Forty-five percent of oil and gas firms recently surveyed claim that the Scottish referendum on independence is impacting their investment plans (so says Aberdeen & Grampian Chamber of Commerce’s 20th Oil and Gas Survey sponsored by Bond Dickinson).
Perhaps predictable? What is surprising and encouraging from the survey is that almost half (49%) of respondents are confident enough to predict an upward trend in investment over the next two years.
That is great news. It lends weight to the suggestion of pent up investment demand – regardless of which way the electorate vote!
For those of us in the UK, and Scotland in particular, the challenge is to get our share of that investment in what is a global market for capital. The referendum vote in September is just the other end of the holiday season. One hundred or so days to go. We can perhaps be forgiven for focusing on the operational sides of our businesses (care and maintenance) over the summer but we need to be ready to grow again and promote the UKCS on 19th September whatever the result of the referendum.
After the summer break we need to be on message that Scotland remains open for business and the uncertainty is past. In our industry, perhaps better than in any other, we know it’s a big world out there. If we are preoccupied with domestic affairs our competitors in Stavanger, Houston and around the world won’t stand back and wait for us to get our act together.
If we Scots as a nation need to revisit our alliance with those ‘Down South’ so be it.
After a working lifetime of alliance agreements, mergers and demergers (both for clients and my own firm) I know that they look daunting at the start but, with a will, are achievable. Whatever the outcome on September 18th those of us in the energy industry need to keep focused on what we do best: Building businesses and driving the economy. Now is the time to book your trade missions for Q3 and Q4. If ever you needed your ambassadors out there this may be the time. Even if you don’t have a personal view on the outcome, independence or better together, the time is shortly to be upon us for Scots to be confidently visible.
Take your holidays now. Busy times ahead.
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