Scotland's oil and gas: £44 bn at stake Report

Insight 17 March 2017

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Report summary

Scottish parliament is on the verge of voting for a second referendum only two and a half years after its 2014 vote. Since then, there has been sweeping changes across both the North Sea industry and for the country politically. This includes the oil price crash, the establishment of the new Oil and Gas Authority (OGA) and the landmark Brexit decision. The offshore industry has been a cornerstone of the UK economy until recent years, and will still play a vital role in a second referendum campaign. Despite the oil price crash, we still attribute a combined pre-tax NPV10 of £44bn to assets in Scottish waters.

Executive Summary
- Potential borders
- Background info
- What has happened since 2014?
- Where are we now?
  - Key issues on the shelf
  - Scotland's share: 5.3 billion boe of reserves
  - But this sits alongside the obligation to decommission the majority of fields
- Capex and production are in decline
  - Political uncertainty could jeopardise investment