On the day that people across Scotland head to the polls to decide the country’s future, a new report finds that an independent Scotland could establish an oil fund that will “never run out”.
The report – from leading North Sea employment firm oilandgaspeople.com – finds the oil fund could reach £147bn within 25 years of a Yes vote.
Kevin Forbes, of oilandgaspeople.com said: “The significance of this shouldn’t be underestimated.
“If Scotland invests now for the future, it could find itself with a never-ending supply of funds derived from North Sea oil and gas. In other words, the oil and gas money will never run out.”
The SNP has said the new analysis highlights the need to secure a Yes vote today in order to ensure our oil wealth is invested in a better future for Scotland.
Commenting SNP Energy Spokesperson Fergus Ewing said:
“This is interesting new analysis which highlights the huge resource which the people of Scotland can secure for future generations by voting Yes.
“Norway is a great example of how, by fostering a stable and predictable fiscal and regulatory regime, a resource rich nation can not only develop a very strong oil and gas sector, but through the development of an oil fund use its energy wealth to benefit the whole country.
“Unlike Norway, the UK Government has been missing the point – formulating policy based on short-term gain instead of focusing on the long-term impact, upon value generation, and the need to sustain investment in all areas of the oil and gas industry.
“There is no doubt that as part of the UK we have so far lost out on the very real benefits that an independent country can secure. For example, Norway has established an oil fund that is worth over £500 billion – equivalent to £100,000 for every Norwegian citizen. While over the same period the UK Government has accumulated £1.3 trillion of public sector net debt.
“Poor stewardship of resources, frequent changes to the tax regime, a lack of focus on value creation and mismanagement of revenues are all mistakes that we cannot let happen again, and which an Independent Scotland will address.
“In value terms half the wealth from Scotland’s oil remains and it is imperative that Scotland does not allow the same mistakes to continue. By voting Yes we can emulate Norway’s approach, instead of putting up with yet more mismanagement and poor stewardship of this vital resource.”