More Scottish tax revenue to be hidden or frittered away as Total finds £2 billion plus of gas in North Sea

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In Market Watch today:

‘Total SA said Tuesday that it made a significant gas and condensate discovery on the Glengorm offshore prospect in the U.K.’s [sic]North Sea. Recoverable resources are estimated at around 250 million barrels of oil equivalent, Total said. The companies now plan to conduct further drilling and testing to assess the reservoir’s productivity.’

https://www.marketwatch.com/story/total-makes-significant-uk-offshore-discovery-2019-01-29-24852257

I know many readers favour a carbon-free future, but I feel obliged to use any weapon available in talking-up the case for independence:

Those who know are betting on high prices for Scottish oil in 2019

Another Trillion dollars plus in new oil field West of Shetland

Cameron’s Great Scottish Oilfield Cover-up of 2014

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

Scottish oil heading for $41 billion profit in 2018 alone, BBC Scotland? Yes, yes, BUT, BUT what about rising costs?

Of course, much of this revenue is currently being given away in sugar-coated tax deals by a government keener to damage our cause than to gather useful tax revenue to fund their own struggling public services:

As Scottish oil heads for $100pb will the UK Treasury tax this massive revenue?

‘Scottish oil and gas sales saw an 18.2% increase to £20billion in the last financial year.’ but we get diddley!

 

 

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6 thoughts on “More Scottish tax revenue to be hidden or frittered away as Total finds £2 billion plus of gas in North Sea

  1. Contrary January 29, 2019 / 12:18 pm

    Here is a song to cheer you up

    Green new deal song

    Comment on the petrodollar and the green new deal
    https://www.taxresearch.org.uk/Blog/2019/01/05/the-green-new-deal-and-the-demise-of-the-petrodollar/

    The Green New Deal seems to be the way (socio-economic) things are going to try and balance stopping global warming and equality etc. Also a link on how this Green New Deal will affect the petrodollar (I thought the description of how fiat currency came about, and how the US manipulated… well, it’s fairly concise. Fiat currency means that our currency values are actually pegged to ‘future taxes’ – the neoliberal economies do not take that into consideration, which is why we are likely headed for another banking crisis … can we jail the bankers this time please?). Sorry not very positive!

    Anyway, in a way the Green New Deal is a fairly positive step forward, and something to look forward to. But it does just make me feel very frustrated that Scotland has not had the opportunity to manage its oil reserves over the past 40 years, and without independence will not be able to manage a smooth transition to a non-hydrocarbon based economy. Frustrated.

    Like

  2. Ludo Thierry January 29, 2019 / 5:52 pm

    Thanks John and Contrary – I was previously unfamiliar with the oeuvre of Mr. Don Caron but I enjoyed his song and performance and will look out for his stuff in future. Yup – The Green New Deal has to be it – and an Indy Scotland playing a very full role in encouraging and securing same. That’s what keeps us all motivated I suppose!

    Like

  3. William Henderson January 29, 2019 / 9:53 pm

    This gas discovery is wonderful news for Scotland (if only we can make first claim on it!)

    Distributed, fast reacting, medium scale combined cycle gas generating stations together with wind and tidal power would provide 100% reliable electricity supply to the whole of the country.

    Another possibility that comes to mind is the reinstatement of glasshouse-based horticulture, the heating being supplied by the direct burning of gas which adds carbon dioxide to the growing environment, so enhancing both quality and quantity to the crops. I wonder how many people are still alive to remember the wonderful tomatoes which used to be grown under glass in this country until the 1970s oil price rise put the growers out of business?

    It is notable that Iceland has a thriving glasshouse food producing industry.

    Liked by 1 person

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