Real investment contrasts with No camp negativity

The announcement that Dana Petroleum is set to invest £1 billion in developing two oil fields to the East of Shetland as part of their strategy to double their daily production levels by 2016, offers a timely contrast based in reality compared to the continuing negative fantasy of the anti-independence parties.

Production from the new field is expected to come on stream in 2015, demonstrating that substantial new North Sea oil fields are continuing to be developed.

The announcement of plans by Dana Petroleum is the latest in a series of North Sea investments made in response to the continuing growth in demand for oil and gas around the world.

Commenting, SNP MSP Maureen Watt said:

“Dana Petroleum’s welcome announcement of a planned £1 billion investment is an example of the huge investments being made in the North Sea right now, despite the scaremongering of the anti-independence coalition over notoriously unreliable long term predictions.

“There remains 24 billion barrels of oil and gas with a wholesale value of £1.5 trillion left in the North Sea. That is a huge sum and is one that clearly demonstrates the bright future the sector will continue to enjoy.

“That is why companies like Dana Petroleum are investing substantial sums in the sector, to increase production and bring new discoveries on stream.

“Instead of squandering Scotland’s offshore resources as successive Westminster governments have done for generations, as well as creating fiscal instability which has hampered investment, they should be put to work for the long term prosperity of people in Scotland.

“The best way to ensure a stable and prosperous future for the Scottish oil and gas industry is with decisions taken by a Scottish Parliament, 100% directly elected by the people of Scotland, rather than Westminster politicians whose approach to the industry has been one of inconsistency and uncertainty.”