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New Round of North Sea (Exploration Licensing – January 2014

The UK Government’s new licensing round was accompanied by a statement from its energy minister  to the effect that there could be as many as 200 billion barrels of oil still buried in the seabed. (Michael Fallon 24 Jan 14)

Number of Operational North Sea Oil and Gas Fields

As at February 2014 there are in excess of 300 productive oil and gas fields in the North Sea and North Atlantic.

Oil and Gas Exports

October 2013. The Scottish Government announced that Oil and Gas exports were worth £30.3bn during the previous 12 months.

Organisation for Economic Co-operation and Development (OECD)

An independent Scotland would benefit from an oil and gas windfall of up to £4 trillion, according to analysis of figures produced by the Paris Based OECD , according to a report in the Sunday Times dated May 5th 2013. The report will be highlighted by the David Hume Institute during the following week. Economists at the OECD predict oil prices will rise throughout the rest of this decade to between $150 and $270 a barrel, giving a value to reserves of between £2.25 and £4 trillion. A key to the forecast is the transportation sector’s lack of a substitute for oil, suggesting it will remain vital to supporting economic growth in emerging markets.

Scottish Achievement, Influence & Heritage is a work in progress