£30 billion oil and gas exports make Scotland a ‘main player’ in global market.

Fergus Ewing, Scottish Energy Minister
Fergus Ewing, Scottish Energy Minister

Scottish exports of oils and gas to the rest of the UK and international markets are estimated to be worth over £30 billion in 2012. International sales by the Scottish oil and gas supply chain 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.

This 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.

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.

“Sir Ian Wood’s recent review of maximising oil and gas recovery underlined the significant value of the North sea oil and gas industry. It highlighted the industry’s experience and expertise of building a globally competitive supply chain.

“Increasingly, our companies are embracing the major opportunities in the oil and gas supply chain, winning lucrative contracts to export products and services from Scotland. It is the first time the scale of the international industry in the North Sea has been available in such detail.

“We have many creative and innovative companies capable of identifying growth opportunities in overseas markets and making a significant contribution to such business for many years to come.”

 

Pixie Energy

Pixie logo Pixie Energy is an incubator and a facilitator of strategic research and project work, focusing on energy regulation, policy and markets at the local and national level. Find out more about Pixie Energy here.

Local Energy Matters: Scotland

Local Energy Matters: Scotland is a free-to-download brochure with a focus on energy tariffs in the two Scottish electricity distribution regions, as well news on local energy and low-carbon schemes.

Previous editions can be download here.

Scottish energy market overview

You can read an overview of the Scottish energy market here.

Scottish Government energy feed