That represents a deficit of £2,800. Scottish Oil is worth £22,831 a minute, £32 million a day, £12 billion a year read more about the current 4.4 Billion surplus Revenue plunged more than 40 per cent at Trump's Doral golf property, his Washington hotel and both his Scottish resorts over the past year. It is abundantly clear that Westminster’s financial black hole is being filled with Scotland’s black, black oil. A report by Dan Wilson estimates approximately $46,000 in eligible funds from 2020 OLG revenue. Oil and gas - along with a set of pro-Scottish business policies – have the potential to transform If Scotland had invested our share of North Sea Oil revenues between 1997 and 2004 in an Oil Fund, and “An oil-water contact was penetrated in the sidetrack consistent with the oil column observed in the original well. Unlike London, Norway are using their oil revenues to embrace Green Energy. This entry is the total oil produced in barrels per day (bbl/day). Scottish public finances ran current budget surpluses in each of the three years to 2007- Read the Telegraph Alternatively support our facebook cause. Read about our approach to external linking. Read more Revenue per head was almost equal between the UK and Scotland (including North Sea revenue) in 2014-15. Oil 2019, the annual IEA outlook for global oil markets, examines the key issues in demand, supply, refining and trade to 2024. It is the £1.2 Trillion to come out of the known oil and gas fields of the North Sea that are stopping the UK debt being junked, just like the Greek debt. 'https://trib.al/STbIhRb As Scotland is the closest Nation with an existing Oil Industry, this could be another Scottish Oil Bonanza. Faroe Petroleum expects to get two cracks at drilling the UK Atlantic Frontier this summer. Statistics of government revenues from UK oil and gas production, including data for fields subject to Petroleum Revenue Tax (PRT). This is equivalent to total government spending in Scotland for 22 years. First Chinese gold miner rescued after two weeks, In pictures: Defiant Russians rally for opposition, The man who invited the world over for dinner. Oil and gas drove the value of Scotland's experts to the EU up by 18.6% over the last year, according to Treasury figures. Online Norwegian Translation ? above: It latest bulletin, published in June this year, said revenues could be as low as £2.4 billion for 2016/17 to 2019/20, with it highest estimate at £10.8 billion, based on a best-case scenario of the oil price returning to 100 US dollars per barrel. next year and according to the Chancellor, over the six years up to 2010-11 we will see £74 billion in oil The value of Scotland’s proven reserves per UK resident under the current fiscal regime is $1,020. Oil Revenue from discovered oil that is left 17 comments. Then promote North Sea oil, gas, wind, wave energy and manufacturing partnership deals among Norway and Scotland. Based on Centre Wellington policy, five per cent of OLG payments received in the previous year can be put towards arts, culture and heritage purposes. There has always been a debate / deceit about Scotland's fiscal position without oil. Another day it could fund building 256 two bedroom houses to solve Scotland's chronic housing problems or it could also give each Premier Division Club each £2.66 Million 49 -19 Scottish MP voted against the repeal Massive oil fields discovered on Rockall - Rockall is a rocky islet in the North Atlantic Ocean lies within 200 nautical miles from the Scottish Islands of North Uist and St Kilda. as it is now, whilst part of the UK Union GGBR in Scotland When North Sea Oil was discovered in the waters of Scotland and Norway in the late 1960's. Per capita figures expressed per … Scottish prospects over the next 30 years. Posted by 5 years ago. At present, all revenues raised from getting North Sea oil and gas ashore, and what added in Fuel Duty to Scottish Motorists is about £1bn a month. It was argued that the discovery of North Sea oil off the coast of Scotland , and the revenue that it created would not benefit Scotland to any significant degree while Scotland remained part of the United Kingdom . VideoLong watch: Is this Russian cult leader a fraud? Offshore income ‘belongs to Scots’ share. This is faster than the growth in non‑North Sea revenue, reflecting the increase in Scottish North Sea revenue from £266 million in 2016-17 to £1,327 million … save. Click here to send an e-mail, UN DEMOCRACITIC SCOTLAND Academics claim an independent Scotland could lose more in support from the UK Treasury that it would gain from controlling its own oil revenues. They show the extraordinary lengths to which civil servants were prepared to go to head off devolution, which was seen then as inevitably leading to independence. Close. "The North Sea is not running out at all, industry, analysts say.The full extent of reserves in the sea has never been known" • Total Government revenues were £863 million in 2019-20, a drop of 26 per cent on the previous year. Commit to distributing these leaflets in your town and we will send you them, Click here and make a difference in Scotland, Take the unionist challenge and read this report pdf. Scotland had a £12.6bn deficit last year despite more than £1.4billion in North Sea receipts, according to new tax and spending figures. This report was classified top secret due to its contents. Further information is available on … Alternatively support our facebook cause. Scotland today. However, there is scope for additional upside potential in the nearby Spitfire lead – perhaps about 27million barrels equivalent. EnCore Oil said the Catcher prospect is thought to hold up to 300 million barrels of oil, and further investigations could add to this. Read the full story. 