Oil & Gas

The Level Of England's Oil Import Dependency

"Now we know what the level of England’s oil import dependency will be when Scotland is an independent nation state. And of course we know – even intuitively – the difference between (a) the scale of oil and gas supply required by Scotland during a fair transition away from fossil fuel usage relative to its domestic production; and (b) the scale of supply that will be required to be imported by England. Sound like the basis for a mutually beneficial trading agreement – along with Scotland’s excess electricity – especially if matters are brought to a head soon?"

Scotland's North Sea Producing More Commercial Innovation Than Anywhere Else

In Energy Voice yesterday: The North Sea is producing more commercial innovations than any other part of the world, according to a boss at Baker Hughes GE (BHGE). Romain Chambault, European director for oilfield equipment, said he has been impressed with the level of resilience the region has shown in the wake of the downturn. He added that the type of innovation has gone beyond technical, with new ways of working with partners.

Hard Brexit May Shut Oil And Gas Platforms

"Oil and gas platforms in the North Sea may have to be shut down if there is either a hard Brexit or no deal on EU withdrawal, according to an industry body.
The latest economic report from Oil and Gas UK warns that new rules on accessing labour markets from EU countries could leave the sector with a skills shortage.
About 5% of workers in the UK oil and gas sector come from other EU countries and the report said it was “vital that arrangements are in place between the UK and EU to allow the continued frictionless movement of people”.
If difficulties arose in recruiting replacements then platforms would have to shut down operations and production." Scottish Business Buzz.

High Oil Prices Continue To Weaken Confidence In The Scottish Economy

From Energy Voice yesterday: ‘Brent crude traded near a two-month high as shrinking oil inventories pointed to an increasingly tight global market. Futures in London were up 0.5 percent after surging 2.2 percent on Tuesday. Industry data showed U.S. inventories slid 8.64 million barrels last week. West Texas Intermediate for October delivery rose as much as $1.31 to $70.16 a barrel on the New York Mercantile Exchange and traded at $70.05 a barrel as of 1:44 p.m. London time.’

Luckily, our good friends in the Treasury will help Scotland out by giving away all of those worrying revenues.