Search results “Revenues from north sea oil”
North Sea oil revenues plummet as public spending deficit grows
Scotland is facing falling revenues and a growing public spending deficit, according to new Government Expenditure and Revenue Scotland figures.
Views: 115 STV News
North Sea oil revenues plummet as public spending deficit grows
Scotland is facing falling revenues and a growing public spending deficit, according to new figures. Government Expenditure and Revenue Scotland (Gers), an annual report detailing Scotland's public finances, was published on Wednesday morning. The Scottish Government statistics cover the 2012/13 financial year and offer comparisons of Scotland's fiscal health with that of the UK.
Views: 239 STV News
Why The UK Lost Its Oil Wealth (And Why Norway Didn't)
The first 500 people to use this link will get a 2-month free trial of Skillshare: http://skl.sh/businesscasual10 Use it to watch my new class on how the stock market works: http://skl.sh/investing101 Support me on Patreon to get early access to my future videos: https://www.patreon.com/business_casual Join me at BC's subreddit and on social media: Reddit: https://reddit.com/r/businesscasual Facebook: https://www.facebook.com/business.casual.yt Twitter: https://twitter.com/BusinessCasual0 53rd video of the Behind the Business Series. #uk #norway #oil Under the kind patronage of Nagabhushanam Peddi, James Gallagher & Brett Gmoser.
Views: 528742 Business Casual
Scotland's North Sea Revenues Collapse By 97%
The Scottish government's revenues from North Sea oil and gas collapsed by 97% to just £60m in the last financial year, according to new figures that have been seized on by pro-union politicians. Receipts from the industry collapsed from a level of £1.8bn in 2014/15, according to the Government Expenditure and Revenue Scotland (GERS) data, amid a dive in the oil price. It is a far cry from 2008/9 when Scotland's share of North Sea revenues peaked at £11.6bn. The latest figures showed that Scotland's fiscal deficit - the gap between spending and borrowing - rose from £14.3bn to £14.8bn. That represents 9.5% of Scottish gross domestic product (GDP) and compares to a UK deficit of £75.3bn which represents 4% of its GDP. UK-wide figures published earlier this year showed that oil and gas revenues had collapsed to a record low for 2015/16. Scotland's share accounts for more than three-quarters of those receipts.
Views: 112 Royal Family News
North Sea hit by fall in oil price  | FT Business
► Subscribe to the Financial Times on YouTube: http://bit.ly/FTimeSubs Premier Oil chief executive Tony Durrant speaks to the FT's Kiran Stacey about the collapse in the price of oil, how it has affected the company's business and the prospects for oil production from the UK's North Sea. For more video content from the Financial Times, visit http://www.FT.com/video Twitter https://twitter.com/ftvideo Facebook https://www.facebook.com/financialtimes
Views: 2457 Financial Times
Britain plays North Sea oil card to persuade Scots to remain within UK
As the pro-independence campaign heats up in Scotland, the British government seeks to persuade the Scots to remain part of the UK. London says it can enact sweeping measures to make it easier to extract oil and gas in the North Sea. Prime Minister David Cameron says Britain's unity has enabled it to maximize the benefits of Scotland's North Sea oil and gas. The announcement comes as a new poll shows support for Scottish independence has picked up in recent weeks. The British government earlier said Scottish independence would harm national security, AND pledged to support investment in the oil industry. It said the move would safeguard jobs and investment in the Scottish community. But Scotland's first minister Alex Salmond said Britain swallowed up North Sea oil revenues for 40 years instead of investing them in an oil fund.
Views: 117 PressTV
Norway's Oil Minister discusses oil taxes, revenue and cost sharing for oil production
Norwegian Minister of Petroleum and Energy, Ola Borten Moe, explains how Norway taxes the oil producers operating on their continental shelf. Moe talks about Norway's high taxes on oil companies, expense deductions, fiscal certainty and more. Moe was speaking at a Northrim Bank Oil and Gas Speaker Series event in November 2011 in Anchorage presented by the Alaska World Affairs Council.