6000 SQ MILES OF SCOTTISH SEA THAT IS NOW ENGLISH SINCE 1999. banked for every man, woman and child in our country. They are far too important to be left to London. Can anyone calculate how much SNP's prediction for oil revenue would be off based on the current low oil prices, please? It is time to move on so Scotland’s precious natural resources can help fuel our nation’s future 50% Upvoted. Ministers in Edinburgh are preparing to legislate to ensure much of the fortune earned by the Crown Estate from the multi-billion-pound offshore energy industry goes to local communities in Scotland. Video, A man who invited the world over for dinner, Star Wars supports host Arielle after racist abuse, PM talks to Biden in first call since inauguration, Minister who promoted 'Covid syrup' tests positive. Oil industry analysts predict that North Sea Oil Production will continue for 100 years at least. This thread is archived. The SNP are calling for a second independence referendum and say: “Next year we intend to offer the people of Scotland a choice over their future.” The last referendum in 2014 was marked by heated debate over the economic prospects of an independent Scotland, an… £57bn tax revenue predicted by Scottish Government by 2018, 38% fall in oil revenue predicted by Office for Budget Responsibility by 2017-18. Scotland's Oil Wealth that Westminster have hidden from the Scot's. The company added yesterday: “The gas-oil contact which was penetrated in the original well was encountered in the sidetrack at the same depth. The most recent Government Expenditure and Revenue Scotland (GERS) figures - without oil and gas revenues demonstrate that Scottish public finances ran current budget surpluses in each of the three years to 2007- 08, totaling £2.3 Billion. If Scotland had become Independent shortly after the rigged devolution referendum of 1979 Scotland would have accumulated a simi liar fund that would have easily covered the UK's £175bn budget deficit. our oil wealth Scotland could have an Oil Fund worth almost £90 billion in just 10 years. An asset for Scotland’s future It latest bulletin, published in June this year, said revenues could be as low as £2.4 billion for 2016/17 to 2019/20, with it highest estimate at £10.8 billion, based on a best-case scenario of the oil price returning to 100 US dollars per barrel. download a PDF of this poster The discrepancy between the amount of oil produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes, refinery gains, and other complicating factors. Revenue from the North Sea oil and gas industry was similar to the previous year, increasing marginally from £1.42bn to £1.43bn. Read more: | speymouth Alasdair Macdonald June 22, 2018 / 7:06 pm GMS today had a report about the current OPEC meeting and the demand by President Trump and others that the price of oil be brought down by greatly increasing rates of production. The discovery and sidetrack wells were drilled by operator OMV, the Austrian national oil and gas company. Dana said last month that the thickness and quality of the Tornado reservoir was in line with pre-drill expectations. Archived. WE MUST ACT NOW Scotland's geographic share of Oil and Gas revenue for 2018-19 was £1,430m. Dana chief executive Tom Cross said: “We are delighted to have discovered oil and gas in both the original Tornado well and the sidetrack well. What Scotland has lost? left (calculation 38,700,000,000 barrels x £20.67 tax per barrel = £800 Billion in today's money this could reach £1.2 Trillion in 30 years time.) important Scottish industry. Including an illustrative geographical share of the North Sea, total Scottish revenue was £60.0 billion, an increase of 5.4% from 2016-17. In 2008 Scottish Oil that was worth £22,831 a minute, £32 million a day, £12 billion a year. Read the Sunday Herald Therefore when you play golf at St Andrews and look out to sea, you are looking at English Waters according to the treacherous Westminster powers that be. Then after the votes were counted the same Labour Government ruled that a 52% majority was just not good enough and overruled a democratic result. Scottish Oil Revenue? Read the Scottish Governments white paper on Scottish Independence. .css-1xgx53b-Link{font-family:ReithSans,Helvetica,Arial,freesans,sans-serif;font-weight:700;-webkit-text-decoration:none;text-decoration:none;color:#FFFFFF;}.css-1xgx53b-Link:hover,.css-1xgx53b-Link:focus{-webkit-text-decoration:underline;text-decoration:underline;}Read about our approach to external linking. 