Scottish oil and gas exports worth £30 billion

Oil and gas exports from Scotland were worth an estimated 30 billion pounds last year. Picture: PA
Oil and gas exports from Scotland were worth an estimated 30 billion pounds last year. Picture: PA
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Scotland’s exports of oil and gas to the rest of the UK and international markets were worth an estimated £30 billion in 2012, official figures today showed.

And international sales by firms which produce supplies for the North Sea industry have more than doubled from £3.4 billion in 2003 to £8.2 billion in 2011.

The Oil and Gas Analytical Bulletin summarises new experimental statistics which show that exports of crude oil and natural gas liquids (NGLs), worth almost £18 billion in 2012.

Refined petroleum products and natural gas were worth an additional combined value of £12 billion.

Scotland’s oil and gas wealth is a key factor in the Scottish Government’s economic case for independence. Enterprise and Energy Minister Fergus Ewing said: “As an international oil and gas exporter, Scotland is undeniably a main player. It is a huge and increasing market, as this latest analytical bulletin shows

“Recent estimates suggest that activity in the North Sea fields will last for decades with 24 billion barrels of oil equivalent, valued at £1.5 trillion.

“Only last week we saw the announcement of development of the £4 billion Kracken field, which is expected to be producing hydrocarbons well into the 2040s. Many more such announcements will be forthcoming.”

Today’s bulletin is the first time estimates for oil and gas exports have been produced for Scotland. Home-grown expertise has helped secure hundreds of new contracts for Scottish firms in Australia, Brazil, Mexico and Africa.

A recent review of the industry by tycoon Sir Ian Wood suggested an overhaul of the way it is run could deliver a £200 billion injection to the economy over the next 20 years.