EDINBURGH, Scotland, June 12, 2012 /CNW/ - Scotland has released a new
oil and gas industry strategy (http://bit.ly/LT0HR9) targeting higher long-term recovery rates, greater exports and $47
billion annual sales by 2020.
The strategy, developed and delivered by industry, Scottish Government
and public sector partners, aims to build on four decades of the
industry's success to secure future growth in Scotland and abroad
through a number of priority areas for action.
The announcement comes on the heels of a recent survey published by
Scottish Enterprise and the Scottish Council for Development and
Industry (SCDI) of international activity in this sector, which
demonstrated that Scotland's oil and gas supply chain exports rose by
4.5 percent in 2010-11.
With North America at the top of Scotland's supply chain exports,
international sales for 2011 reached $12.3 billion, accounting for a
record 46.4 percent of total Scottish supply chain sales. This
aggressive strategy seeks to further increase Scotland's growth in
international sales by 60 percent to $28 billion by 2020.
Oil and gas remains the largest industry sector in the UK, contributing
almost one-fifth of all corporate taxes and supporting 440,000 jobs –
nearly half of them in Scotland – with more than 40 billion barrels of
oil equivalent recovered from the North Sea, delivering $468 billion in
revenues to the UK Government.
Scotland's First Minister Alex Salmond said: "Oil and gas is one of
Scotland's greatest industrial success stories, having transformed the
economic well-being of the UK over the last 40 years. With as much as
$2.3 trillion of oil remaining to be extracted from reserves around
these islands, the strategy identifies key actions which can maximize
future opportunities, by helping the industry secure the necessary
human capital and skills, a supporting innovation and technology
The First Minister also announced that Scottish Enterprise will make up
to $16 million available to support innovation in the sector over three
years, while Scottish Development International (SDI) is to boost
activities in key emerging markets like Brazil, Norway and west Africa,
building on the recent establishment of an SDI base in Calgary, Canada.
Organized by SDI, a delegation of Scottish oil and gas companies will be
exhibiting at the Global Petroleum Show on June 12-14 in Calgary to
continue to promote Scotland as a key location for trade and
investment, and to expand potentially upon Scotland's rapidly expanding
presence in Calgary where already 14 Scottish companies have
Danny Cusick, President, Americas, of SDI, said: "Scotland plays a
leading role in the technological growth of international oil and gas
markets and is vital to the future economic success of the industry.
Now, the challenge is to grow Scotland's role at an accelerated pace by
supporting more companies entering the North America and other
international markets. The strategy clearly sets out what we need to do
to achieve this and further build on the world-renowned success which
Scotland has demonstrated in the industry."
SOURCE Scottish Development International
For further information:
Jordan Robinson Agnor