Increased production of shale oil could provide "another exciting opportunity" for Scotland's oil and gas sector, an expert has said.
But Alistair Geddes, of financial services company PwC, stressed the need to "grasp the opportunity with both hands" and not be left "in the slow lane".
He spoke as a new report by PwC looked at how global shale oil reserves could impact on the energy markets. It said as many as 14 million barrels a day of shale oil could be produced by 2035 - 12% of all oil supply at that date.
This could cut the price of oil by 25% to 40% - a reduction of about 33 US dollars (£21) to 50 US dollars (£32) per barrel - according to the report
A fall in the oil price would boost people's disposable incomes but would also result in a reduction in North Sea oil and gas revenues.
But Mr Geddes, a director in PwC's oil and gas team in Aberdeen, said shale oil and gas could also be a new source of tax revenue for the UK Government.
Mr Geddes told how a previous report by PwC had set out the need for the oil industry in Aberdeen to extend existing fields and capitalise on new fields to "secure a long-term future for the oil and gas industry in the north east of Scotland".
He added: "Shale oil represents yet another exciting opportunity for the industry, particularly oil field services companies.
"However, if we are to become a key international player in this market, a move that could positively impact investment, employment and economic growth across the region and the UK, then we need to grasp the opportunity with both hands. We can't afford to be in the slow lane."
Mr Geddes went on: "It is also clear that if global oil prices drop, the UK Government could lose some North Sea tax revenues. For the UK Government, shale oil and gas presents an opportunity to create a new growth engine for UK plc as well as a new source of tax revenue."