• 25 mins OPEC Oil Deal Compliance Falls To 86%
  • 16 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 18 hours Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 20 hours Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 22 hours EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 24 hours Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 1 day Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 4 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
  • 7 days Record U.S. Crude Exports Squeeze North Sea Oil
  • 7 days Iraq Aims To Reopen Kirkuk-Turkey Oil Pipeline Bypassing Kurdistan
  • 7 days Supply Crunch To Lead To Oil Price Spike By 2020s, Expert Says
  • 7 days Saudi Arabia Ups November Oil Exports To 7-Million Bpd
  • 7 days Niger Delta State Looks To Break Free From Oil
  • 8 days Brazilian Conglomerate To Expand Into Renewables
  • 8 days Kurdish Independence Could Spark Civil War
  • 8 days Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit

Breaking News:

OPEC Oil Deal Compliance Falls To 86%

Alt Text

Has The Bear Market In Oil Finally Ended?

Recent data provides reasons to…

Alt Text

Kuwaiti Minister: OPEC Deal Extension May Be Unnecessary

Kuwaiti Oil Minister Al-Marzouk has…

Alt Text

The “Amazon Effect” Is Coming To Oil Markets

The move toward using software…

Disagreement Over Scotland’s Oil Wealth Fuels Independence Debate

Disagreement Over Scotland’s Oil Wealth Fuels Independence Debate

Scottish First Minister Alex Salmond continues to insist that the strong future of Scottish oil would provide major support for the country if it achieves independence from the United Kingdom -- but not everyone agrees.

Scotland will hold a referendum on Sept. 18 to vote on the question of whether it should become an independent country.

Addressing the Scottish Parliament on Aug. 21, Salmond repeated predictions he has made before about the long-term strength of Scotland’s oil sector. Sir Ian Wood, founder of the multinational energy company Wood Group based in Aberdeen, argued that Salmond was exaggerating the country’s oil reserves by 60 percent.

Wood, who is the most influential figure in Scotland’s oil industry, warned against Scotland’s seceding from the UK and relying heavily on its oil reserves to go it alone. He contended that dwindling reserves will lead to serious problems in employment, public services and the economy as a whole by 2030.

That prompted Johann Lamont, the Labor Party leader, to ask, “Is Sir Ian Wood right or would the First Minister like to explain to him, our children and grandchildren why he is wrong?”

During the exchange, Salmond, leader of the Scottish National Party, maintained that Scotland’s reserves will yield between 15 billion and 16.5 billon barrels of oil through 2050, and that the annual amount could rise to 24 billion barrels after then if new oil deposits are discovered.

“Every other country in the world would give their eye teeth for such substantial resources,” he said.

But Lamont countered by saying if Scotland ends its 307-year-old association with the UK, Salmond “doesn’t have a Plan B on currency, he doesn’t have a Plan B on Europe and he doesn’t have a Plan B on oil,” adding, “The reason the people of Scotland don’t trust Mr. Salmond is because he is a man without a plan.”

Britain has said it will not share its pound with Scotland if it secedes. Salmond has said Scotland will integrate more fully with Continental Europe after secession, but the EU is cool to the idea.

Wood, who had previously portrayed himself as neutral in the Free Scotland movement, revealed himself as an opponent of Scottish independence in an interview with the energy website energyvoice.com. He has accused Salmond of exaggerating the value of North Sea oil reserves by as much as $3.32 billion a year and raised serious questions about Salmond’s plans to spend public revenues.

Salmond’s optimistic predictions have also been shot down by the British Geological Survey (BGS), which on June 30 said there is less oil trapped in the shale of Scotland’s Midland Valley than previous estimates – estimates Salmond had relied on to argue that Scotland can afford independence from the UK.

By Andy Tully of Oilprice.com




Back to homepage


Leave a comment
  • Graham Stewart on August 25 2014 said:
    "Salmond’s optimistic predictions have also been shot down by the British Geological Survey (BGS), which on June 30 said there is less oil trapped in the shale of Scotland’s Midland Valley than previous estimates – estimates Salmond had relied on to argue that Scotland can afford independence from the UK."

    That sentence is a blatant lie.The SG are currently reviewing how to stop the licences for fracking being issued,by Westminster,until a proper understanding of its effects on the ecology are established.

    You know,as well as I,that the oil is merely a bonus in Scotland's GDP.And the oil referred to is in the NS and new Clare Ridge field.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News