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Scots oil and gas continue to grow

Category: Scottish Economy — Gary Cain on May 10, 2013

The gas and oil industry has been resilient to the economic downturn, which has fuelled a welcome and continued area of growth for Scotland and the UK as a whole. According to new figures too, this growth looks set to continue for some time.

In the latest industry report by the Scottish Council for Development and Industry and Scottish Enterprise, exports have experienced year on year growth for 14 years in a row. The report says that gas and oil exports are now worth over £17bn to the economy.

Of this, international exports account for over £8bn, an increase of 8.4 per cent from 2012.

The biggest single region for exported oil and gas continues to be North America. However, Africa is becoming increasingly important, with a near six per cent increase in the year. The Middle East also saw significant growth.

Discussing the results of the report, David Rennie from Scottish Enterprise said:

“These latest figures are outstanding, particularly at a time when many regional economies have been stagnating.”

Rennie went on to say that continuing investment by firms working in the sector is helping drive export levels too. Many firms are also seeking commercial finance in Scotland to propel their own initiatives.

With the industry providing nearly 200,000 direct and indirect jobs throughout Scotland, both Westminster and Holyrood are confident that the current growth levels will continue. The recent announcement that 24 billion barrels are yet to recovered from the North Sea supports this view.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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