Growth for North Sea Oil despite Brexit fears.
“Conditions for growth in the oil and gas sector and its supply chain are more favourable than they have been in recent times” said the Scottish economist Gary Gillespie. Confidence is building in the North Sea oil and gas industry despite concerns a no-deal Brexit could double trade costs for the sector. Oil and gas production in Scotland increased by 2.9% in 2016/17. Efficiency improvements in the sector means production costs have halved, going from 30 US dollars a barrel to 15 US dollars. The cost savings made here have outspaced the global average and had contributed to positive revenue growth in 2016/17. Looking at the Scottish economy overall, GDP growth in the first six months of 2017 had been broadly in line with the UK as a whole. Brexit is a key issue for the sector and Economy Secretary Keith Brown said “it’s encouraging to see further evidence that the foundations of Scotland’s economy remain strong, with positive forecasts on growth“.
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