Can oil and gas fuel an independent Scotland's economy?

17 January 2007 | 05:29 Code : 12436 Geoscience events
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North Sea oil production peaked in 1999 and gas production in 2001. Both....
  • Could reserves of North Sea oil support an independent Scotland? SNP case rests upon 'oil fund' similar to that operational in Norway Necessity for boundaries to be drawn could cause problems
"North Sea oil production peaked in 1999 and gas production in 2001. Both are currently declining by about 10 per cent per year and there is little chance of that trend being reversed. New fields continue to be discovered and developed, but are much smaller." - TONY MACKAY, OIL EXPERTIT WAS the soundbite that defined a political epoch. "It's Scotland's oil" was a powerful and potent political slogan that gave the organisation that coined it, the Scottish National Party, a powerful weapon in the battle for independence.

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