Scotland’s oil industry ‘will thrive with independence’

Scotland’s oil and gas industry will “prosper and thrive with fiscal and regulatory stability” if the nation is independent, Energy Minister Fergus Ewing said. The Scottish Government would enhance the […]

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By Priyanka Shrestha

Scotland’s oil and gas industry will “prosper and thrive with fiscal and regulatory stability” if the nation is independent, Energy Minister Fergus Ewing said.

The Scottish Government would enhance the existing tax regime in a bid to maximise oil and gas recovery and increase North Sea development, “something UK Governments have failed to commit to”, he added.

Mr Ewing said: “Unlike successive Westminster governments, the Scottish Government recognises that an independent Scotland should provide industry with the necessary fiscal and regulatory stability and predictability for it to innovate and thrive in a globally competitive environment.

“Scotland has been blessed with unrivalled natural resources, and our oil and gas reserves are a premium advantage. The wealth it brings, if properly managed, can make a real difference to the people of Scotland, with all communities around the country benefitting from them.”

Last week the Energy Minister also accused the UK Government of being “hell-bent on ploughing billions” into nuclear power stations but restricting support for renewable energy.

The North Sea has an estimated 24 billion barrels of recoverable oil and gas, with a potential wholesale value of up to £1.5 trillion, according to the Scottish Government.