The buoyancy of the oil and gas industry has helped the north-east buck the trend of slow economic growth, according to development agency Aberdeen City and Shire Economic Future (Acsef).
The organisation’s chairman, Tom Smith, described the oil capital of Europe as “buzzing with unprecedented levels of activity,” leading to strong levels of new private-sector investment and a booming job market.
Oil and gas activity from Aberdeen city and shire now accounts for 16% of Scottish gross domestic product (GDP), but Acsef believes that could increase this year. Mr Smith said: “2013 looks even more promising, with a sustained healthy oil price and high levels of capital and operational expenditure.
“As companies use their ingenuity, experience and expertise to push the boundaries of new frontiers west of Shetland and continue to extend the life of oil fields, the mature North Sea basin will continue in its renaissance.”
The skills honed in the North Sea are now in demand across the world, and Acsef said it was keen to help more north-east companies export their expertise worldwide.
Mr Smith added: “Despite the excellent short to medium-term prospects for the North Sea, production of these finite resources will eventually decline and helping our companies extend their reach into new markets is a top priority.”
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