To be fair to Sir Ian, there’s still 6 or 7 years left in his prediction that oil supplies will dwindle but it’s not looking good for him as prices surge again toward $100 dollars per barrel and revenues flows into the Treasury.
How much might be left?
There are still substantial known oil and gas reserves in the North Sea left to be exploited. According to a report produced by the Oil and Gas Authority last September, known reserves of oil and gas in the North Sea at the end of 2020 amounted to 4.4 billion barrels of oil equivalent (BOE).https://www.spectator.co.uk/article/it-s-time-to-kickstart-north-sea-oil
The BBC’s New York Business Reporter is on the story but does not mention Scotland: https://www.bbc.co.uk/news/business-63149044
I suppose with oilfield names like ‘Lancaster’ why would she?
BBC Scotland have the above story as Petrol price rise warning after Opec oil output cut and Douglas Fraser is distracted by Navy steps up North Sea energy patrols.
And that revenue flow, big is it:
Total Government revenues from UK Oil and Gas production were £1.4 billion in the tax year 2021 to 2022, compared to £0.3 billion in the previous year, an increase of £1.1 billionhttps://www.gov.uk/government/statistics/government-revenues-from-uk-oil-and-gas-production–2/statistics-of-government-revenues-from-uk-oil-and-gas-production-july-2022
So, a nearly 400% increase? Newsworthy Douglas, at all?
But, but, according to the Scottish Government:
UK North Sea revenue was £1.3 billion in 2017-18, and gradually declined to £0.5 billion in 2020-21, reflecting declines in corporation tax receipts. However, driven by large increases in oil and gas prices, receipts increased by £2.7 billion in 2021-22 to reach £3.2 billion, their highest level since 2013-14https://www.gov.scot/publications/government-expenditure-revenue-scotland-gers-2021-22/pages/4/#:~:text=UK%20North%20Sea%20revenue%20was,highest%20level%20since%202013%2D14.
Douglas Fraser must know how to explain this, when he gets back.