$2 trillion in Scottish oil still to be extracted just from North Sea!

North Sea oil rig in a storm

Photograph: Arnulf Husmo/Getty Images

There have now been five predictions of oil at $100 per barrel:

A fifth prediction of oil rising to $100 per barrel for Scottish oil, suggests pre-tax revenue of around $1 trillion!

It is currently trading at $80pb:

https://www.energyvoice.com/oilandgas/184252/brent-trades-near-80-as-saudis-talk-down-crude-supply-risk/

According to the Financial Times in January 2018:

‘Industry estimates suggest there are still about 20bn barrels of oil and gas left to be exploited in the North Sea and while its longer-term production outlook is in decline, it is right now, in the words of Mr Kirk, “healthily mature”.’

https://www.ft.com/content/1e57dd38-01f2-11e8-9650-9c0ad2d7c5b5

So, not counting the billions of barrels west of Shetland or the gas, North Sea oil revenue, pre-tax, alone could be as high as $2 trillion between now and 2050.

That gives us plenty of time to gain independence and get some serious tax revenue before the end of the oil era.

 

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3 thoughts on “$2 trillion in Scottish oil still to be extracted just from North Sea!

  1. Ludo Thierry October 22, 2018 / 4:56 pm

    Wow – The Black Gold holding firm and The Big Yin seeing (and publicly stating) the benefits of an Indy Scotland in Europe. Lots of hugely encouraging news to keep us going through these dark and worrying Brexit days. (Well done Billy C by the way – great to have another very funny man keeping us cheerful as we take the long, hard slog to an Indy Scotland in Europe).

    Liked by 1 person

    • Alasdair Macdonald October 23, 2018 / 5:29 am

      But, in an independent Scotland it will immediately have become worthless and a blight on the economy and all that expertise residing in the academic institutions in Scotland will immediately become ignorance, because the people have now become Scottish and are not genetically programmed to be good at what they do.

      PS a welcome to Mr Connelly’s change of heart on the matter of independence. On ‘Wings’ there is an insightful piece by guest Mr Dave McEwan Hill. Sadly, there are a few in the unionist side who want to excoriate him for his previous views. How do such people think we can win independence if every previously NO voter is told to fuck off? In similar vein, while I have always been a supporter of feminism, once, in conversation with a feminist, I remarked that I would not stand for any loss of opportunity for my daughter because she is a woman, I was told, ‘we don’t want people like you whose views are determined by personal interests. If you had a son you would be in favour of discrimination.’

      Like

    • neil Mcisaac October 23, 2018 / 10:38 am

      crap

      Like

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