A Scottish Enterprise report detailing future trends in oil and gas activity shows that prospects in the UK Continental Shelf (UKCS) remain strong over the next five years.

With a number of major field developments already underway or planned, the report provides further information on expenditure and activity from 2012 to 2016.

It highlights an expected capital investment of £44 billion and identifies 86 new UKCS fields where work is underway or could begin before 2016.

These include the £2.5 billion development of the Laggan and Tormore gas/condenstation fields in the West of Shetland area. Major new investments are already underway on 12 existing fields, including Forties and Schiehallion.

This investment will create significant opportunities for Scotland's oil and gas supply chain, with specific opportunities highlighted in the report.

Welcoming the report, Energy Minister Fergus Ewing said:

"I warmly welcome this report which clearly demonstrates the vast potential of the Oil and Gas sector in Scotland.

"With more than half of the value of the North Sea's oil and gas reserves yet to be extracted, up to 24 billion recoverable barrels with a potential wholesale value of £1.5 trillion, oil and gas I am sure the sector will remain an enormous economic resource for decades to come.

"The Scottish Oil and Gas strategy, developed by industry, the Scottish Government and Scottish Enterprise, lays out a plan to help the industry go from strength to strength, and rising capital investment - reaching £8.5bn in 2011 and expected to rise to £11.5bn in 2012 - demonstrates the confidence investors and the industry have in Scotland.”

David Rennie, director of oil & gas at Scottish Enterprise, said:

"We know that the remaining recoverable resources on the UK Continental Shelf should ensure production for decades to come and the high level of activity, as set out in this report, will create significant opportunities for companies in the sector.

"The industry-led Oil & Gas Strategy has already highlighted the importance of the sector for the Scottish economy, and the development of a number of new and existing fields play a key role in this."

Download Spends and Trends UKCS 2012-2016 (PDF, 4.8 MB)

The spends and trends report is one of a regular series produced by Scottish Enterprise, assessing prospects and offering valable market insights for the offshore oil and gas industry in a number of regions.

This report will shortly be followed by a similar report looking at the major planned developments in key global markets.

Download the Scottish Oil and Gas Strategy (PDF, 2.8 MB)