Scotland’s North Sea oil and gas industry can deliver a £376 billion bonanza over the next 40 years and secure Aberdeen as “one of the global energy capitals” of the future, according to a report published recently.

The PricewaterhouseCoopers (PwC) study, titled Northern Lights: a strategic vision of Aberdeen as a world-class energy capital, said the oil boom was there for the taking, if government and industry leaders can “grasp the many opportunities”.

But it warned that Scotland’s oil capital was at a crossroads and action was needed to ensure this “remarkable golden prize” did not slip away.

The busy port of Aberdeen

The report called for fresh funding and investment, fiscal certainty and targeted incentives.

The study also said greater public and private-sector collaboration was needed, as well as a more co-ordinated approach by industry and education to turn the city into a “global talent magnet”.

The report comes just weeks after BP announced a multi-billion-pound offshore investment in the North Sea and proclaimed that reserves will last until at least 2050.

There is anything between 12 and 24 billion barrels of oil still under UK waters, the report finds, with the fields of the west of Shetland worth up to £376bn alone over the next 40 years.

However, the report also highlighted that renewables were an area of opportunity and urged the industry to move fast to be part of the developing field.

Industry leaders are now calling for investment in the skills needed and a stable tax regime offshore, while the Scottish Government said the North Sea will be a key provider of jobs and revenue for years to come.