The Scottish Affairs Committee inquires into the future of the oil and gas sector with a session providing an overview of the health of the industry and the challenges and opportunities that lie ahead.
Declining revenues and reduced investment
Scotland's oil and gas industry is central to the UK economy, providing over three quarters of the total energy mix, approximately £17 billion to the UK’s balance of trade and supporting over 300,000 jobs. However, the industry faces challenges in terms of the long-term decline in production levels, reduced levels of investment, continued low oil prices and declining tax revenues.
In this session, the Committee takes evidence from trade association, Oil & Gas UK; regional business advocacy group, One North East; and union body, the Offshore Co-ordinating Group.
The session investigates the key factors that will decide the long term viability of the oil and gas industry in Scotland. It examines the extent of oil reserves and current levels of exploration for economically viable extraction sites, as well as the impact of the UK Government's Maximise Economic Recovery strategy. It looks at the challenges in the job market, both in attracting skilled workers and providing secure employment. The Committee also considers the potential for skills and expertise to be transferred to renewable industries given the increase of measures to reduce emissions.
Tuesday 12 June, Committee Room 8, Palace of Westminster
- Deirdre Michie, CEO, Oil & Gas UK
- Dr. Alix Thom, Workforce Engagement & Skills Manager, Oil & Gas UK
- Jenny Stanning, External Affairs Manager, Oil & Gas UK
- Sir Ian Wood GBE, Chairman, Opportunity North East
- Tommy Campbell, Chair, Offshore Co-Ordinating Group