Scotland set for £300bn oil boom, new study shows

AN additional £300 billion in oil and gas tax revenues remain in the North Sea, a report from business organisation N-56 has claimed.

By ANDREW WHITAKER Thursday, 4th September 2014, 6:04 pm

The report suggests there are remaining reserves of 'around 24 billion barrels'. Picture: PA

The study stated that there are “remaining conventional reserves of around 24 billion barrels”.

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It said there are North Sea oil and gas revenues of up to £665 billion - more than double the total taxation from oil and gas received to date of £313 billion.

The report suggests there are remaining reserves of 'around 24 billion barrels'. Picture: PA

SNP energy spokesman Fergus Ewing, welcomed the report that Scotland is in line for a new “black gold bonanza” from innovative proposals to recover offshore unconventional oil and gas under the North Sea.

He said: “This new report shows the strong possibilities in offshore unconventional and hard to reach oil and gas, and shows that when combined with existing reserves Scotland could have almost double the oil and gas reserves we previously thought.

“We welcome the report and are interested in exploring the huge potential benefits for the industry and the country that it represents.