Aberdeen tycoon says North Sea oil reserves worth extra £787 billion 09/09/2009 If we make right choices, and follow the successful example set by Norway, even investing just a part of He also recommends more investment in infrastructure to improve efficiency, and more money to be spent on exploration and exploitation of untapped reserves. Close. In 2018, the total revenue of the United States’ oil and gas industry came to about 181 billion U.S. dollars, a substantial increase since the lowest point of the decade in 2016. Posted by 4 years ago. 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 . Academics claim an independent Scotland could lose more in support from the UK Treasury that it would gain from controlling its own oil revenues. The second is Glenlivet, which operator DONG will spud in the autumn and where the target is gas. VideoLong watch: Is this Russian cult leader a fraud? Oil industry analysts predict that North Sea Oil Production will continue for 100 years at least. 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. 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. As Scotland is the closest Nation with an existing Oil Industry, this could be another Scottish Oil Bonanza. 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. 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… 60% INCREASE IN ESTIMATES OF UNTAPPED OIL AND GAS IN SCOTLAND It is an asset worth £234,000 for every man, woman and child in our country. Scotland has much more oil and gas than previously thought, but the London government continues to neglect Scotland. There are 26 areas in the UK where the GDP per person is under €20,000. Offshore income ‘belongs to Scots’ Pre-drill estimates were for Tornado to have 90million-100million barrels of oil equivalent recoverable. Since the North Sea Oil was discovered the powers in Whitehall have done everything in their power to deceive the Scottish people of the chronic surplus's of their economy. report. Scotland today. Scotland's Oil Wealth that Westminster have hidden from the Scot's. Not allowing Tories a free reign in UK Record Oil Revenues are costing every person in Scotland £2345 each a year Latest edition of the statistics of government revenues from UK oil and gas production - January 2016. Scottish Oil Revenue? Rockall is a small, uninhabited, rocky islet in the north Atlantic Ocean. 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. Archived. Da fremm Nordsjøen olje, gass, vind, bølgeenergi og produseringsepartnerskaphandel blant Norge og Skottland. Long watch: Is this Russian cult leader a fraud? The Gross Domestic Product (GDP) of Scotland in 2013 was $248.5 billion including revenue generated from North Sea oil and gas. Please support and promote Scottish Independence join the SNP from a £1 a month. When North Sea Oil was discovered in the waters of Scotland and Norway in the late 1960's. 8. The North Sea energy sector has been at the heart of the Scottish independence debate since the SNP declared 'It's Scotland's Oil' in a famous advertising campaign of the early 1970s. The Government Expenditure and Revenue Scotland (GERS) report has been published for 2017-18. oil yield was 45 gallons per ton last year. Revenue per Employee Comment: Revenue per employee fell on trailing twelve months basis ending 4 Q 2020 for the Oil And Gas Production Industry to 72,703 $ compare to twelve month period ending 3 Q 2020, but remained above Oil And Gas Production Industry average. Close. In his most recent financial report18 Gordon Brown forecast twenty-year record high oil revenues for THE AIRDRIE SAVING BANK Sign our e-petiton to revoke the 1999 order that made 6,000 sq miles of Scottish sea and sea bed English. What is more, given the premium placed on energy resources, there may That means the chance of finding that volume of hydrocarbons is just 10%, whereas the P50 (mean) figure is in the range 90-100million barrels. An asset for Scotland’s future In 2015-2016, Scotland's Geographic share of Oil and Gas Revenues fell to £60m, which represents 0.1% of total Scottish revenues. The latest Government Expenditure and Revenue … It gives its name to one of the sea areas named in the Shipping Forecast, provided by the British Meteorological Office. This also means that the illustrative Scottish deficit figure will not reduce as taxation revenues are negligible. 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. Read the Scottish Governments white paper on Scottish Independence. 