Views: 422 Alaskanomics
Coping with cheap oil: Gulf countries cut spending as oil revenue drops
Subscribe to France 24 now : http://f24.my/youtubeEN FRANCE 24 live news stream: all the latest news 24/7 http://f24.my/YTliveEN Saudi Arabia has unveiled an ambitious plan that begins to wean the country off oil money, this through new taxes and selling a small stake in the state-owned oil firm Aramco. The price of oil is still less than half of what it was 18 months ago - and difficult decisions are being made in many Gulf countries that are facing budget shortfalls. Also in this programme: Alexandre de Juniac is stepping down as Chief Executive of Air France-KLM in August. He's led the carrier through painful cost-cutting and oversaw a return to profit in 2015. What challenges will the new boss of the airline group face?   Plus, cashing out in Sweden - we look at how the Scandinavian country is moving closer to a future without notes and coins.  Visit our website : http://www.france24.com Subscribe to our YouTube channel : http://f24.my/youtubeEN Like us on Facebook : https://www.facebook.com/FRANCE24.English Follow us on Twitter : https://twitter.com/France24_en
Views: 489 FRANCE 24 English
Voice and effects Global oil prices and regional instability are damaging Moscow's hopes that Caspian Sea oil pipeline revenues may help its crippled economy. Russia's already weak economy has been hit more than most by the global financial crisis. Millions of angry workers are now taking part in nationwide protests against unpaid wages, job losses and soaring inflation. VOICE-OVER: Baku - the capital of Azerbaijan - and the fulcrum of the next great oil boom - or bust. Estimates of the Caspian Sea region's oil reserves range from 50 billion barrels to two hundred billion. That's a lot of black gold. Everybody wants a piece of the action. In fact, the Caspian Sea region's oil rush has been nicknamed the new "Great Game" - the term coined for the 19th-century rivalry in Central Asia between imperial powers Russia and Great Britain. Extracting the oil is the easy part. The rub is getting it to market. The old Soviet pipeline travels north through Russia. It carries 70-thousand barrels a day to a Black Sea port. Oil revenues are a lifeline for the ailing Russian economy. But, already under construction is a so-called Western pipeline that will run to the Georgian Black Sea port of Supsa. And in the pipeline, so to speak, is a new super pipeline. Its route hasn't been decided yet. But we'll know soon, by the end of October. It'll be one of the important decisions taken this century. It has huge implications for the balance of power - and wealth - in central Asia. Russia, needless to say, wants the super pipeline to run north. Iran wants it go south. The U-S and Turkey want it to go West. The route is likely to determine the winner of the new Great Game. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/d2680f36314bb2608fdddb91a45fa15c Find out more about AP Archive: http://www.aparchive.com/HowWeWork
Views: 944 AP Archive
Retiring the North Sea’s giant oilfields | Lex
► Subscribe to the Financial Times on YouTube: http://bit.ly/FTimeSubs The low oil price is driving cut backs to production in the North Sea. Lex's Rochelle Toplensky and Alan Livsey discuss the impact of the decommissioning of unproductive wells. ► Lex: http://bit.ly/1I14JZF ► FT Business: http://bit.ly/1KUK08s For more video content from the Financial Times, visit http://www.FT.com/video Twitter https://twitter.com/ftvideo Facebook https://www.facebook.com/financialtimes
Views: 1053 Financial Times
Norwegian Oil Fund vs Westminster Idiocy - Newsnight Scotland 25/10/10
In 1990 Norway - a hydrocarbon-rich, small, independent European country - decided to start saving the proceeds from oil revenue in a sovereign wealth fund. Today that fund owns 1% of all shares on all global stock markets, and is worth $512 BILLION, forecast to rise to $765 BILLION by 2014. The current political debate in Norway is about what percentage of the fund returns should be spent in the short to medium term without overheating the economy. Meanwhile, Westminster spent our oil and gas revenues on Trident, war crimes, PFI payments, crooked bankers, plus the usual corruption, and now debates how much to slash and burn public spending. If you're still wondering about the relevance of this to Scotland, ask a grown-up.
Views: 20917 baronsarwarofgovan
Scottish Oil | Scotland | Shetland Isle | TV Eye | 1983
TV EYE reports from the Shetland Islands - centre of the North Sea oil boom, host to the biggest oil terminal in- Europe, and home to 22,000 islanders for whom the money from the oil, the revenue from building facilities on the islands, is now running out - Peter Gill Reports First shown: 30/06/1983 If you would like to license a clip from this video please e mail: [email protected] Quote: VT29185
Views: 3140 ThamesTv
Scottish Parliament News Roundup: 26th March 2014: Oil Revenue/Edinburgh Trams/Disabled Parking
Future North Sea Oil revenue disputed; Government rules out more money for Edinburgh Trams; 'Enforcement' crucial to tackle misuse of disabled Blue Badges.
Inforendum Part 6 -  Independence Referendum:  North Sea Oil & Gas
The North Sea is a significant source of wealth in Scotland's economy and of revenue to the public finances. This video illustrates the importance of the North Sea with information on the current picture and how this is forecast to change as the oil reserves decline over the coming decades.
Views: 412 Inforendum
Scottish people being misled over oil and gas reserves
Oil and gas industry expert Sir Ian Wood accuses Scottish nationalists of using overly optimistic figures on North Sea oil reserves which he dismissed as "highly speculative or even fantasy" Get the latest headlines http://www.telegraph.co.uk/ Subscribe to The Telegraph http://www.youtube.com/subscription_center?add_user=telegraphtv Like us on Facebook http://www.facebook.com/telegraph.co.uk Follow us on Twitter https://twitter.com/telegraph Follow us on Google+ https://plus.google.com/102891355072777008500/ Telegraph.co.uk and YouTube.com/TelegraphTV are websites of The Daily Telegraph, the UK's best-selling quality daily newspaper providing news and analysis on UK and world events, business, sport, lifestyle and culture.
