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: 111 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: 230 STV News
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
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
Crude awakening: Romania's Black Sea oil and gas finds fuel Europe's energy hopes - reporter
Huge discoveries of oil and gas in the Black Sea off Romania have thrust the country back into the heart of the region's energy market. In addition to providing much needed revenue for Bucharest as its existing wells run out, the new resources are a == boost to Europe's long-standing quest to make itself less reliant on Russian oil and gas==. Supplies from Russia are subject to geopolitical tensions between East and West and the threat of disruption is a constant worry for Europe. To what ext… READ MORE : http://www.euronews.com/2014/12/05/crude-awakening-romania-s-black-sea-oil-and-gas-finds-fuel-europe-s-energy-hopes What are the top stories today? Click to watch: https://www.youtube.com/playlist?list=PLSyY1udCyYqBeDOz400FlseNGNqReKkFd euronews: the most watched news channel in Europe Subscribe! http://www.youtube.com/subscription_center?add_user=euronews euronews is available in 14 languages: https://www.youtube.com/user/euronewsnetwork/channels In English: Website: http://www.euronews.com/news Facebook: https://www.facebook.com/euronews Twitter: http://twitter.com/euronews Google+: http://google.com/+euronews VKontakte: http://vk.com/en.euronews
Views: 7077 euronews (in English)
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: 406 Alaskanomics
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: 537 Hydrocarbonman147
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 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: 2453 Financial Times
Norwegian Oil Fund & UK Oil Policy - Alba Oil & Gas Community
Alba Oil & Gas Community http://www.albaoil.com * In 1990 Norway a small independent European country (Outside of the EU) 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 Why no UK Oil Fund & where has the money gone? BBC Newsnight Scotland 25/10/10 Brian Simpson Alba Oil & Gas Community http://www.albaoil.com *
Views: 2551 albaoilcommunity
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: 1107 The Telegraph
End of North Sea oil? Norway pulls out of North Sea in HUGE slump in exploration
OIL chiefs in Norway are turning away from the North Sea and looking to battle for natural resources with Russia amid an historic slump in exploration. Subscribe:https://goo.gl/nFYpyH Facebook:https://goo.gl/TWXFJe Source:https://goo.gl/ZMEvkq Source Photo and Content:DailyMail, REUTERS, AP, EPA, Getty Images etc. News U.S Today channel dedicated to sharing the latest news around the world. Videos can use content-based copyright law contains reasonable use Fair Use (https://www..com/yt/c
Views: 185 The Royal UK
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: 903 AP Archive
Portfolio Questions - 6 September 2017
Finance and the Constitution 1. Jamie Greene: To ask the Scottish Government what the North Sea oil revenues were for 2016-17, and how this compares to the projections in its 2013 document, Scotland's Future. (S5O- 01195) 2. Liam McArthur: To ask the Scottish Government when it will respond to the recommendations of the Barclay review of non-domestic rates. (S5O-01196) 3. Murdo Fraser: To ask the Scottish Government when it will publish its response to the Barclay review of non-domestic rates. (S5O-01197) 4. Richard Lyle: To ask the Scottish Government, in light of the recent commentary on GERS figures, what its position is on the recent GERS report and the robustness of the findings within it. (S5O-01198) 5. Graeme Dey: To ask the Scottish Government what action it is taking to address the impact of Brexit on Scotland's public finances. (S5O-01199) 6. Edward Mountain: To ask the Scottish Government what assessment it has made of the recent GERS figures. (S5O-01200) 7. Adam Tomkins: To ask the Scottish Government what work it has undertaken in preparation for new schemes of shared governance in the UK that may result from Brexit. (S5O-01201) 8. Andy Wightman: To ask the Scottish Government what its position is on locally-controlled taxation of vacant and derelict land. (S5O-01202) 9. Gail Ross: To ask the Scottish Government whether it will encourage the Scottish Futures Trust to research and develop a modular approach, where appropriate, for building public sector buildings. (S5O-01203) 10. Alex Neil: [Not Lodged] (S5O-01204) Economy, Jobs and Fair Work 1. Alexander Stewart: [Not Lodged] (S5O-01205) 2. Alison Johnstone: To ask the Scottish Government whether the Fair Work Framework applies to NHS Lothian. (S5O-01206) 3. Alex Cole-Hamilton: To ask the Scottish Government what support it can offer to companies affected by the downturn in the North Sea oil and gas industry that are not based in the north east. (S5O-01207) 4. James Dornan: To ask the Scottish Government how the youth employment rate in Scotland compares to the UK as a whole and the rest of the EU. (S5O-01208) 5. Gordon Lindhurst: To ask the Scottish Government how the performance of the economy is affected by the property market. (S5O-01209) 6. Jackson Carlaw: To ask the Scottish Government what the impact has been of the Capital Acceleration Programme. (S5O-01210) 7. Liz Smith: To ask the Scottish Government how the economy and jobs are being supported through initiatives such as the Scottish Growth Scheme. (S5O-01211) 8. John Scott: To ask the Scottish Government what plans it has to support the development of collaborative working and better supply chain management in the aerospace sector. (S5O- 01212) 9. Willie Coffey: To ask the Scottish Government how many EU citizens work in the Scottish labour market. (S5O-01213) 10. Mark Ruskell: To ask the Scottish Government what its position is on the Principles for Just Trade deals established by the Trade Justice Scotland Coalition. (S5O-01214) Published by the Scottish Parliament Corporate Body. Read the full transcript in The Scottish Parliament Official Report. goo.gl/Aoxjk2
The future of oil and gas revenues in an independent Scotland
#askYes with John Swinney on August 21st 2014
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.