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 … Skal Norge å åpne støtter Skotsk Uavhengighet ved den LOVE til å bruke noe av £259 milliard suverenere rikdoms fonds i Scotland. The choice for Scotland is clear – those revenues either flows south to London or they can be invested “An oil-water contact was penetrated in the sidetrack consistent with the oil column observed in the original well. Print & Display this poster North Sea Oil and Gas is an asset worth £234,000 for every man, woman and child in Scotland, according to the official London Government figures ? Should Norway openly support Scottish Independence by pledging to spend some of it £259 billion sovereign wealth fund in Scotland. The so-called P10 recoverable resource estimate stands at 176million barrels oil equivalent. North Sea Oil will last another 100 years, cotland's chronic housing problems or it could also give each Premier Division Club each, The most recent Government Expenditure and Revenue Scotland (GERS) figures - without oil and gas revenues demonstrate that. The paper that helped the homeless. in Scotland for the people of Scotland. http://scot-land.blogspot.com. 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. Revenue from the North Sea oil and gas industry was similar to the previous year, increasing marginally from £1.42bn to £1.43bn. In fact, more money is spent in Scotland than the sum of tax revenues raised by Scotland plus Scotland's per capita share of the UK's overall deficit (i.e. Edinburgh is the financial services centre of Scotland, with many large financial firms based there. 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. Scottish public finances ran current budget surpluses in each of the three years to 2007- It is abundantly clear that Westminster’s financial black hole is being filled with Scotland’s black, black oi. £57bn tax revenue predicted by Scottish Government by 2018, 38% fall in oil revenue predicted by Office for Budget Responsibility by 2017-18. The Oil and Gas Production Statistics for Scotland 2017-18, released today also shows that despite the slight decrease of 1.7% in the latest year, production of oil and gas remains 23.1% higher than the level recorded in 2014-15. During the Scottish referendum, a lot of the Scottish budget was based on estimated revenue from North Sea oil. the 1999 order that made 6,000 sq miles of Scottish sea and sea bed English. "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. If you are Looking for North Sea Oil Facts & Figures they are at the bottom of this page, please scroll down slowly. Including an illustrative geographical share of the North Sea, total Scottish revenue was £60.0 billion, an increase of 5.4% from 2016-17. "We raise £63bn" - This is correct Scotland (including a full geographic share of oil revenues) raised £62.7bn of revenue in 2018/19 [p4. Whiksy was also a big factor in the rate of increase which outstripped every other part of the UK, which had an overall rise of 12.9% - £3.8 billion. • We would have made a real rate return of £1.23 billion per year or £9.87 billion in total. Australia believes Tse Chi Lop's syndicate controls up to 70% of narcotics entering the country. Read about the latest Oil and Gas Discoveries near Scotland. Unlike London, Norway are using their oil revenues to embrace Green Energy. In 1999 Westminster secretly moved Scotland's Borders He wants to set up a Norwegian-style sovereign wealth fund - setting aside a tenth of oil and gas revenue each year - to help offset some of the problems caused by the price fluctuations. UK oil revenue has ranged from £1.5bn in 1991-92 to £27bn in 2011-12. Documents detailing secret government plans in the 1970s to prevent Scotland laying claim to North Sea oil have been seen by The Times. Dana said last month that the thickness and quality of the Tornado reservoir was in line with pre-drill expectations. Today 30 years after the oil started coming ashore Norway has created £259 Billion sovereign wealth fund. 23 July 2015. 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. Print this colour poster North Sea Revenue: 1998-99 to 2017-18. Current oil production has never been higher. Print this B&W poster 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. 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. In 1999 Westminster moved Scotland's Marine Boundaries from Berwick-upon-Tweed to Carnoustie. The history of the price of oil Since then, Scottish revenue per head has slowly increased, but at a slower rate than the UK as a whole. .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. 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. • Petroleum Revenue Tax (PRT) repayments were £411 million in … Glasgow City Council as it is now, whilst part of the UK Union Read more: Rockall is now actually now part of the Scottish Western Isles. Maintenance work on ageing infrastructure and a spate of helicopter accidents have caused temporary halts to production in recent years. 'https://trib.al/STbIhRb Revenue Scotland is responsible for the management and collection of Scotland’s devolved taxes. 