The Brexit vote has not impacted on North Sea oil and gas production but a successful second bid for Scottish independence could slash output, according to fresh data.
BMI Research said the primary oil and gas sector remains unchanged, with oil output estimated to reach 978,000 barrels per day by 2025.
It said oil production is also expected to grow throughout 2018.
But it claims a second independence referendum would create an additional two years of uncertainty for the sector from 2019.
BMI said it could also push production to below 864,000 in the next decade.
The company also said if Scotland were to initiate leaving the UK, there would be significant delays to new project investment, job losses and a reduction of reinvestments.