Scottish government makes case for split

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Offshore.no International » News » Politics

Posted 17.04.2012 11:58:56 av John Bradbury

Scotland's government has made out the economic case for breaking away from the United Kingdom saying that North Sea oil alone is worth £1.5 trillion.

Citing figures from offshore industry group Oil and Gas UK, the Scottish government says with 24 billion barrels of oil remaining in the North Sea which are still to be extracted, the value of those reserves equates to a wholesale value of nearly £1.5 trillion, “...suggesting more than half the economic value of the North Sea's reserves have still to be extracted,” the Scottish government has argued.

And citing more figures from offshore analyst Wood Mackenzie, the Scottish government says spending on North Sea oil last year peaked at £7.5 billion, the highest figure it has ever been. “It is expected to stay high with £2 billion being invested in the West of Shetland field alone in 2012,” the nationalist-controlled Scottish government says in the new statement which puts the case in favour of partition from the UK.

Furthermore the offshore renewables industry is expected to boost Scotland's economy still further, with the government saying that renewables offer huge growth potential. “We have around 25% of Europe’s potential offshore wind and tidal energy, and a tenth of Europe’s wave power potential,” the government argues. “An extra 45% of renewable energy was generated in Scotland last year according to the latest figures from the Department of Energy and Climate Change – meaning that around 35% of Scotland’s electricity needs came from renewables in 2011 – surpassing the Scottish Government target of 31%,.” the statement says.

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