Scotland's oil and gas industry needs to export more and double annual sales to a £30bn target by 2020, the First Minister has announced.

Alex Salmond unveiled an industry strategy today at Aberdeen-based firm Hydrasun.

The strategy, which was developed by industry, Scottish Government and public sector partners, identifies six priorities, including increasing export sales, attracting more young people into long-term careers in the industry, and promoting Scotland as a key location for investment.

Mr Salmond said oil and gas was "one of Scotland’s greatest industrial success stories."

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It is the largest industry sector in the UK, supporting 440,000 jobs, nearly half of which are in Scotland. Over four decades, 40 billion barrels of oil equivalent have been recovered from the North Sea, delivering £300 billion in revenues to the UK Government. The wholesale value of reserves remaining to be extracted is estimated to be up to £1.5 trillion.

The First Minister also announced that Scottish Enterprise will make up to £10 million available to support innovation in the sector over three years.

He said: "The industry has a bright future. We will continue to support the on-going success of an industry that can be a key driver of prosperity in these islands well into the middle of this century."

Total oil and gas supply chain sales from the Scottish market reached £16.3 billion in 2010-11. International sales, at £7.6 billion, accounted for a record 46.4 per cent of total sales.

www.scottish-enterprise.com/News/2012/05/New-oil-and-gas-strategy-for-Scotland.aspx

(NE)