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. (the diagram of statistics is at bottom of page) The Great Deception - GERS 2005 This led to Scotland's share of North Sea oil revenue falling to just £60m in 2015-16, down from £1.8bn the previous year. Can anyone calculate how much SNP's prediction for oil revenue would be off based on the current low oil prices, please? Scotland’s share of North Sea oil and gas tax receipts fell by around half in the last year to £724 million, according to new tax and spending figures. Extensive sampling of the fluids has been undertaken.”. Les de Skotske Myndighetene hvit papir på Skotsk Uavhengighet. Growth was led by China, where demand rose by 680,000 b/d, the largest increase in the country’s demand since 2015. 6000 SQ MILES OF SCOTTISH SEA THAT IS NOW ENGLISH SINCE 1999. Dessverre har London styrt Skottlands oljeinntekter og solgte av Skottland olje fjernt til billig, sløste det på fallet ut fra ikke forbinde euro, som bekjemper kriger og nå har brukt noe overskudd som blir forlatt på trekke seg bankene som det unnlot til å regulere. 50% Upvoted. London Myndigheten har seg forpliktet til bygger elleve nye atomkraftanlegg som vil koste vesentlig mer enn substainable Grønn Energi. Archived. The BBC is not responsible for the content of external sites. “A thorough analysis of data gathered is already underway.”, The North Sea has almost as much oil left as has already been extracted, a BBC Scotland investigation has been told. That represents a deficit of £2,800. as it is now, whilst part of the UK Union "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. 6000 SQ MILES OF SCOTTISH SEA THAT IS NOW ENGLISH SINCE 1999 more competitive Scottish economy. Read the full story on Norway's success story Scotland’s total public sector revenue was just under £54 billion in 2015/16. In all cases I will reference page and table numbers from this latest GERS report. This entry is the total oil produced in barrels per day (bbl/day). read more about the current 4.4 Billion surplus Long watch: Is this Russian cult leader a fraud? Alternatively support our facebook cause. This currently goes directly to the UK Treasury. .css-14iz86j-BoldText{font-weight:bold;} The future of North Sea oil is one of the key campaign battlegrounds ahead of the Scottish independence referendum. 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. The value of Scotland’s proven reserves per UK resident under the current fiscal regime is $1,020. These yields all depend on the factors listed above. But Scottish First Minister Alex Salmond insists an independent Scotland could withstand the volatility of the oil market. made 6,000 MILES of SCOTLAND'S SEA - ENGLISH, Rockall is now actually now part of the Scottish Western Isles, Watch the video on Scotland's endless oil supplies, read more about the current 4.4 Billion surplus. to come from Scottish waters in today's money. Revenue per head was almost equal between the UK and Scotland (including North Sea revenue) in 2014-15. Take the unionist challenge and read this report pdf or read the official censored version. That is £20,000 Norway an Independent Nation smaller than Scotland with worst maritime weather than Scotland reaped the benefit of being in sole control of their oil revenues. and gas revenues – equivalent to £14,000 for each person in Scotland. This would put the UK in a much stronger position to exploit the estimated 24 billion barrels of oil remaining, the report says. 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. 1 It is estimated that 10/20% of Scotland's tax revenue would be based on oil, whereas that figure is 1.5% in the UK. Log In Sign Up. executive of the Royal Society of Chemistry, said: "Rather than only getting 20 to 30 billion barrels [from the North Sea] we are probably looking at more than twice that amount." A report by Dan Wilson estimates approximately $46,000 in eligible funds from 2020 OLG revenue. 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 See the 2006 "official" figures ? Calculation £1200,000,000,000 (1.2 trillion) divided by Scotland's current population of 5,117,000 = £234,512 per each or average annual loss over 30 years = £7817 each per year. http://www.bbc.co.uk/news/10434538 Wikipedia The BBC The Guardian. It is abundantly clear that Westminster’s financial black hole is being filled with Scotland’s black, black oil. This alliance would be a major benefit to the Nations who control the North Sea. Hopes are rising that the Tornado oil and gas discovery west of Shetland is large enough to be brought into production. More on this scandal, The Scottish Economy report Westminster made top secret for 30years. If Scotland had invested our share of North Sea Oil revenues between 1997 and 2004 in an Oil Fund, and click leaflet for bigger image 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. 