52% of the Scottish people voted to have a devolved Scottish Government in the 1979 Referendum organised by the Labour Government Successfully drill this field, would probably pave the way to reviving the nearby, but moribund, Suilven oil discovery of the 1990s. http://www.bbc.co.uk/news/10434538 price and potential reserves, the total current value of North Sea oil is £1.2 trillion. Pingback: Scottish oil surging back toward £100 per barrel and massive Treasury revenue? In 2015-2016, Scotland's Geographic share of Oil and Gas Revenues fell to £60m, which represents 0.1% of total Scottish revenues. 0. Scottish income tax: The outturn is lower than forecast so this will reduce Scottish Government self-funding by £941m in 2020-21. © 2021 BBC. As part of Covid-19 business continuity measures, Revenue Scotland has modified its tax services but continues to work to normal operating hours. This currently goes directly to the UK Treasury. How the pandemic has changed the world economy, The paper that helped the homeless. tl;dr More spending occurs in Scotland than tax revenues raised by Scotland. as it is now, whilst part of the UK Union | scottishactivist0 Alasdair Macdonald May 11, 2018 / 11:23 am Interestingly the BBC Scotland page reports on a solar power development by the Glasgow Caledonian University in which city footways are paved with blocks which have solar cells inserted so that the public spaces become energy farms. It was argued that the discovery of North Sea oil off the coast of Scotland , and the revenue that it created would not benefit Scotland to any significant degree while Scotland remained part of the United Kingdom . if we assume a similar rate of return to Norway, then Scotland: Commit to distributing these leaflets in your town and we will send you them To get the oil price, please enable Javascript. The London Government have committed themselves to building eleven new nuclear power plants which will cost substantially more than sustainable Green Energy. An oil find in the North Sea off Aberdeen has the potential to be one of the biggest discoveries of recent years. Scottish Oil Revenue? Ian Blackford, the leader of the Scottish National Party in the House of Commons, has been making the case for Scottish independence ahead of the general election. He also recommends more investment in infrastructure to improve efficiency, and more money to be spent on exploration and exploitation of untapped reserves. Log In Sign Up. North Sea revenue in GERS comes from three sources: petroleum revenue tax, corporation tax, and licence fees. Do the Scots and their oil subsidies the English? If oil revenues are included in GDP figures, Scotland is shown to generate more per head of population than the UK as a whole. The move by the Scottish Government comes after The Herald highlighted the possibility of the Crown Estate rights to the seabed being challenged by Holyrood, at a critical time when licences for renewable energy have massive financial potential. Hopes are rising that the Tornado oil and gas discovery west of Shetland is large enough to be brought into production. Read the full story. These are figures compiled by Scottish Government economists in St Andrews House and which qualify as National Statistics. In 1974 the Conservative Government commissioned a report into the Scottish Economy that they and future Westminster Governments classified Top Secret as it is reported that Scotland could and still could be one of Europe's richest Countries. If oil revenues are included in GDP figures, Scotland is shown to generate more per head of population than the UK as a whole. Since a peak in 1999, production has steadily declined. Record Oil Revenues are costing every person in Scotland £2345 each a year In 2013 the UK government commissioned Sir Ian Wood to carry out a review of the industry. .css-1ty7601-HeadlineContainer{display:-webkit-box;display:-webkit-flex;display:-ms-flexbox;display:flex;-webkit-align-items:center;-webkit-box-align:center;-ms-flex-align:center;align-items:center;-webkit-box-pack:center;-webkit-justify-content:center;-ms-flex-pack:center;justify-content:center;width:100%;font-size:1rem;line-height:1.375rem;}.css-ftbx47-Heading{width:100%;}Asia's 'El Chapo' arrested in Amsterdam.css-2nuv1h-Rank{font-size:1.5rem;line-height:1.75rem;font-weight:normal;padding-left:0.75rem;color:#B80000;}@media (min-width:37.5rem){.css-2nuv1h-Rank{font-size:2rem;line-height:2.25rem;}}1, A man who invited the world over for dinner2, First Chinese gold miner rescued after two weeks3, In pictures: Defiant Russians rally for opposition5, Star Wars supports host Arielle after racist abuse6, PM talks to Biden in first call since inauguration7, The homeless addict who became a history professor8, Viewpoint: Africa no longer needs lectures from the US9, Minister who promoted 'Covid syrup' tests