Views: 1215 The Telegraph
North Sea oil and gas policy would be more stable under an independent Scotland
Amid a surge in public support for independence, Scotland's First Minister Alex Salmond says the North Sea oil industry will be more stable under an independent nation. Salmond made the remarks as the UK and Scottish cabinets are holding separate meetings to discuss the future of the North Sea oil industry. As the debate intensifies on Scottish independence, London is now promising to boost Scotland's energy sector. On Sunday, Prime Minister David Cameron said that the oil and gas industries would be best served by Scotland remaining in the UK. But, the Scottish leader says independence would bring enormous benefits to the sector. Earlier, Salmond also accused Britain of swallowing up North Sea oil revenues for decades instead of investing them in an oil fund.
Views: 36 PressTV
Scotland's Referendum 2014 - North Sea oil and gas
First Minister Alex Salmond told reporters Scotland has been "short-changed" for decades and will only get its fair share of oil revenues post-independence.
Views: 135 Grant Yes Vote
North Sea oil services star hails upturn in business
North Sea oil services star hails upturn in business OIL services entrepreneur Mike Loggie has hailed signs the market is recovering after three grim years although his Saltire Energy business suffered a 25 per cent fall in revenues in the latest period...
Views: 1 BEST NEWS
Max Keiser   Scottish North Sea Oil Saved Margaret Thatcher
Scotland oil but England benefits ? Scotland the 6,000 square miles of Scotland`s terrestrial border which was illegally annex by the UK Government on the 13 April 1999, "The Scottish Adjacent Waters Boundaries Order 1999".
Views: 58 Rab Bruce
Gavin McCrone - North Sea Oil and the Economics of Scottish Independence
A Lords Committee in the UK Houses of Parliament takes evidence from Professor Gavin McCrone on the economic results of Scottish independence. He states that Scotland's GDP would increase by around 20% if the North Sea Oil from Scottish territorial waters was counted as Scottish revenue.
Views: 1141 RigInterGrater
The future of oil and gas revenues in an independent Scotland
#askYes with John Swinney on August 21st 2014
Scottish independence: The complication of separation | The Economist
As Scottish thoughts turn towards a referendum on leaving the United Kingdom, we look at some of the issues requiring resolution before the people vote. Quarrels over oil revenues, defence and currency will not be settled quickly. Subscribe NOW to The Economist: http://econ.st/1Fsu2Vj For over 300 years Scotland and England have been joined in political union as part of a United Kingdom. Ever since, a campaign for independence has aroused support among Scots. Now that Union is under threat. In 2014, 700 years after Robert the Bruce's victory over the English at the Battle of Bannockburn, Scots may be asked in a referendum whether they want to quit the United Kingdom for good. Scotland already regained a number of powers from Westminster when the country was granted devolution in 1998 and the Parliament at Holyrood was restored the following year. But the Scottish National Party, or SNP, doesn't think this goes far enough. In May 2011, confounding expectations, the party gained the majority of seats in Parliament for the first time. In January 2012 Alex Salmond, the SNP leader and Scotland's first minister, announced plans for the referendum. Much is at stake. If Scotland were to opt for independence, the departure would be extremely disruptive - particularly at a time of economic insecurity. The division of oil revenues, military resources, as well as the question of what currency would be used, are just some of the issues that would need to be resolved. The SNP argue that Scotland would be financially better off going it alone, but would it? Scottish lawmakers already enjoy far greater control over many areas of public spending. Over time this has led to an increase in disparity in the provision of services on each side of the border. Some of these differences have attracted controversy. Scots study at Scottish universities for free. South-of-the-border, students now expect to pay tuition fees of up to £9,000 a year. The contrast is particularly stark when it comes to health policy. Scots enjoy free prescriptions on the NHS; their English neighbours pay £7.40 for theirs. Scotland, Wales, and Northern Ireland are allocated proportionally generous sums of money for public services by the Treasury in London. In 2009 to 2010, for example, if we were to notionally set the UK's average spending per person at 100%, Scotland's share was 113% with England lagging behind at 97% this translates as £9,940 being allocated to the average Scot with only £8,531 being allocated to his English cousin. On this basis, with a population of 5.2 million, Scotland would have faced an immediate and hefty shortfall of nearly six billion pounds were it to leave the Union. But the SNP say they have the answer. They've long argued that an independent settlement should grant Scotland at least a 90% share of revenues from the lucrative North Sea oil fields. Their supporters hope this potential oil fund could provide the bedrock for an independent Scottish economy and continue to subsidize public spending on things like university tuition and health care. But North Sea oil revenues have proved highly volatile. In 2008 to 2009, oil revenues from the North Sea contributed £12.9 billion to the United Kingdom's coffers. The largest sum in decades. But even if most of this had been Scotland's to keep the country would still have posted a four billion pound budget deficit. Fast-forward 12 months however and the picture looks even worse. A crash in the price of oil meant North Sea revenues were down by roughly half - leaving Scotland with a 14 billion pound shortfall and reserves are dwindling. The Office for Budget Responsibility expects the number of barrels produced to decline from two million a day in 2012, to just half a million in 2040. But should a majority of Scots vote YES for independence, quarrels over oil would be one of many points of contention. Defense would prove a particularly thorny issue. Would Scotland share the cost of Britain's armed forces, create an army of its own, or rely on the protection of England and Wales? Currency would be no less of a headache. Alex Salmond wants an independent Scotland to join the European Union but the EU expects new member states to sign up to the single currency - an option that becomes less and less attractive with every passing month. Despite a healthy majority in the Scottish Parliament, and record results in opinion polls, support for the SNP hasn't always translated into equal enthusiasm for independence. Get more The Economist Follow us: https://twitter.com/TheEconomist Like us: https://www.facebook.com/TheEconomist View photos: https://instagram.com/theeconomist/
Views: 56806 The Economist
Budget 2015: North Sea incentives will benefit oil explorers longer term
Paul Smith, a partner at chartered accountants Blick Rothenberg, explains how the oil explorers will benefit from the tax breaks unveiled by Chancellor George Osborne in the Budget – but only in the longer term. The new 'investment allowance' will allow early stage spending to be offset in the future once projects begin generating revenues. Osborne today promised £1.3bn worth of support for the North Sea via tax cut on production revenues, as well as relief on supplementary charges and tax allowances for oil companies.
