$672 billion – the value of Scotland’s oil since 1998

From 1998/99 to 2021/22, oil and gas production, in Scottish adjacent waters, added up to 2.67 billion tonnes of oil and gas equivalent.

The crude oil alone added up to 1.68 billion tonnes and the natural gas to 882 million tonnes or roughly 30 million British Thermal Units (BTU).

The crude oil production in that period was typically 95% of all UK production while the gas production ranged from 77% to 99%.

https://www.gov.scot/publications/oil-and-gas-production-statistics/

Crude oil at the end of 2021 was $622 per metric ton and averaged around $400 in the last ten years.

Natural gas prices have soared in the last year but averaged $7.3 per million British Thermal Units (BTU).

So, the oil has been worth $672 billion and the gas $219 million.

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14 thoughts on “$672 billion – the value of Scotland’s oil since 1998

  1. No, no–it was always worthless.
    We were fortunate we had England to take it of our hands.
    And especially lucky that we had the “Scorrish” Labour and Tory parties to “ease” the way.

    Entirely coincidental that some of them ended up in the Lords, with an income for life, a free ermine robe and sycophantic adulation from the BBC that operates in Scotland +++++the “Scorrish” print Mejah.

    Liked by 4 people

    1. I thought ‘British Thermal Units’ were retired in the mid 1960s around the time I sat my Higher Grade Physics. We knew what they were and sometimes did calculations involving them, but, mainly, the unit we used was ‘calorie’.

      Liked by 1 person

      1. The retired minister from the 1600’s must have brought them back, can’t have CU, Centigrade Units, either.
        Hasn’t informed the general population.
        Yes they were used in the 60’s in heat calculations.

        Liked by 1 person

      1. Evening john

        Not a complaint of your excellent blog

        My understanding is that there are 35,000 BTUs in a cubic metre of natural gas at standard temperature and pressure.

        Regards

        Dave

        Like

  2. Where did it all go? On failed bankers and illegal wars. £Trillions wasted.

    Westminster poor, bad decisions. Killing people. Kept secret under the Official Secrets Act. Iraq, Lockerbie and Dunblane kept secret for 100 years. Royal Secrets kept. Officially for 30 years but often longer.

    Illegal wars for oil & Gas. Ruining the world economy. Renewables taking over, especially in Scotland, lowering costs. Self sufficient but paying more because of Westminster’s policies. Vote to get away vote for Independence. The UK the most unequal place in the world.

    Liked by 1 person

  3. And on this very day the largest oil and gas producer in the UK, Harbour Energy, have announced ‘significant’ job losses as it restructures its business specifically citing the windfall tax.

    Their share price dropped by a third when the tax was announced, and further when this tax was increased. Their view now is what’s the point?

    Planned developments have been shelved. The company is headquartered in Aberdeen where these jobs will largely be lost.

    This comes off the back of the company declining to even apply for any of the exploration licenses that were issued last month.

    Basically Harbour are telling the British Gvmt – fuck you we’re switching our investments to ‘stable environments’, specifically Indonesia.

    Hundreds of people will lose their jobs in Aberdeen AGAIN, and the UKs energy security will be deminished in the years to come because of short term decisions made by these British Gvmt c*nts in London.

    Like

  4. Unemployment rate in Aberdeen + Scotland 3,3%. Nearly full employment. Unemployment rate in Glasgow + Dundee 5%. Typically for years Aberdeen N/E rate 1-2%. Nearly full employment.

    Renewables are taking over. Vast turbine fields all along the coasts. Along with solar and wave. Scotland is covered in coal with CCS employed Scotland would be even more productive. The technology and the facilities are there not supported by Westminster. Investment and grants reneged upon. Scotland losing EU investment and grants for renewables.

    New Aberdeen harbour investment. Investment in Dundee. Deep harbour. Vast Renewable activity off the coast St Andrews to the south. Visible. from the coast.

    Unemployment in Edinburgh 2.9%. Renewables are much cheaper and safer than Oil, Gas and nuclear. Nuclear waste being flown around the world.

    Turbines waiting for construction at Dundee harbour. Decommissions going on in the North Sea. Tax free for efficiency. Still major Oil & Gas activity going on.

    Like

  5. Have we added in the value of all the UK Corporation Tax paid by companies in the offshore oil & gas industry’s supply chain, all of which – even for Scotland-based and Scotland-HQ’d companies – went directly to HMRC and HM Treasury?

    Have we added in the revenue from dividends paid by oil & gas related companies to tax payers resident in Scotland that also went directly to HMRC and HM Treasury?

    Have we added in the personal (PAYE) income tax paid by those living in Scotland whose work was so essential to the success of the oil & gas industry that, prior to the devolution and use of limited income tax powers to Holyrood, all went directly to HMRC and HM Treasury?

    Of course the Treasury – as with other Whitehall departments overseeing reserved powers – employed fairly well paid civil servants based in London, and so it was the economy of London and the SE England that benefited from the employment and other multiplier effects. Another benefit for Scotland foregone!

    And to rub the salt in deeper, the Treasury took all this tax revenue and then sanctioned its spend in large part on Scotland’s behalf i.e. on what successive Westminster governments – even ones Scotland didn’t by a majority vote for – had decided was good for us!

    Liked by 1 person

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