Experts: New ‘Oil Bonanza’ Possible for Scotland

© Sputnik / Anton Denisov / Go to the mediabankScotland could be on the point of a new “black oil bonanza,” as offshore oil and gas could transform the UK economy.
Scotland could be on the point of a new “black oil bonanza,” as offshore oil and gas could transform the UK economy. - Sputnik International
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Scotland could be on the point of a new “black oil bonanza,” as offshore oil and gas could transform the UK economy, experts told RIA Novosti on Thursday.

ABERDEEN, September 4 (RIA Novosti), Mark Hirst – Scotland could be on the point of a new “black oil bonanza,” as offshore oil and gas could transform the UK economy, experts told RIA Novosti on Thursday.

“The prize available to the UK or Scottish Government through unconventional oil and gas could be colossal and as a nation we could be sitting on a fortune of black gold, a black oil bonanza, that will last for another century, well after conventional oil and gas runs out,” Martyn Tulloch, an oil engineering consultant who owns Aberdeen based Tulloch Energy, said.

“Offshore unconventional oil and gas could materially change the UK economy, let alone the North Sea oil and gas industry,” said Mark Groves Gidney, the chief executive of Trapoil, an independent UK oil and gas exploration company.

Independent business organization N-56 works with business leaders across Scotland and has published a report Thursday, that claims new techniques targeting the Upper Jurassic Kimmeridge Clay Formation could add at least another 21 billion barrels of oil and gas into the economy.

So far 42 billion barrels of oil and gas have been produced from the North Sea, off the coast of Scotland.

“We welcome the report and are interested in exploring the huge potential benefits for the industry and the country that it represents. It’s particularly interesting to note that the report suggests that both the UK and Danish Governments are taking this opportunity very seriously,” Scottish National Party Energy Spokesman and Member of the Scottish Parliament Fergus Ewing said.

Elsewhere a new report by London based investment brokers, Investec Economics, has confirmed that North Sea oil would be a bonus, and not the basis, of the economy of an independent Scotland.

The report states that even without North Sea oil revenue the economies of Scotland and the rest of the UK are “roughly equal”, and in fact Scotland’s GDP is 10 percent higher than in the rest of the UK.

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