BBC 26th March 2013
North Sea oil bonanza 'unlikely', says think tank CPPR
"A think tank has rejected suggestions that Scotland could be on the brink of another oil bonanza.
The Scottish government claimed that North Sea production
could generate a great deal more in tax revenues than had been
estimated. But a report by the Centre for Public Policy for the Regions (CPPR) said a return to the boom years was unlikely."
BBC 28th March 2013
BP and partners announce $500m Clair field appraisal
"A consortium of oil
companies is to invest more than $500m (£330m) in an appraisal drilling
programme which could lead to further development of a giant North Sea
field. The BP-led consortium said drilling had already started on
the first of five wells planned over the next two years at Clair, west
of Shetland. Up to 12 wells could be drilled, depending on initial results."
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Now, I'm not an expert in oil extraction (nor do I play one on TV), but even I can say that if I had to pick who's forecasts seem more likely, I'd go with the people spending half a billion dollars based on theirs, rather than the folk being paid to do an academic study.
There is one part of the CPPR study that I would agree with, and that's the suggestion that Scotland should be looking to move away from having oil and gas make up as large a percentage of our GDP as it does at the moment, and towards a more balanced economy. But in the meantime it does look to me that the scare stories about it all drying up soon and leaving us penniless and destitute are sounding a bit hollow and in fact, if properly-managed, it could give us a nice little nest egg as a newly re-born country.
Update -
Vince Cable seems to agree that things aren't as bleak as some are trying to claim.
http://newsnetscotland.com/index.php/scottish-economy/7062-hypocrisy-accusations-as-uk-govt-minister-admits-oil-production-set-to-grow
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