil & Gas UK's CEO Deirdre Michie emphasized the importance of the oil and gas industry for Scotland.

“I welcome the Scottish Government’s recognition that oil and gas has an important part to play in Scotland’s energy mix going forward and that it is committed to supporting the policy of maximizing economic recovery of the remaining hydrocarbons on the UK continental shelf,” Michie said in a statement sent to Rigzone.

“As we decarbonize towards 2050 and beyond, this sector can continue to make a significant contribution to Scotland's economy. We support 330,000 jobs in the UK, 45 percent of which are in Scotland and many of which are highly skilled,” she added.

In 2015, oil and gas production was estimated to be worth $12.5 billion (GBP 10 billion) to the Scottish economy and supported an estimated 124,500 jobs across Scotland in 2016.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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