Aberdeen oil industry could make £375bn

Posted by Lauren Steadman

The oil industry in Aberdeen could still generate £375 billion over the next 40 years, a new report has claimed, but action is needed to capitalise on the potential.

A new PricewaterhouseCoopers (PwC) study claimed that an oil boom is there for the taking if the government and oil industry leaders do all they can to grasp the opportunities that are available.

Mark Higginson, senior partner at PwC in Aberdeen, said the opportunities in Aberdeen are "remarkable and potentially unrepeatable".

"However, this isn't simply going to fall to Aberdeen by right. We need to shape our own destiny and the journey must start now, with everyone focused on a single, definitive strategy that embraces core objectives," said Mr Higginson.

The report advised shareholders to build on Aberdeen's strong track record before the opportunities slip away, as future prosperity is not certain.

It follows claims by energy minister Fergus Ewing that over half of the North Sea oil reserves remain.