Sturgeon's independence dream SHATTERED as plunging oil revenues leave £15bn black hole
The annual Government Expenditure and Revenue Scotland (GERS) statistics show tax revenues from the North Sea plummeted by a staggering 97 per cent last year to just £60 million. Scotland's deficit was also more than double the rate for the UK - making it higher than any of the EU's current 28 members. Scots generated less tax revenue than the UK average for the second year running, heaping pressure on the First Minister's economic case for separation. With a widening gap between public spending and cash raised the "Union dividend" of being part of Great Britain is now worth £1,600 to every man, woman and child, totalling around £8.6billion. The findings came as the SNP leader reached 100 days since formally being returned to office in May.
Views: 179 Royal Family News
North Sea oil and gas policy would be more stable under an independent Scotland
Amid a surge in public support for independence, Scotland's First Minister Alex Salmond says the North Sea oil industry will be more stable under an independent nation. Salmond made the remarks as the UK and Scottish cabinets are holding separate meetings to discuss the future of the North Sea oil industry. As the debate intensifies on Scottish independence, London is now promising to boost Scotland's energy sector. On Sunday, Prime Minister David Cameron said that the oil and gas industries would be best served by Scotland remaining in the UK. But, the Scottish leader says independence would bring enormous benefits to the sector. Earlier, Salmond also accused Britain of swallowing up North Sea oil revenues for decades instead of investing them in an oil fund.
Views: 88 PressTV
Peak Oil:   Scottish oil Revenues the terrible truth!
Originally Published on Sep 6, 2014 A consideration of the likely trend in short term Government Revenues from oil and gas production attributable to production from Scottish waters. Note that this does not deal with the possible production from deeper/undiscovered fields or from enhanced recovery techniques including offshore fracking, since these would (a) take some time and (b) currently would require a sustained period of much higher oil prices which is not my short/medium term prediction
Views: 548 Hydrocarbonman147
1987 - former Labour Chancellor Dennis Healy lies on BBC about Scotland's oil
1974: the McCrone report was a Top Secret UK Government dossier on the economic viability of an independent Scotland with oil, recently discovered off Scotland. The UK Government denied the existence of the report until a Freedom of Information request by SNP in 2005. The report stated Scotland would be “as rich as Switzerland” & have one of the strongest currencies in the world. http://www.oilofscotland.org/mccrone_oil_reports.html 1976: Asked at a Washington press conference why the UK didn’t give Scotland its independence, Anthony Crosland, Foreign Secretary in Harold Wilson’s Labour Government, murmured in answer ‘Because they have a lot of oil.’ (From: Fool’s gold: the story of North Sea Oil by Christopher Harvie. Hamish Hamilton, 1994. P.184.) 1987: Former Labour Chancellor Dennis Healy (in the video clip) denies the economic viability of Scotland suggesting the oil has run out. That same year a then junior Labour politician, Tony Blair, admits in an article published in the London Review of Books on the 29th of October that then PM Margaret Thatcher had benefited from £70bn (£195bn in 2018 terms) of oil revenue in the previous 8 years. This was the reason for the Thatcher boom & why she had been able to deindustrialise large parts of the UK, including Scotland, fund mass unemployment & break the Labour Unions. 2013: former Labour Chancellor, Denis Healey, admits in the Sunday Post newspaper on May 19th that the UK Government played down the value of Scotland’s oil reserves because of the threat of Scottish independence. He added that tax receipts from oil was the biggest factor behind Westminster opposition to devolution in 1979 & to opposition to independence in 2014. He also claimed the Westminster parties are “worried stiff” about Scots voting Yes in 2014 because of the valuable income from the North Sea. 2014: oil industry executive Ian Wood (later ennobled by the then Tory government) claims the oil is running out amidst rumours that recent oil discoveries are being hushed up, this message was hammered home by the No campaign, the overwhelmingly anti-independence media and the Labour, Tory & LibDem Westminster Parties. 2018: after massive new discoveries of oil reserves in the North Sea, making Scotland more oil rich than Norway, the Tory & Brexit supporting Telegraph newspaper on the 8th November publishes an article by oil executive Andy Critchlow stating that oil remains one of the UKs most reliable money spinners and sources of hard foreign currency export revenues. He continues by asking readers to consider what the UK would be like without the 44bn barrels of oil pumped from the North Sea in the last 40 years stating that this is a massive bargaining chip with the EU who otherwise would be much more reliant on Russian oil. He ends by arguing that North Sea oil will give post-Brexit UK the cash generating power to defend its economy and the leverage to build new trading relationships overseas. What can we conclude? 1. The UK government has consistently lied about the value of Scottish oil since its discovery. 2. They have consistently lied about the longevity and sustainability of the industry. 3. They have consistently opposed devolution (initially) and independence (latterly) because they fear loosing control of oil revenues. 4. The UK economy has been saved & propped up by oil revenues. 5. The UK government unlike Norway has not invested these revenues, it has spent them on UK priorities not benefitting Scotland or even most working people across the UK. 6. Never trust a word the UK Government, UK political parties (Labour, Tory, LibDem) or the majority of the media (unless it suits an agenda e.g. Brexit) say about oil revenues or Scotland’s wealth.
