Sir Ian urges north-east to face future with new mindset

As Europe’s offshore oil and gas capital, our region has a well-earned reputation for enterprise and innovation, but the eventual depletion of North Sea reserves over the next 25 to 35 years gives us a serious long-term economic challenge.

Our current production of 1.6million boe (barrels of oil equivalent) per day is liable to be down to less than 0.2million by 2050. This represents one eighth of current production.

Opportunity North East was set up by industry to address this challenge and I firmly believe that across both private and public sectors, there is now greater awareness of the imperative to plan and act now.

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