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Salmond: our vision for oil and gas in Scotland

11/06/2014 by


Mr Salmond will speak at the inaugural annual Oil & Gas UK Conference in Aberdeen, which is expected to attract some 500 delegates from the oil industry.

He is expected to say: “Today, I want to show how an independent Scotland – with specialised civil servants, with the appropriate expertise, based here in Aberdeen to work on oil and gas – will manage our remaining oil and gas reserves more effectively.

“And I want to highlight four things – tax stability, understanding of the industry, an improved industrial base, and an oil fund – which will be developed after independence, and which will bring lasting benefits: not just for industry, but also for the people of Scotland.”

The importance of oil to an independent Scotland has been brought into sharp focus in recent months after plummeting oil revenues contributed to a reversal in Scotland’s economic fortunes relative to the UK.

An unplanned stoppage in the Elgin oil field and the oil industry’s shift from revenue-gathering towards investment was cited as the cause of a sharp drop in oil revenues, which pushed Scotland’s deficit above the UK’s for the first time in recent years.

The Scottish Government hopes to invest Scotland’s oil wealth for the future with a Norway-style oil fund, backed by a stabilisation fund to ensure peaks and troughs in oil revenues do not upset the Scottish Budget.

But opposition parties say Scotland will need every penny of Scotland’s oil revenues to fund public services, and say it’s impossible to spend and save at the same time.

The Oil & Gas UK Conference will hear from Holyrood and Westminster ministers, regulators, industry leaders and specialists on topics ranging from commercial issues and access to finance to data management, energy policy, environment, exploration, legal, operations, safety and skills and employment.

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