Views: 48 Scot 4Indy
Nigeria: Possible tax policy overhaul to offset fall from oil revenue
The government of Nigeria could soon overhaul its tax policy to offset drastic fall from oil revenue. A committee tasked to review the country's tax policy has just handed its recommendations to the finance ministry. CCTV's Kelechi Emekalam has more from Abuja.
Views: 245 CGTN Africa
Scottish Oil Revenues and SNP and OBR Delusions
A consideration of the likely trend in short term Government Revenues from oil and gas production attributable to production from Scottish waters. Note that this does not deal with the possible production from deeper/undiscovered fields or from enhanced recovery techniques including offshore fracking, since these would (a) take some time and (b) currently would require a sustained period of much higher oil prices which is not my short/medium term prediction https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/323371/140620_UK_oil_and_gas_tables_for_publication_in_June_2014.pdf HMRC Stats Govt Revs see T.11.11 Government Reven ues from UK Oil and Gas p7 and see Chart C2 UK Oil and Gas production, sterling oil price and total expenditure 2000=100 p8 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/251931/UKCS_Income_and_Expenditure_including_annual_estimates_to_2012.pdf http://articles.philly.com/2013-12-16/business/45219455_1_marcellus-shale-gas-production-terry-engelder http://www.forbes.com/sites/jessecolombo/2014/06/09/9-reasons-why-oil-prices-may-be-headed-for-a-bust/
Views: 453 Andrew Bell
Oil fund could create 'stable revenue' for independent Scotland
Money could start being put into an oil fund within a year of independence, according to the Fiscal Commission Working Group.
Views: 73 STV News
Sub for more: http://nnn.is/the_new_media | Daesh profits from the illegal oil trade have dropped by 30 percent as a result of the US-led coalition airstrike campaign dubbed Tidal Wave II, Operation Inherent Resolve spokesperson Col. Steven Warren told reporters on Wednesday. See the report here: https://youtu.be/awjbXrDYuNg Read more: http://sputniknews.com/middleeast/20160106/1032767608/daesh-oil-pentagon.html Chip in $5/mo: http://nnn.is/monthly-gift-5 Give once: http://nnn.is/one-time-gift Give BTC: http://nnn.is/donate-bitcoin Limited gear: http://nnn.is/get-your-gear-here Gold buyer's strategy: http://nnn.is/free-gold-secret Teach Your Child About Liberty and the Proper Role of Government: http://nnn.is/1HvxU37 Watch us on Tiger Steam! http://nnn.is/GET-TIGER --- $50 off promocode: BUYTIGERSTREAM Cast your vote in the Selection 2016 Poll: http://nextnewsnetwork.com/election-2016-poll/ Facebook/Twitter/Site: http://Facebook.com/NextNewsNet http://Twitter.com/NextNewsNet http://NextNewsNetwork.com Hashtag: #N3 Community Guidelines Disclaimer: The points of view and purpose of this video is not to bully or harass anybody, but rather share that opinion and thoughts with other like-minded individuals curious about the subject to encourage conversation and awareness.
Views: 3509 The Next News Network
First Minister on Scotland's finances
Scotland has been in a relatively stronger fiscal position than the UK over the five years to 2012-13 as a whole by the value of £8.3 billion - or £1,600 per person - according to new statistics published today. The 2012-13 Government Expenditure and Revenue Scotland (GERS) report, which estimates levels of tax and spending in Scotland, demonstrates that, including a geographical share of North Sea oil and gas, tax revenues in Scotland were £800 higher per head compared to the UK in 2012-13. The GERS figures show that, even with a drop in oil revenues caused in part by record tax deductible £14 billion investment spending by oil companies and unplanned production stoppages, Scotland's current budget balance in 2012-13, at 5.9 per cent of GDP (£8.6 billion), was almost identical to the United Kingdom current budget balance of 5.8 per cent (£91.9 billion).
