This is a brief memo to everyone who has been saying we are all doomed and the industry is going to hell in a hand-cart: guess what guys? You are wrong.
Yes, Scottish oil and gas, like every other nation in the sector, has had to ride out the collapse in oil prices since 2014.
BUT consider this: oil and gas innovation spend almost trebled in this country last year, with Scottish Enterprise providing £15.9m for 82 companies to deliver 111 projects.
In September 2017 Energy Minister Paul Wheelhouse went on the record, saying: ‘Scotland’s oil and gas industry has a bright future, and it is encouraging to see continued increase in production over the last two years.’
Official statistics say oil and gas production in Scotland rose year-on-year by 2.9 per cent in 2016-17; that’s an oil equivalent of 74.7 million tonnes.
And that is 82 per cent of total UK production, which was the highest since 2011-12 or to put it another way, an approximate sales value of £17.5bn; 15.2 per cent higher than in 2015-16.
Early in 2017 Aberdeen’s Oil and Gas Technology Centre opened its new Innovation Hub, described as ‘a unique collaboration environment designed to help innovators take their concepts from initial inspiration to final implementation’.
It is part of that tried and tested formula: work smarter not harder.
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