Remaining North Sea oil ‘worth £1trillion’

Delegates at an oil and gas conference have been told the economy will be petroleum-driven for decades to come, with higher returns than previously estimated.

About 24billion barrels could still be taken from the North Sea, with the total financial value more than what has already been extracted to date, the conference in Edinburgh heard yesterday.

First Minister Alex Salmond, who gave the keynote address, put the potential wholesale value at £1trillion.

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