Views: 2856 Scottish Government
Scottish Independence - Secrets and Lies - Part 1- OIL
Part 1 deals with North Sea oil, and the deceptions practiced by successive Westminster governments to minimise and downplay it's economic impact and it's future potential. They have consistently lied about the true scale of oil revenues from the Scotland's sector of the North Sea in an attempt to keep the Scottish drive toward independence under control, by convincing the people that an independent state would not be economically viable. The UK government McCrone Report indicated that an independent Scotland would in fact be one of the richest countries in Europe - it was suppressed for thirty years.
Views: 1647 HerryBawsack
Alex Salmond responds to the Budget
SCOTLAND'S OIL RESOURCES FUEL BUDGET SHOULD BE MAJOR PETROL CUT FROM ALL TIME RECORD NORTH SEA REVENUES MISSED OPPORTUNITY TO REVERSE CAPITAL SPENDING CUTS Commenting on the UK Budget statement, Scotland's Finance Minister John Swinney said: "What is abundantly clear is that the Chancellor has used Scotland's North Sea resources to fuel his Budget -- oil and gas revenues have hit an all time record level, and are £4 billion up on the previous forecast -- and has given far too little in return. "Given that petrol prices have gone up by 16 pence a litre over the past year alone, this windfall could and should be used to bring duty down not by 1p but by 5 pence UK-wide -- or if they were applied in Scotland petrol prices could come down by 50p. "No wonder the Con/Dem coalition oppose financial responsibility for the Scotland, and control of our own revenues. "The Chancellor is wrong not to use this record bonanza to deliver significantly lower fuel prices, rather than just applying a new levy for a cut that is far too small. "The Budget was also a major missed opportunity for the Chancellor to reverse his swinging cuts in capital spending -- a 36 per cent cut in Scotland over the spending period -- because the Scottish Government's Economic Recovery Plan demonstrates that our investment in key infrastructure projects is the driver of growth. "While the Chancellor has had to downgrade his growth forecasts, in Scotland we are building growth -- we are the only nation in the UK with falling unemployment and rising employment. This Budget -- fuelled by Scottish oil -- is a powerful illustration of why Scotland needs full economic and financial responsibility, including borrowing powers, which will be a major issue in the election campaign. "We anticipated the Chancellor's announcement on Enterprise Zones, and have already discussed the issue in government. If re-elected in May, the SNP will establish four Enterprise Zones in Scotland -- we believe that the geography and distinct circumstances of Scotland require us to have a larger pro-rata number than England -- in addition to other innovative measures we are delivering such as Tax Incremental Finance. "We are already delivering major programmes to help small businesses and first time buyers, and a record number of apprenticeships, and will at least match the UK Government's announcements in these areas. "We listened extremely carefully to the Chancellor's remarks about the possibility of a lower Corporation Tax regime in Northern Ireland. We agree with the Scottish Parliament's Scotland Bill Committee report that if this happens in Northern Ireland, it should happen in Scotland too -- and financial responsibility is the guaranteed way to make this happen. "It is extremely disappointing that the Chancellor failed to show any determination to drive forward measures to tackle high strength, low quality alcohol products -- confirming that the proper place for these powers is the Scottish Parliament, and that we need to reintroduce minimum pricing proposals in the next parliament. "Also, the Chancellor was silent on Scotland's Fossil Fuel Levy -- we need progress on this now, so that we can invest in infrastructure to support the renewables technology of the future. The Green Investment Bank is a separate issue, and if it is to be up and running in 2012 then the logical home for it is Scotland -- a global renewables capital, with 10 times the output of England on a pro-rata basis."
North Sea Oil Game pt 1
North Sea Oil is a fascinating board game written in 1974. http://www.historygamer.com/2010/06/19/north-sea-oil-board-game/ In North Sea Oil you prospect for "concessions" to be allowed to drill for oil. All players are paying money to find out how much oil they can drill for per concession and players bid for the right to be able to drill. However you start the game with no money! Thats right all players must borrow to fund their activities, and although each player may borrow lots of money (up to $5 million), various governments will be charging anything from 5 to 20% interest per turn. Large deposit concessions may be sold usually for a healthy (and instant) profit or kept for a potential huge payout per turn. The payout depends upon the price of oil per barrel, the weather and the revenue tax imposed by the government. So this is a tactically rich game and if you are into bidding games this rates right up there with the best of them in my opinion.
