The Secret Figures Behind North Sea Oil


What’s missing from the oil debate around Scotland’s referendum?

The dominant voices on both sides of the #indyref debate have focused on total reserves left on the UK Continental Shelf, and on the potential for an oil fund. But the debate has shied away from asking in whose interest oil should be governed, and whether the priority should be to maximise extraction, or to maximise revenues. This research plugs the gap.

All the large parties take the existing fiscal regime for granted. However, by comparing with Norway’s model, we show that Britain has missed out on £10 billion in oil revenues a year.

INFOGRAPHIC SCOTLAND_final

Platform is not taking a position on the referendum on September 18, but believes in a full debate around the issues.

We will be uploading the calculations and sources very soon. If you have any questions, please contact [email protected]

 
Platform’s research, compiled into a simple infographic, shows that

If Scotland gains full control over its energy resources, whether through independence or devolution-max +energy, it could follow the Norwegian model, rather than replicating the UK fiscal regime.
* Norway is a comparable oil province to the UK Continental Shelf.
* The UK does not have higher costs; investment in Norwegian offshore drilling has been consistently higher than in the UK.
* Norway’s fiscal regime is not a deterrent to investment. According to the Norwegian Ministry of Petroleum, it is “designed to be neutral, so that an investment project that is profitable before tax will also be profitable after tax.”

 

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