Oil

Scotland's Oil
North Sea Oil

What I have discovered is that Norway, like Scotland discovered oil offshore at roughly the same time - in the 70s ? But Norway invested the profits into an "Oil Fund" which now holds a wealth of shares in other companies.  What happened in the UK ? Well the money was spent !
I also believe that it lead to the loss of a great deal of our industry over those years. The pound was high as people wanted to buy a currency from this oil rich country. But that made our exports relatively expensive compared to other country's exports. So we lost many very technical manufacturers - of turbines, cars, etc etc and much manufacturing went abroad.

So what will happen to the oil ?

New discoveries have been made which will extend the life of North Sea Oil and discoveries have been made off Shetland.

But which companies have invested. The profits probably go to these companies, with only taxes coming to the UK at present. These would come to Scotland if it was Independent.

I have since discovered that the Companies are just licensed to harvest the oil, and these licenses must be renewed every seven years. And they pay quite a bit I believe for the licenses.

The oil revenues were also less than expected for the year 2013-2014 but apparently this is because if companies invest in new oil fields or technology then this can be off-set against their taxes....so no reason to suppose this wont also continue unless the taxation system changes....

And of course how will the future appear for oil - will people move to more green technologies and avoid the greenhouse gas contributing use of hydrocarbon oils...

Comment from Ian Taylor - an expert in the "oil field" !! http://bettertogether.net/blog/entry/why-im-supporting-better-together

Norway's Oil Fund - http://www.bbc.co.uk/news/business-28882312

Ian Wood - oil expert and reactions to his statements -
http://www.theguardian.com/business/2014/aug/21/questions-value-scotland-north-sea-oil-highlighted
http://newsnetscotland.com/index.php/scottish-news/9642-bbc-ends-sir-ian-wood-oil-challenge-blackout-following-newsnet-scotland-complaint

OIL _ THE BOUNDARY CHANGE - THE NIGHT BEFORE THE SCOTTISH PARLIAMENT WAS SET UP !! https://www.facebook.com/video.php?v=452434838230749&set=vb.433992340074999&type=2&theater

Discussion over changes needed / job losses / investing for future to extract all the oil etc.
http://news.stv.tv/north/294039-north-sea-oil-and-gas-industry-must-take-action-over-high-costs/