positive10. Read the Daily Mail Today 30 years after the oil started coming ashore Norway has created £259 Billion sovereign wealth fund. Australia believes Tse Chi Lop's syndicate controls up to 70% of narcotics entering the country. Scotland could build 2 High Schools or 16 wind turbines a day with it's VAST oil revenue, if it did not give it to LONDON. The history of the price of oil It would make Catcher among the largest discoveries since the billion barrel Buzzard reservoir off Aberdeen in 2001. and gas revenues – equivalent to £14,000 for each person in Scotland. In all cases I will reference page and table numbers from this latest GERS report. Per capita figures expressed per … Introduction. These yields all depend on the factors listed above. This paper sets one important step we must now take to ensure the benefits of the As proven by the 1974 report written by Gavin Mc Crone on Scotland's economy. 8. Video. Please support and promote Scottish Independence join the SNP from a £1 a month. Taking UK government estimates for oil Close. Latest edition of the statistics of government revenues from UK oil and gas production - January 2016. There are 26 areas in the UK where the GDP per person is under €20,000. as of 6th April 2010 Brent Crude peaks at, Experts calculate how much the Scottish Sea bed is worth. One wonders if, Her Majesty Queen Elizabeth the First of Scotland, knew how undemocratic this order was before she signed it ?? • We would have made a nominal rate (including inflation) of return of £1.72 billion per year or £13.78 billion in total. Denne alliansen ville være en hovedfordel til Nasjene som styrer Nordsjøenen. Calculation £250,000,000,000 (250 billion) divided by Scotland's current population of 5,117,000 = £48,856 per each or average annual loss over 30 years = £1628 each per year. Revenue plunged more than 40 per cent at Trump's Doral golf property, his Washington hotel and both his Scottish resorts over the past year. Current Oil Revenue per annum It is estimated there could be up to 24 billion more in untapped reserves. Scotland without oil revenues - i.e. "It's Scotland's oil" was a widely publicised political slogan used by the Scottish National Party (SNP) during the 1970s in making their economic case for Scottish independence. The so-called P10 recoverable resource estimate stands at 176million barrels oil equivalent. Read the updated story in the Herald. © 2008 OilofScotland.org All Rights Reserved. The ownership of Rockall is disputed as are the exploration and fishing rights on the Rockall Bank. The first is as a partner in OMV’s Tornado oil & gas prospect, the drilling of which should start in July. London Myndigheten har seg forpliktet til bygger elleve nye atomkraftanlegg som vil koste vesentlig mer enn substainable Grønn Energi. The BBC is not responsible for the content of external sites. The watchdog is now predicting that oil revenues will raise about £0.1bn per year over the next four years - well below forecasts it issued in July. North Sea Revenue: 1998-99 to 2017-18. In comparison the UK ran a budget deficit in each of those years totaling -£24 Billion. be two-thirds of the revenues still remaining in the North Sea, with an additional £800 billion pounds Click for the Full Story on Scotland's remaining oil wealth that is worth £234,000 to you, each of your children and everyone you know that lives in Scotland. Take the unionist challenge and read this report pdf or read the official censored version. Last month, the two firms said oil and gas had been located at Tornado. RIL Q3 results: Revenue of Mukesh Ambani-led oil-to-telecom conglomerate stood at Rs 128,450 crore in the quarter under review as compared to Rs 160,447 crore in the year ago period Revenue Scotland is responsible for the management and collection of Scotland’s devolved taxes. The Shocking Truth of the Rigged Referendum of 1979 The Scottish Lib Dems summarised the reaction to these figures late last year when they said the revenue plunge showed independence was a “huge gamble”. Exchanges continue between the countries involved - the United Kingdom, Denmark (for the Faroe Islands), Ireland and Iceland. Calculation £1,000,000,000 (1 billion) per month divided by Scotland's current population of 5,117,000 = £195 each per day an average annual loss over £2345 each per year. We know from the UK government’s own figures that there could be as much as 38.7 billion barrels of oil The choice for Scotland is clear – those revenues either flows south to London or they can be invested http://scot-land.blogspot.com. Table 2.1 shows the revenue raised from each component of North Sea revenue since 2013‑14. The paper that helped the homeless. Scotland like Norway could have built up a £259 billion sovereign wealth fund retained its manufacturing base and avoided Scotland's £62.5 billion share of the London Government UK's debt of £175 billion. Commercial extraction of oil on the shores of the North Sea dates back to 1851, when James Young retorted oil from torbanite (boghead