Green shoots of recovery are springing in the oil and gas industry, according to Scottish Conservative energy spokesman Alexander Burnett.
The North-east MSP was speaking after consultants PricewaterhouseCoopers (PwC) released a report saying oil prices will start to move towards $100 (£80) a barrel levels soon.
Mr Burnett said record investment from his party was helping get the industry back on its feet – but he believes there should be further financial support in this month’s Autumn Statement.
He said: “This PwC report has suggested that the worst of the downturn could be over and that oil majors can now take advantage of ‘green shoots of recovery’ in the North Sea.
“This Conservative government has gone further in helping the North Sea than any other administration, with petroleum revenue tax all but abolished and the supplementary charge cut by 10% this year following a £1.3 billion fiscal stimulus in 2015.
“However, Ruth Davidson has been making the case for further support for the industry and I have also been in regular contact with UK ministers, who understand the value of the sector to the wider UK economy, despite the ongoing downturn.”
The PwC report Sea Change: Emerging from a Downturn said prices should reach up to $70 (£56) by about 2020.
It said: “There is a sense a balancing of industry fundamentals is approaching which should support a limited oil price recovery.
“And while we are unlikely to see $100 prices returning in the near to medium term at least, a more robust price ($60-$70) should be realised in the next few years.”
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