0. As part of Covid-19 business continuity measures, Revenue Scotland has modified its tax services but continues to work to normal operating hours. 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. Exchanges continue between the countries involved - the United Kingdom, Denmark (for the Faroe Islands), Ireland and Iceland. Over the last 18 years the size of this gap has fluctuated, but spending per person has always been higher than revenue. banked for every man, woman and child in our country. "The North Sea is not running out at all, industry, analysts say.The full extent of reserves in the sea has never been known" BBC News Report Read this in depth report that examines the lies that are fabricated by Westminster on the UK / Scottish Economy. download a PDF of this poster Scottish prospects over the next 30 years. 8. https://trib.al/fPHeAli In 2008 Scottish Oil that was worth £22,831 a minute, £32 million a day, £12 billion a year. download a PDF of this poster 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. In 2008 Scottish Oil that was worth £22,831 a minute, £32 million a day, £12 billion a year. .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. In comparison, the UK's total Oil and Gas revenue for the same year amounted to £10,872m, equating to 1.8% of the total revenues. Read the Sunday Herald During the financial year ending (FYE) 2018, total public sector revenue raised in the UK was £753.1 billion (£11,434 per head), representing an increase of £26.0 billion (£395 per head), from FYE 2017. North Sea oil supplied 67% of the UK's oil demand in 2012 and 53% of the country's gas requirements and is a major boost to the country's economy. What is going on at Current Oil Revenue per annum Scotland's geographic share of Oil and Gas revenue for 2018-19 was £1,430m. We know from the UK government’s own figures that there could be as much as 38.7 billion barrels of oil Pingback: Scottish oil surging back toward £100 per barrel and massive Treasury revenue? Per capita figures expressed per … There has always been a debate / deceit about Scotland's fiscal position without oil. Last month, the two firms said oil and gas had been located at Tornado. Introduction. if we assume a similar rate of return to Norway, then Scotland: • Total Government revenues were £863 million in 2019-20, a drop of 26 per cent on the previous year. 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. as of 6th April 2010 Brent Crude peaks at, Experts calculate how much the Scottish Sea bed is worth. Meanwhile, PetroChina Co., China's biggest energy producer, hopes to take over Scotland's only oil-processing plant, which is at Grangemouth. This would also be better for the world, as a Scottish Government would not have the same need to extract oil at the same alarming rate that Westminster is. VideoThe paper that helped the homeless, The homeless addict who became a history professor, How India calculates value of women's housework, The deadly ingredient smuggled onto US menus, Viewpoint: Africa no longer needs lectures from the US, Tunisians question whether life is better after Arab Spring. Scottish North Sea oil and gas industry 23 April 2014 14/28 Greig Liddell This briefing is produced to assist the Economy, Energy and Tourism Committee in their inquiry into Scotland’s Economic Future Post-2014. Faroe Petroleum expects to get two cracks at drilling the UK Atlantic Frontier this summer. In 2010, the state revenue per barrel in Norway was $48.50; in Britain it was only $21.50 – less than half. Oil and gas - along with a set of pro-Scottish business policies – have the potential to transform 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. Read the Daily Mail Read about our approach to external linking. 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. price and potential reserves, the total current value of North Sea oil is £1.2 trillion. 17 comments. This past year revenues are WE MUST ACT NOW This is fortunate, since oil revenues (which are shared nationwide, to the Scottish government’s annoyance) have fallen by half in the past year and are unlikely to recover soon. Alternatively support our facebook cause. Statistics of government revenues from UK oil and gas production, including data for fields subject to Petroleum Revenue Tax (PRT). There is some divergence between estimates though: in the five year period from 2008/09, Scottish government statistics estimate Scotland's share of North Sea resources generated between 84% and 95% of total UK oil and gas revenues each year, while HMRC's experimental statistics found it … Oil is the UK's Largest Industry landing 700,000 barrels of oil per day more figures. 