We’ve seen numerous reports that the North Sea is finished as a major producer of oil often used to justify attacks on the future viability of the Scottish economy after independence. See for example:
Since the above gloomy and clearly ill-informed piece by a professor, there have been numerous reports of a long life in the North Sea oilfields which would last well into the first decades of Scottish independence. See:
More evidence that North Sea oil has years of wealth generation still in it.
Now, the Chesnut field, 125 miles north-east of Aberdeen has had its production expectancy extended from 3 to 12 years after new owners, Spirit Energy, added a third well. This has saved 70 jobs too.
Like many readers, I welcome Scotland’s massive growth in renewables energy production, but it remains important, I think, to be able to slap down Unionist fibs and propaganda by omission, suggesting we would have no meaningful revenue from the North Sea. With our crude currently selling at around $66pb with costs as low as $12pb and Saudi predictions of $75pb to £100pb over the next few years, a Scottish Treasury would have considerable opportunities to tax this flow of wealth.
Talking-up Scotland 