Increasing decommissioning support could boost the value of older North Sea oil and gas fields by almost £500 million, according to the Scottish Government.

New analysis of fields nearing decommissioning has found their remaining value could rise by more than 50% if there were successful measures to reduce costs and increase production.

Speaking as part of a two-day industry visit to Aberdeen, Energy Minister Paul Wheelhouse called on the Chancellor to include measures in his Autumn Statement that improve access to decommissioning tax relief and stimulating exploration, as well as clarity on the use of loan guarantees.

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The Minister added without investment and activity, there is the risk of "losing vital capacity and skills" to support production and "maximise economic recovery from the North Sea".

"Scottish Government analysis has identified 45 unsanctioned potentially commercial fields within the North Sea with the potential to unlock around two billion barrels of oil and gas, however this will require around £39 billion in capital expenditure," he said.

"Without greater investment and activity we risk losing vital capacity and skills that will support production and ensure we maximise economic recovery from the North Sea. The Scottish Government believes the oil and gas industry can have a bright future. The Scottish Government is taking action where we can to help the industry, but the Chancellor must also step up to the plate and do all that he can to support the sector."

(LM/MH)