Scots oil and gas exports worth £30bn last year

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 show.

Scotland's oil and gas wealth is a key factor in the Scottish Government's economic case for independence. Picture: Contributed

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

The Oil and Gas Analytical Bulletin, published by the Scottish Government yesterday, summarises new experimental statistics which show exports of crude oil and natural gas liquids (NGLs) were worth almost £18bn in 2012. Refined petroleum products and natural gas were worth an additional combined value of £12bn.

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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 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 £4bn Kracken field, which is expected to be producing hydrocarbons well into the 2040s.”

The 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 £200bn injection to the economy over the next 20 years.