Oil and gas industry vision central to economic renaissance

The oil and gas industry will be a key contributor to the long term economic success of North East Scotland, according to private sector economic development body Opportunity North East (ONE).

The extent to which UKCS reserves are recovered in the decades ahead and the supply chain grows through innovation and exports will be fundamental to achieving the economic renaissance vision for the region, which is shared by private and public-sector stakeholders.

Speaking at the Oil & Gas Industry Conference in Aberdeen today (6 June 2017), organised by Oil & Gas UK, ONE’s chief executive Jennifer Craw will highlight the alignment between the UK oil and gas industry’s Vision 2035 and the renaissance vision for Aberdeen and Aberdeenshire.

Vision 2035 brings together two scenarios for the UK oil and gas industry over the next two decades – one for UKCS production and the other for the supply chain – and outlines the major benefits to the UK that would come from maximising activity in both areas. Oil & Gas UK believes that achieving the vision could help generate more than £290 billion of additional revenue for the UK economy over the next 20 years.

The vision for regional economic renaissance in North East Scotland is based on maximum recovery of UKCS reserves while Aberdeen becomes globally recognised as a hub for innovation and technology development with a strong supply chain anchored in the region for the long term. Alongside this, growth in the region’s food and drink, agriculture and fishing, tourism, life sciences, and digital sectors delivers a more balanced and resilient economic base. The resulting inclusive economic growth and investment in quality of place secures the well-being of the city, region and its people for the long term.

Ms Craw said: “We need a successful and competitive oil and gas industry in the region. Vision 2035 sets out an exciting agenda for the industry’s future. The recovery of UKCS reserves and growth in an internationally competitive supply chain will be major determining factors in what our economy looks like in 20 years, as part of the wider drive to broaden and strengthen our business base to achieve economic renaissance.

“Within the region, current developments including The Oil & Gas Technology Centre (OGTC) – backed with £180m of funding through the Aberdeen City Region Deal – and the Aberdeen Harbour expansion through to the new exhibition centre and investment in Aberdeen International Airport demonstrate an alignment of ambition and purpose.

“ONE’s current priorities in the sector are growth in the supply chain through internationalisation and diversification, to develop the region as a global centre for oil and gas learning and training, and to maximise opportunities arising from decommissioning.

“It is essential that all stakeholders recognise the prize ahead of us, support the oil and gas industry’s efforts to make Vision 2035 a reality and recognise the part that this will play in achieving regional economic renaissance. The industry, the region and the UK economy are all winners if we get this right,” said Ms Craw.

Ms Craw is speaking at the Oil & Gas Industry Conference as part of the industry vision panel, chaired by Steve Phimister of Shell UK and including Mike Tholen from Oil & Gas UK, Luca Corradi of The Oil & Gas Technology Centre, and Simon Gray from EEEGR.

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