Feb. 24
The equivalent of more than 40 billion barrels of oil have already been produced from the UK Continental Shelf, but production is declining
The equivalent of more than 40 billion barrels of oil have already been produced from the UK Continental Shelf, but production is declining
The Scottish and UK governments have set out competing visions for the future of North Sea oil and gas.
Scottish First Minister Alex Salmond called for a Norwegian-style approach, under independence.
Prime Minister David Cameron said reserves could be better managed with Scotland as part of the Union.
Both the Scottish and UK government cabinets are meeting separately in the Aberdeen area, to argue the case for their proposals.
The two events came as Westminster ministers said they would fast-track plans to get the most out of remaining UK offshore oil and gas, in the wake of an industry review which included calls to set up a new regulator.
The future of North Sea oil and gas has been a major campaign battleground ahead of the 18 September Scottish independence referendum.
Mr Salmond has outlined plans to earmark about a tenth of oil and gas tax revenues - about £1bn a year - for an oil fund similar to the one operated in Norway.
This, he said, could create a £30bn sovereign wealth pot over a generation.
The first minister, who held a meeting of his cabinet in Portlethen, welcomed the prospect of a new regulator for the oil industry, but rejected Prime Minister David Cameron's claim that the "broad shoulders" of the UK could better support the North Sea oil and gas industry.
He said an independent Scotland would "run oil and gas a great deal better" than Westminster had, and said Scotland needed "the Norwegian approach to things as opposed to the Westminster approach".
Sourse: http://www.bbc.co.uk/news/uk-scotland-scotland-politics-26314009
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