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:
An Edinburgh University Professor says North Sea oil and gas has only ten years left while the Wall Street Journal describes it as an ‘oil hot spot’ and Oil and Gas UK doesn’t recognise his figures. Who’s right?
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.