Is the UK North Sea Oil Sector its Last Legs?
During the 2014 Scottish Independence campaign it certainly seemed that North Sea oil was at the end of its useful life. We kept being told that independence would be a disaster for Scotland. We’d be bankrupt, not least because the oil was about to run out.
The Scottish Government White Paper on Independence used the oil industry’s own estimates of 24billion barrels of still recoverable resources. Then Sir Ian Woods intervened in the debate saying 15-18 billion barrels was more likely and that by 2050 an independent Scotland wouldn’t have any oil revenue income. (Ref: BBC, Aug 2014). Sir Ian doesn’t support Scottish Independence. That doesn’t mean he was being biassed in his estimate but his opinion was given a great deal of weight by the Unionist-supporting media (ie nearly all of the UK media) and less was given to the oil industry’s opinion.