Views: 2207 HistoryGamerDotCom
North Sea Oil Shake-Up Could Give £200bn Boost
Up to an extra four billion barrels of oil could be recovered under changes put forward by Sir Ian Wood, a retired oil tycoon. His review is being published on the day David Cameron and Alex Salmond hold Cabinet meetings just 10 miles apart in northeast Scotland, less than seven months before the date of the referendum on Scottish independence. The measures contained in Sir Ian's report, which the Government will fast-track for implementation, include the creation of a new independent regulator to supervise licensing. Energy companies will also be urged to work more closely together to explore and develop oil fields, which are thought to hold supplies worth at least £1trn. Downing Street said the UK is "well placed" to absorb price shocks, which it warned would "dramatically affect a small country's budget". However, Mr Salmond, the Scottish First Minister, said: "Independence presents an unrivalled opportunity to boost our energy wealth, support employment and grow our economy." "With independence we would have new powers in areas such as energy regulation and the ability to target and apply financial incentives," he added. "With a new Scottish-based energy department and control over key economic levers, the potential to boost the energy industry and bring benefits to consumers and the wider economy would be enormous." Mr Cameron described the North Sea oil and gas industry as an "economic success the whole country can be proud of". He said: "I promise we will continue to use the UK's broad shoulders to invest in this vital industry so we can attract businesses, create jobs, develop new skills in our young people and ensure we can compete in the global race." Sir Ian's review was ordered last June to explore how the UK can "make the most of the huge opportunity" the offshore oil and gas industry represents. An interim report published in November called for a new "arm's length" regulator with additional powers and responsibilities, and said companies should share resources and work together on new developments.
Views: 114 Current News
North sea energy boom 'underestimated'
Scottish government believe there could be almost three times more oil revenue in the North Sea than initially projected.
Scotland's Decision: Can Scotland thrive as an oil economy?
Many discussions about Scotland’s economic future seem to revolve around oil and gas. Huge reserves of black gold lie under the North Sea off Scotland’s coastline. Nationalists argue that the oil hasn’t benefitted Scotland because it’s remained part of the United Kingdom. On the other hand, critics say an independent Scotland would rely too heavily on North Sea oil revenues which are depleting and are subject to the fluctuations of world oil prices. Nevertheless the question remains: is the nationalist dream of becoming a small, independent and thriving economy realistic in the long-term?
Views: 435 PressTVUK Videos
Xcite Energy outlines the Bentley North sea oil field as a "two billion dollar asset prize"
Rupert Cole confirms that the Bentley North Sea oil field has 3 value creation points with major announcements due in late October or early November. Xcite Energy has BP as a significant partner in the field but says their arrangements are not under threat despite BP's current issues. With a share price around 60p Cole says the Bentley field assets are significantly undervalued. Cole expands on the early production system of 15,000 bopd ramping up to 60,000 - 80,000 bopd in future years.
Scottish Independence: 'Scotland's Energy Industry is Robust, All Oil Firms are Liars'
The oil industry is the jewel in Scottish National Party leader Alex Salmond's crown and has been cited as a driving force for the potentially independent Scotland's economy. Speaking to IBTimes TV, Kat Heathcote, director at Witherby Publishing Group and an oil expert with over two decades of experience in the energy industry, told us why there may be a discrepancy in the oil estimates from the government and independent reports. The Scottish government claims there are 24 billion barrels of oil left in the North Sea while Wood stipulates that there are in fact only 15 billion to 16.5 billion barrels of recoverable oil left. In keeping with the pro-independence campaign's oil production claims, N-56, which was founded by a member of the advisory board for Yes Scotland Dan Macdonald, North Sea revenues are pegged to be as high as £365bn (€456bn, $605bn) by 2041, if a series of recommendations were implemented. However, the UK Office for Budget Responsibility (OBR) forecast is at £61.6bn between 2013/14 and 2040/41.
Views: 212 IBTimes UK
GERS figures published
First Minister: “Choice is between economic recovery or economic retreat." Growth in Scotland’s onshore revenues last year has more than offset the downturn in oil revenues, figures published today in Government Expenditure and Revenue Scotland 2015-16 (GERS) have shown. The figures, which do not include the potential impact of Brexit, show that Scotland’s onshore revenues grew by £1.9 billion in the last financial year. However, the lower oil price has reduced offshore tax revenues and this has had a corresponding impact on Scotland’s fiscal position.
Oil & Gas: Maximising our future | Scottish Development International
Scotland's oil and gas industry boast 40 years of experience in the harsh conditions of the North Sea. Today that experience and expertise is sought after by the global energy industry with Scottish supply chain sales predicted to hit £30 billion by 2020. Government support, massive investment and massive innovation mean expertise developed in Scotland is now used in every oil field in the world. Explore Scotland's oil and gas industry: http://www.sdi.co.uk/invest/sectors/oil-and-gas
BBC News   Scottish independence  Debate over North Sea oil reserves
Scottish independence: Debate over North Sea oil reserves. Campaigns on both sides of the Scottish independence debate have been contesting exactly how much oil Scotland might have left in the North Sea. It was one of the subjects discussed by Scottish First Minister Alex Salmond and leader of the Better Together campaign Alistair Darling in their final televised debate. Alan Little reports from Aberdeen on the Scottish oil industry and the disagreement about how many barrels are left.
