MSP: Scotland Will Suffer If Supporting Action Is Not Taken Now

MSP: Scotland Will Suffer If Supporting Action Is Not Taken Now
If action is not taken now by Westminster to support the North Sea oil and gas industry, the whole of Scotland will suffer, Gillian Martin, MSP for Aberdeenshire East says.

If action is not taken now by Westminster to support the North Sea oil and gas industry, the whole of Scotland will suffer, Gillian Martin, MSP for Aberdeenshire East said in a statement sent to Rigzone.

“We saw little movement from the Chancellor last week in his offer of support…[for] the North Sea in the Budget…The Treasury simply has not done enough,” Martin said.

Martin highlighted that the Scottish Government on the other hand had invested more than $1.2 billion (GBP 1 billion) in supporting the industry through the Transition Training fund, and that 78 innovation projects with a total value of around $19 million (GBP 16 million) had also been supported.

“It is crucial we have real investment to encourage exploration and production, support the supply chain and at the heart of this, the people who work in the sector and have been hardest hit,” Martin said.

“With an estimated 20 billion barrels left in the UKCS we need real support from government to work with industry and help deliver the sector’s full potential,” she added.

Scottish Energy Minister Paul Wheelhouse has backed calls for more support for the North Sea oil and gas industry.

Around 140,000 jobs have been lost in the North East as a result of the downturn, figures from the Scottish Government show.

Elsewhere in the oil and gas industry, upstream companies may be quietly optimistic about the outlook for 2017, according to Wood Mackenzie’s latest analysis.

Producers with exposure to the US Lower 48, and particularly those active in the Permian basin tight oil play, are loosening their purse strings and setting ambitious growth targets, Woodmac said. Bigger budgets are also expected in Canada, Latin America and Russia, the firm’s report showed. 

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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