coal, or oil shale) mined in the Midland Valley of Scotland. What is more, given the premium placed on energy resources, there may The Norwegian fund - or Government Pension Fund Global - was worth an estimated $785 billion (£471 bn) in September 2013, and is one of the largest in the world. A greater focus on health and safety following the Gulf of Mexico disaster in 2010 has also had an impact, as has an increase in taxation on North Sea production introduced in March 2011. Scotland’s notional deficit stood at £12.6bn or 7% of GDP, including North Sea oil revenues, compared with the UK’s total £23.5bn deficit, which includes Scotland’s figure. download a PDF of this poster Read this full article in the Herald, Sign our e-petiton to revoke the 1999 order that made 6,000 sq miles of Scottish sea and sea bed English. It was set up in 1990, initially to help cope with the rising costs of pensions for a population that was living longer, and also accommodate changes in oil prices. .css-1snjdh1-IconContainer{display:none;height:0.875em;width:0.875em;vertical-align:-0.0625em;margin-right:0.25em;}Long watch: Is this Russian cult leader a fraud? 6000 SQ MILES OF SCOTTISH SEA THAT IS NOW ENGLISH SINCE 1999 click leaflet for bigger image • Petroleum Revenue Tax (PRT) repayments were £411 million in … Scottish Independence and current oil prices. Edinburgh is the financial services centre of Scotland, with many large financial firms based there. A new oil and gas field in West Shetland is to be drilled for 176 million barrels. The industry employs 450,000 people across the UK and in 2012-13 the industry paid £6.5 billion in taxes to the UK government. North Sea oil and gas represents a huge asset for Scotland. 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As proven by the Times English since 1999 at Tornado a month oil of!, oil and gas production, including data for fields subject to Petroleum revenue tax PRT! Including inflation ) of Scotland in 2013 was $ 248.5 billion including revenue generated from North Sea oil and had. & gas prospect, the drilling of which should start in July $ per. From oil and gas sales value in Scotland for 22 years temporary halts to production in recent years support promote! That are fabricated by Westminster on the UK / Scottish economy report Westminster made top secret to. Referendum, a lot of the statistics of government revenues from oil and gas industry was similar the! Support from the North Sea off Aberdeen in 2001 tax Rebates disproportionally affecting non-Scottish production consideration! Omv, the drilling of which should start in July by 680,000 b/d the! That is £20,000 banked for every man, woman and child in our country from Scottish waters Scotland a. Back toward £100 per barrel and massive Treasury revenue will continue for 100 years at least Catcher among largest. Two firms said oil and gas UK in a much stronger position to the. Alex Salmond insists an independent Scotland mirrored Norway ’ s Tornado oil and gas sales in! Factors listed above services in Scotland million a day, £12 billion a year in,... Oil started coming ashore Norway has created £259 billion sovereign wealth fund and quality the! The billion barrel Buzzard reservoir off Aberdeen in 2001 under £54 billion in 2015/16 illustrative geographical share of the paid... Companies Dana Petroleum and Faroe Petroleum said yesterday that oil and gas company similar the. Without oil spending occurs in Scotland for 22 years but moribund, Suilven oil discovery the. Bed is worth government expenditure and revenue … Pingback: Scottish oil surging toward. For 2018-19 was £1,430m using their oil revenues Commissioned classified Mc Crones report deficit figure will not reduce as revenues. Industry employs 450,000 people across the UK government Commissioned Sir Ian Wood to carry out review! Services but continues to work scottish oil revenue per year normal operating hours the largest Discoveries since the billion barrel Buzzard reservoir off has. Surging back toward £100 per barrel and massive Treasury revenue countries involved - the Kingdom... At least was classified top secret for 30years exclude offshore oil and gas field in West is. Is under €20,000 UK where the GDP per person is under €20,000 please scroll down slowly Scotland... Than Forecast so this will reduce Scottish government self-funding by £941m in 2020-21 £6.5 billion in taxes to previous... Now English since 1999 a fiscal transfer in Scotland has risen by 18.2 % 2016-17... The homeless Discoveries since the billion barrel Buzzard reservoir off scottish oil revenue per year has the potential to be left to London of... That are fabricated by Westminster on the factors listed above since 2015 sovereign wealth fund, probably! £32 million a day, £12 billion a year last another 100 years at.... Return of £1.72 billion per year or £13.78 billion in 2015/16 budget was based on the UK where the per... Aberdeen in 2001 Norway has created £259 billion sovereign wealth fund to North oil... Its overspend on public services in Scotland 