Views: 87 Top 10
Yes Scotland call yourself Scots
Yes Scotland call yourself Scots, hang your heads in shame for doing English dirty work. Glasgow LABOUR MP Ian Davidson's, a senior Scottish Labour MP, make a complete idiot of himself when he insulted a female BBC journalist. He seems to like to insult women its a wonder he did not threaten to give her a "a doing" like he told a female MP she then resigned from the committee but he was still allowed to stay on the committee. Davidson heads a Conservative/Labour-English dominated House of Commons committee charged with looking after Scottish Affairs. Mr Davidson states the House of Commons Scottish Affairs committee could have put a section 30 permission notice for the Scotland referendum but they choose not to, but also make clear they would add conditions it? That's hardly leaving it up to the Scottish people to decide as Prime Minister Cameron had said. This committee has English MP`s and a few token debatable Scots ? Mr Davidson states what we are saying Scottish MP`s and Scottish Affairs committee should have responsibility? But are they not the very people who should be standing up and looking after the Scottish interest, what happened to the Scottish committee when the Scottish Parliament was established, the UK Government annexed 3000 square miles of Scottish Waters rich in Oil, Gas and Fish and transferred them to English jurisdiction. What did our Scottish secretary or committees do to protect Scottish assets and interest then NOTHING? Scotland Could have revitalised Scotland with the Oil and Gas revenues to re-equip Scottish industry and renew outworn social capital for the benefit of Scotland's people. North Sea Oil & Gas are regarded by the English dominated UK Government as special resources of the UK (Extra-Regio Territories) and not Scottish, even though the Oilfields are in Scottish waters. North Sea Revenues are EXCLUDED from the allocation of revenues to Scotland. There is no doubt Mr Davidson has done an excellent job for the Westminster English dominated UK Government and certainly no doubt Mr Davidson will have earned his Sir or lords title from his English masters. Not to forget his fellow committee collaborators who may get a OBE Iain McKenzie (Inverclyde), Lindsay Roy (Glenrothes), Jim McGovern (Dundee) and Pamela Nash (Airdrie and Shotts) Hang your heads in shame. The Unionist have one thing in common patronising the Scottish people, while plundering Scottish Assets. a good example, Margaret Thatcher quote 'We English, who are a marvellous people, are really very generous to Scotland.' Aye while plundering Scottish assets for the benefit of England.
Views: 1114 Rab Bruce
Iran Says It Is Seeking Solution to Sell Oil And Transfer Revenues
According to Reuters, Iran’s vice president that the government was seeking solutions to sell oil and transfer its revenues after the United States withdrew from a nuclear deal with Tehran and slapped new sanctions on Iranian energy and banking sectors. The vice president said that “We are hopeful that the European countries can meet their commitments but even if they cannot, we are seeking solutions to sell our oil and transfer its revenues." European signatories to the 2015 nuclear deal have been searching for ways to salvage it despite the U.S. exit http://feeds.reuters.com/~r/reuters/topNews/~3/v_rYLSrGfpk/iran-says-it-is-seeking-solution-to-sell-oil-and-transfer-revenues-irna-idUSKBN1L409C http://www.wochit.com This video was produced by YT Wochit News using http://wochit.com
Views: 98 Wochit News
Russia's big Arctic oil ambitions
CNN's Phil Black reports on Russia's big plans to exploit the Arctic's natural resources.
Views: 17638 CNN
N-56: Scotland set for additional oil & gas bonanza
Under an innovative proposal to recover oil and gas through new techniques, Scotland is set for a new “black gold bonanza” according to group of leading oil and gas experts, that will see the operational life of the North Sea extended for another century. And this is a view also shared by the UK Government. Creating what would be equivalent to one of the world’s largest oil fields this could bring an additional £300 billion in tax revenues to either the UK Treasury or a Scottish Government either independent or with full control over oil and gas revenues.
Views: 1405 N-56
Yes and No supporters in Aberdeen say oil can't guarantee prosperity of independent country
Voters in the oil-rich city of Aberdeen said on Thursday that the commodity alone could not guarantee the prosperity of an independent Scotland. Oil revenues and reserves have been at the centre of Scotland's referendum debate. The United Kingdom produces more than 75 percent of the European Union's offshore oil production, of which 90 percent is extracted from Scottish waters, according to the European Commission's Joint Research Centre. Based on 2012 figures, the Scottish government says this Scottish oil contributes around 24.4 billion British pounds (39.5 billion US dollars) to the UK economy. But Yes and No supporters living in Aberdeen are unsure how much oil is left. Martin Barlow, a Servicing Supervisor at Churchill Drilling Tools said: "Oil runs out eventually, it is not a very sustainable thing." Stephen Iwen, another Aberdeen resident, said independence wouldn't make much difference because most of the oil in the North Sea is "owned by either English or American companies." Polls opened across Scotland on Thursday morning in a referendum that will decide whether the country leaves its 307-year-old union with England and becomes an independent state. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/9e144d0bec8c72a055876bc177dc0dc6 Find out more about AP Archive: http://www.aparchive.com/HowWeWork
Views: 146 AP Archive