On November 3, 1975, the Queen arrived in Aberdeen to mark a historic moment for the UK.
Surrounded by industry officials at the BP complex in Dyce, she pushed a gold-plated button to bring the first North Sea oil ashore at Cruden Bay.
It was a moment which completely changed the economy in this part of the word.
Today, industry officials will gather in the Granite City once more for an occasion that is just as, or perhaps even more important.
But this time the golden button has been replaced by a panic button – which the industry will be forced to press if the recent decline in exploration is not arrested.
Sir Ian Wood will set out his blueprint for tackling that problem, and maximising recovery from the hydrocarbon-rich seas which surround Britain, this morning.
But already the event is in danger of becoming a referendum circus as both the UK and Scottish Cabinets arrive in the north-east.
I suspect the fact that David Cameron is bringing all his ministers (minus Chancellor George Osborne) to Aberdeen today will not sit easily with Sir Ian.
When he published his interim findings last November, one of the first things I asked him was why it made no mention of independence. A fair question, given that the industry could be at the centre of a bitter divorce between Scotland and the rest of the UK.
He gave me a steely look, as if to say ‘don’t go there’.
Undeterred, I asked him which way he planned to vote in September. He raised a hand, looked to the ceiling and made it abundantly clear that he would not be drawn into the debate.
It is no coincidence that the prime minister has chosen this day to launch his charm offensive in the north-east. North Sea oil will be a key battleground in the referendum.
But the overriding message from Sir Ian’s review today will be about the industry’s need for unity: we all need to be in this together.
Oil companies need to share assets for the greater good of the nation and the government needs to provide a stable tax regime which does away with short-term gains – such as Mr Osborne’s now infamous 2011 tax raid – and looks to support the long-term health of the UK Continental Shelf.
There will be plenty of rhetoric from the Yes and No camps today about how welcome Sir Ian’s review is, and the importance of acting on it. That is just the current climate.
Well, today is not just about words – the industry, and the hundreds of thousands of families who depend on it, need to see these recommendations turned into actions.
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