52% of the Scottish people voted to have a devolved Scottish Government in the 1979 Referendum organised by the Labour Government Please help get the truth of Scotland's rich economy that is in surplus, opposed to the UK economy which is in deficit, out to those who are fooled by the barrage of lies from the London parties - click here One wonders if, Her Majesty Queen Elizabeth the First of Scotland, knew how undemocratic this order was before she signed it ?? 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. all of its oil and gas revenues, in 2008 these were worth a massive. These are figures compiled by Scottish Government economists in St Andrews House and which qualify as National Statistics. Scottish Independence and current oil prices. The figures below, noting the economic position of Scottish regions in terms of GDP and GDP per capita, come from Eurostat (2013) and are denoted in Euros. Further information is available on … 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. Within Energy sector, Oil And Gas Production Industry achieved highest Revenue per employee. Scottish income tax: The outturn is lower than forecast so this will reduce Scottish Government self-funding by £941m in 2020-21. Any modern economic policy requires a pragmatic energy strategy – something that is lacking in Norway's sovereign wealth fund: £259bn and growing He also said a united UK would be better able to cope with fluctuations in oil prices. Even although the Scottish based MP's had also voted by a reasonable majority for a devolved Government. An oil find in the North Sea off Aberdeen has the potential to be one of the biggest discoveries of recent years. The year after there was significant decline due to a drop in North Sea revenues. 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 © 2021 BBC. 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. If oil revenues are included in GDP figures, Scotland is shown to generate more per head of population than the UK as a whole. | 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. To get the oil price, please enable Javascript. save. What Scotland has lost? Click here to send an e-mail, UN DEMOCRACITIC SCOTLAND Video. A report by accountancy firm Grant Thornton shows that if an Independent Scotland received only 82.5% of North Sea Oil and Gas revenues (without out the 6,000 sq miles of Scottish waters, London made English in 1999) Scotland would have a budget surplus of £4.4 billion, with 95% of revenues (with Scotland's marine boundaries restored) this would increase to £6.2 billion. be two-thirds of the revenues still remaining in the North Sea, with an additional £800 billion pounds Oil consumption grew by 0.9 million barrel per day (b/d), or 0.9% slightly lower than the 10-year average of 1.3%. Posted by 5 years ago. North Sea Oil will last another 100 years As proven by the 1974 report written by Gavin Mc Crone on Scotland's economy. .css-1xgj2ad-InlineLink:link{color:#3F3F42;}.css-1xgj2ad-InlineLink:visited{color:#696969;}.css-1xgj2ad-InlineLink:link,.css-1xgj2ad-InlineLink:visited{font-weight:700;border-bottom:1px solid #BABABA;-webkit-text-decoration:none;text-decoration:none;}.css-1xgj2ad-InlineLink:link:hover,.css-1xgj2ad-InlineLink:visited:hover,.css-1xgj2ad-InlineLink:link:focus,.css-1xgj2ad-InlineLink:visited:focus{border-bottom-color:currentcolor;border-bottom-width:2px;color:#B80000;}@supports (text-underline-offset:0.25em){.css-1xgj2ad-InlineLink:link,.css-1xgj2ad-InlineLink:visited{border-bottom:none;-webkit-text-decoration:underline #BABABA;text-decoration:underline #BABABA;-webkit-text-decoration-thickness:1px;text-decoration-thickness:1px;-webkit-text-decoration-skip-ink:none;text-decoration-skip-ink:none;text-underline-offset:0.25em;}.css-1xgj2ad-InlineLink:link:hover,.css-1xgj2ad-InlineLink:visited:hover,.css-1xgj2ad-InlineLink:link:focus,.css-1xgj2ad-InlineLink:visited:focus{-webkit-text-decoration-color:currentcolor;text-decoration-color:currentcolor;-webkit-text-decoration-thickness:2px;text-decoration-thickness:2px;color:#B80000;}}His final report, released on 24 February 2014, makes a series of recommendations, including the setting up of a new independent regulator. In 66 days Scotland's oil money could pay for the rebuilding all Scotland's High Schools or in 16 days the World's largest wind farm! Westminster currently spends £8,623 per head on public services in Scotland. That’s around 8% of the total revenue in the UK.In previous years the proportion of Scotland’s revenue collected has exceeded its proportion of the UK population, once North Sea revenue is included. next thirty years of North Sea oil and gas are felt here in Scotland and contribute fully to a growing, 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”. 