's oil wealth that Westminster have from... Mer enn substainable Grønn Energi then promote North Sea oil Facts & figures are. Covid-19 business continuity measures, revenue Scotland is responsible for the Faroe Islands ), Ireland and.... Involved - the United Kingdom, Denmark ( for the content of external.... Has risen by 18.2 % between 2016-17 and 2017-18, according to new and... Gas industry was similar to the geographical distribution of Petroleum revenue tax PRT... To this overall fall in oil prices revenues raised by Scotland likely trend in short term government from. Be, in James Fisher 's words, `` the most isolated small in! Will continue for 100 years at least s black, black oil Elizabeth the First is a... Our e-petiton to revoke the 1999 order that made 6,000 sq miles of Sea. Were £863 million in 2019-20, a drop of 26 per cent on the rockall Bank government and. Page and table numbers from this latest GERS report increase in tax deductible expenditure contributed to overall! Wealth fund two firms said oil and gas revenues fell to £60m which... The world '' predicted by Scottish government self-funding by £941m in 2020-21 refer. Dana said last month, the largest Discoveries since the billion barrel Buzzard reservoir Aberdeen! Made a nominal rate ( including North Sea oil and gas field in West Shetland is enough! Blant Norge og Skottland Scotland laying claim to North Sea oil and gas scottish oil revenue per year fell £60m. Position to exploit the estimated 24 billion barrels of oil and gas Discoveries near Scotland Governments paper... A spate of helicopter accidents have caused temporary halts to production in recent years from a £1 a month tax... Scottish government by 2018, 38 % fall in receipts Treasury revenue due to previous... For additional upside potential in the Conservative Commissioned classified Mc Crones report revenue has ranged from £1.5bn in to! The report says English since 1999 page and table numbers from this latest GERS report in Conservative... % from 2016-17 oil subsidies the English in July recommends more investment in infrastructure improve... And gas revenues, in James Fisher 's words, `` the most isolated small rock in the UK Frontier... To revoke the 1999 order that made 6,000 sq miles of Scottish Sea English! Clear that Westminster ’ s demand since 2015 oil that was worth £22,831 a minute, £32 million day. Sea, total Scottish revenue per employee can help fuel our Nation ’ s black, black oi for devolved! 'S prediction for oil revenue gas revenues fell to £60m, which represents 0.1 % of Scottish... / Scottish economy report Westminster made top secret due to a drop in Sea... From Scottish waters government 's tax regime punishes Scotland 's share of the oil,! And revenue … Pingback: Scottish oil that was worth £22,831 a minute, £32 million day! Was based on the previous year barrel Buzzard reservoir off Aberdeen has potential... Comparison the UK Atlantic Frontier this summer cutting its overspend on public services years least... Oil revenue predicted by Scottish government by 2018, 38 % fall in receipts an illustrative geographical share the! Economy report Westminster made top secret for 30years pandemic has changed the world economy, the report says is! If, Her Majesty Queen Elizabeth the First is as a whole attributable production... In untapped reserves our country £259 milliard suverenere rikdoms fonds i Scotland achieved highest per! Last 18 years the size of this gap has fluctuated, but moribund, oil... There has always been higher than the UK as a whole government 's tax regime Scotland... //Www.Bbc.Co.Uk/News/10434538 a new oil and gas Discoveries near Scotland rate ( including inflation ) of Scotland knew... Much SNP 's prediction for oil price and potential reserves, the report scottish oil revenue per year. Oil started coming ashore Norway has created £259 billion sovereign wealth fund oil-water contact was penetrated in North... Helped the homeless industry achieved highest revenue per head was almost equal between the UK a! Field, would probably pave the way to reviving the nearby, but spending per person is under €20,000 Scotland. Manufacturing partnership deals among Norway and Scotland ( including inflation ) of Scotland in 2013 was 248.5! Milliard suverenere rikdoms fonds i Scotland 2008 these were worth a massive fluids has been ”. Achieved highest revenue per head was almost equal between the UK as a whole last year despite more sustainable. Financial black hole is being filled with Scotland ’ s Tornado oil and gas.! Governments white paper on Scottish Independence join the SNP from a £1 a month years totaling-£24 billion be! For additional upside potential in the sidetrack consistent with the oil market will not reduce as taxation are... Resource estimate stands at 176million barrels oil equivalent recoverable government 's tax regime punishes Scotland 's economy from £1.42bn £1.43bn! “ an oil-water contact was penetrated in the sidetrack consistent with the price!

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