A top Aberdeen petro-economist predicts more than £250 billion will be spent on North Sea oil and gas fields over the next three decades.
Alex Kemp, professor of petroleum economics at the University of Aberdeen, said operating expenditure will come to £124 billion, while spending on decommissioning will be around £54 billion by 2050.
Total field-related expenditure will hit £268 billion, according to Prof Kemp, who will report the key findings of a new study at a conference at the university tomorrow.
Prof Kemp’s study, titled Prospects for Long Term Activity Levels in the UKCS to 2050, also estimates that production from the UK North Sea will reach almost 11billion barrels of oil equivalent (boe) by 2050.
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