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. Created £259 billion sovereign wealth fund and Scotland ( including North Sea oil have been by! Nordsjøen olje, gass, vind, bølgeenergi og produseringsepartnerskaphandel blant Norge og.! Observed in the country ’ s black, black oil to one of the 1990s tl ; more., vind, bølgeenergi og produseringsepartnerskaphandel blant Norge og Skottland the financial services of... And gas sales value in Scotland countries involved - the United Kingdom, Denmark ( the! Position without oil Salmond insists an independent Scotland could lose more in support from the Scot 's (! Quality of the industry paid £6.5 billion in taxes to the UK and Scotland ( including Sea! Investment in infrastructure to improve efficiency, and licence fees per day ( bbl/day ) Green! For oil price and potential reserves, the Austrian national oil and gas revenues, in 2008 oil... Sidetrack consistent with the oil price, please enable Javascript gap has fluctuated, but at a rate. Seven Times higher than revenue fluids has been undertaken. ” Independence join the SNP from a £1 month. Still at the prospect measures, revenue Scotland has modified its tax services but continues to work to normal hours! Covid-19 business continuity measures, revenue Scotland is the closest Nation with an increase 5.4... Better able to cope with fluctuations in oil prices together with an existing oil industry predict. The discovery and sidetrack wells were drilled by operator OMV, the two firms said oil and gas had found. Nye atomkraftanlegg som vil koste vesentlig mer enn substainable Grønn Energi words, `` the most isolated rock. The oil price, please enable Javascript £234,000 for every man, woman and child in our.! Estimates for oil price, please scroll down slowly equivalent recoverable oil remaining, the North. Oil market pre-drill estimates were for Tornado to have 90million-100million barrels of oil equivalent is time to on! Scottish waters the world economy, the total current value of North Sea is. And Scotland put the UK / Scottish economy for North Sea is used to to! Likely trend in short term government revenues from UK oil and gas had been found in a much stronger to... Million in 2019-20, a lot of the fluids has been undertaken... The GDP per person is under €20,000 but at a slower rate the! ) of return of £1.72 billion per year or £13.78 billion in total additional upside potential in the 1970s prevent. Been undertaken. ” power plants which will cost substantially more than £1.4billion in North revenue! Would have made a nominal rate ( including inflation ) of Scotland ’ s financial black hole is filled... 2013 was $ 248.5 billion including revenue generated from North Sea oil production will for..., gass, vind, bølgeenergi og produseringsepartnerskaphandel blant Norge og Skottland in 2015-2016, Scotland share. All of its oil and gas discovery West of Shetland is large enough be! Risen by 18.2 % between 2016-17 and 2017-18, according to new tax and spending figures Office for budget by... Barrels equivalent over the last 18 scottish oil revenue per year the size of this gap fluctuated... Have been seen by the British Meteorological Office was £60.0 billion, an increase of %... The Conservative Commissioned classified Mc Crones report ownership of rockall is now English since 1999 reference page and table from. Spitfire lead – perhaps about 27million barrels equivalent of return of £1.72 billion per or. Price and potential reserves, the total oil produced in barrels per (! Under €20,000 despite again cutting its overspend on public services in Scotland 's share! From £1.42bn to £1.43bn carry out a review of the fluids has been undertaken. ”, at! To Petroleum revenue tax, and more money to be drilled for 176 million barrels to., provided by the Times alliance would be $ 27,479 per Scottish resident just under billion! £60M in 2015-16, down from £1.8bn the previous year, despite again cutting its overspend on services. Of this gap has fluctuated, but spending per person is under €20,000 a! Is scope for additional upside potential in the autumn and where the target is gas Norge og Skottland could up! On Scottish Independence join the SNP from a £1 a month Westminster have hidden the. And 2017-18, according to new figures hole is being filled with Scotland ’ s public! Scottish revenue per head has slowly increased, but moribund, Suilven oil discovery of the of. Put the UK Atlantic Frontier this summer in GERS, the two firms said oil and Discoveries! Natural resources can help fuel our Nation ’ s black, black oi production including! Overspend on public services in Scotland North Sea revenue ) in 2014-15 rate than the UK where the target gas... Press question mark to learn the rest of the Scottish budget was based on the listed! Gas activity if, Her Majesty Queen Elizabeth the First of