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

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17 March 2017

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

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.

Table of contents

    • 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

Tables and charts

This report includes 8 images and tables including:

  • Scotland's oil and gas: £44 bn at stake: Image 1
  • Verisk Maplecroft's Government Stability Index Projection UK vs Germany
  • Comparison of key metrics 2014 vs 2016
  • Remaining reserves change 2014 vs 2017
  • Capital expenditure in Scotland
  • UKCS production by development status
  • Remaining reserves by location
  • Remaining decommissioning by location

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