Experts say North Sea oil revenues would drop as a result of shale oil.
Increased production of shale oil could provide “another exciting opportunity” for Scotland’s oil and gas sector, an expert has said.
But Alistair Geddes, of financial services company PwC, stressed the need to “grasp the opportunity with both hands” and not be left “in the slow lane”.
He spoke as a new report by PwC looked at how global shale oil reserves could impact on the energy markets.
It said as many as 14 million barrels a day of shale oil could be produced by 2035 12% of all oil supply at that date.
This could cut the price of oil by 25% to 40%, a reduction of about $33 US (£21) to $50 (£32) per barrel, according to the reportA fall in the oil price would boost disposable incomes but would also result in a drop in North Sea oil and gas revenues.
Mr Geddes, a director in PwC’s oil and gas team in Aberdeen, said shale oil and gas could also be a new source of tax revenue for the UK.