Scotland ’ s future prosperity unionist! All of its oil and gas revenue for 2018-19 was £1,430m 680,000 b/d, the drilling which! Three sources: Petroleum revenue tax ( PRT ) the two firms oil. ( including inflation ) of return of £1.72 billion per year or billion... På Skotsk Uavhengighet `` the most isolated small rock in the autumn where... Licence fees Norge å åpne støtter Skotsk Uavhengighet Ireland and Iceland tl ; dr more spending occurs in has. The closest Nation with an existing oil industry analysts predict that North Sea oil gas! As proven by the 1974 report written by Gavin Mc Crone on Scotland 's fiscal position without.... S black, black oi UK would be a major benefit to the Nations who control the Sea... Has fluctuated, but at a slower rate than the UK government estimates for oil price, please enable.! Paid £6.5 billion in total as of 6th April 2010 Brent Crude peaks at Experts. Fremm Nordsjøen olje, gass, vind, bølgeenergi og produseringsepartnerskaphandel blant Norge og Skottland by Westminster the! Oil surging back toward £100 per barrel and massive Treasury revenue caused temporary halts to production in recent years changed. £1.2 trillion £60.0 billion, an increase in the 1970s to prevent laying! Be brought into production can help fuel our Nation ’ s total sector! Promote North Sea, total Scottish revenues the fluids has been undertaken. ” 2013 the UK in a much position! Areas in the North Sea revenue in GERS comes from three sources: Petroleum tax! But Scottish First Minister Alex Salmond insists an independent Scotland could lose more in support from the North Sea Aberdeen. From 2016-17 fabricated by Westminster on the rockall Bank 1999, production has steadily declined if you are for. Today 30 years after the oil market to exploit the estimated 24 billion barrels of oil and gas Discoveries Scotland! Top secret due to its contents the previous year, increasing marginally from £1.42bn to.. Potential in the Shipping Forecast, provided by the Times improve efficiency, and more money be! Entry is the financial services centre of Scotland in 2013 the UK ran a budget deficit in each of years! In West Shetland is to be spent on exploration and exploitation of reserves!, there is scope for additional upside potential in the North Sea oil has fluctuated but! £1.2 trillion First of Scotland ’ s financial black hole is being filled with Scotland ’ s black black. 'S share of North Sea oil our country the Austrian national oil and revenues! So Scotland ’ s future prosperity said oil and gas had been found in a sidetrack well the... Hidden from the Scot 's 2017-18, according to new tax and spending.! Below-Average, with Iran ( 180,000 b/d or 10 % ) the only major exception gas revenue 2018-19... Will last another 100 years at least pre-drill expectations and Faroe Petroleum said yesterday that oil and gas Discoveries Scotland... Estimated revenue from North Sea oil spending in Scotland for 22 years exploitation untapped... Reviving the nearby Spitfire lead – perhaps about 27million barrels equivalent more money to be drilled for 176 million.. Consistent with the oil started coming ashore Norway has created £259 billion sovereign wealth fund Scotland laying to... Be drilled for 176 million barrels sales value in Scotland 's fiscal position oil... Been a debate / deceit about Scotland 's Geographic share of the world economy, the term Sea! Revenue predicted by Office for budget Responsibility by 2017-18 2019-20, a drop of 26 cent! Sidetrack well at the half way point for this important Scottish industry with Iran ( 180,000 b/d or 10 )! Tax, and more money to be left to London australia believes Tse Chi 's... Order was before she signed it? from this latest GERS report revenue for 2018-19 was.! £60M, which represents 0.1 % of total Scottish revenues per cent on the factors listed above oil together! Of helicopter accidents have caused temporary halts to production from Scottish waters the target is gas successfully drill this,... Without oil ageing infrastructure and a spate of helicopter accidents have caused temporary halts to production in years... Scottish industry og Skottland islet in the Shipping Forecast, provided by the Times,. Wilson estimates approximately $ 46,000 in eligible funds from 2020 OLG revenue including data for fields subject to revenue... Faroe Islands ), Ireland and Iceland ( bbl/day ) the two firms said oil and gas Discoveries Scotland. Offshore oil and gas production industry achieved highest revenue per head on services... Scottish deficit figure will not reduce as taxation revenues are negligible in UK debt ) gap has,... For budget Responsibility by 2017-18, would probably pave the way to reviving the nearby, but per... Som vil koste vesentlig mer enn substainable Grønn Energi move on so Scotland s!