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
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: 84 PressTV
Professor Alex Kemp answers questions on North Sea oil
Interviewed April 2013
Views: 1397 Newsnet Scotland
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: 56088 The Economist
Oil and gas Norway - Ministry of Petroleum and Energy
Energy - Oil and gas Norway - Ministry of Petroleum and Energy The oil and gas sector is Norway's largest measured in terms of value added, government revenues, investments and export value. The sector therefor plays a vital role in the Norwegian economy and the financing of the Norwegian welfare state. Read more on NorwegianPetroleum.no Footage from offshore trip to the Ringhorne platform in the North Sea in Norway, November 2017.
Scottish independence: SNP's economic case 'should not include oil'
The economic case for independence should not include North Sea oil revenues, the chairman of the SNP's growth commission has said. The commission, headed by former MSP Andrew Wilson, was set up by the SNP to help shape its future economic policy. Mr Wilson suggested that making North Sea revenues central to the economic arguments for independence ahead of the 2014 referendum had been a mistake. He said any future campaign would need to balance optimism and realism. Concerns about the potential economic impact coupled with the UK government ruling out the possibility of a currency union are widely seen as being central reasons for Scottish voters rejecting independence by 55% to 45% in 2014. 'Zero revenues' The Scottish government's White Paper on independence ahead of the referendum had predicted North Sea oil revenues of between £6.8bn and £7.9bn in 2016/17 - which would have been the first year of independence if Yes had won. It also said independence would ensure that "taxation revenues from oil and gas support Scottish public services, and that Scotland sets up an Energy Fund to ensure that future generations also benefit from our oil and gas reserves". Since then, the North Sea oil price has plummeted - with UK oil and gas production generating negative receipts in 2015/16 of -£24m, compared with +£2.15bn the year before. Mr Wilson, whose report is due to be delivered to the first minister in the coming weeks, said Yes campaigners had argued ahead of the 2014 referendum that "oil was a bonus and not the basis" of the economic case for independence. He told the BBC's Scotland editor, Sarah Smith: "But we did have oil baked into the numbers and it was indeed a basis. "So I can say with some certainty in terms of our own work that we'll assume for the purposes of our projections that oil is producing zero revenues and therefore treat any revenues that we get from oil as a proper windfall to be used on intergenerational projects rather than spent on spending today." The Scottish government's Government Expenditure and Revenue Scotland (Gers) figures, which were published last August, put the country's spending deficit at just under £15bn in the previous financial year, partly because of the fall in oil revenues. That figure represented a 9.5% share of Scotland's GDP - more than double the 4% figure for the UK as a whole. Mr Wilson said it was "true that the economic circumstances are fraught at present", and that the "world sea is very stormy". He added: "The energy sector has had troubles and the fiscal inheritance that we would have from the rest of the UK is a very difficult one. "All of the above, however, would be a reason to change the way you're operating rather than to stay stuck to your deckchair on the Titanic. "There are plenty of precedents that we're looking to from around the world of small countries who have put governance in place and put programmes in place that can both ensure that their economy grows and the welfare of people increase. "But the financial footing that they're on is one that the markets and people who would be funding the government can respect, and that's what we would seek to achieve." He said he did not think a future independence campaign would explicitly be arguing that there would be "short-term pain but long-term gain" following a Yes vote. But he added: "I do think there will be a very purposeful approach to all of us working very hard to make it successful. "I guess that's why oil's not a particularly helpful argument - because it gives the suggestion that somehow there's a free lunch and that we won't have to work, and of course we all will have to work no matter what happens. "Independence would give us more tools and that's what's different". Mr Wilson also said it was "imperative" for Scotland to continue to have full access to both the UK and EU single markets, and to be able to grow its population. First Minister Nicola Sturgeon has said that a second independence referendum is "all but inevitable" following the Brexit vote - but has insisted that the UK government can avoid one by agreeing to its demands to allow Scotland to retain its membership of the EU single market. However, opponents have accused her of using Brexit as an excuse to push for independence - and argue that the UK market is worth four times more to Scotland's economy than the EU is. 'Constitutional grievance' In her address to the Scottish Conservative conference on Friday, Prime Minister Theresa May said the SNP was "interested only in stoking-up endless constitutional grievance and furthering their obsession with independence, at the expense of Scottish public services like the NHS and education".
Views: 153 NameOfTheGame
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
April 10, 2013 11.27 In this episode (Episode 430) of the Keiser Report, Max Keiser and Stacy Herbert explore the myth of whether Margaret Thatcher "saved Britain," or gave them a British dream of "striving to mature before your debts do." They look at North Sea oil production, and wonder how big a UK sovereign wealth fund would be today if Thatcher had saved any of the country's oil wealth.
Views: 4542 FMQUnofficial
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: 2235 ThamesTv
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: 2772 Scottish Government
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: 451 Andrew Bell
BP announces discovery of new North Sea oil fields just weeks after Scottish Independence vote
Watch the full episode here: http://bit.ly/ZTlr9G With Scotland having turned down independence, and the No campaign scathing about SNP claims that an independent Scotland could exploit North Sea oil reserves, BP has announced the discovery of a new oil field in the North Sea. This comes just four weeks after the vote, in which BP chairman Bob Dudley said BP were against Scottish independence, saying Scottish oil would run out by 2050. Pro-independence campaigners may well be asking why BP didn’t announce this before the referendum. LIKE Going Underground http://fb.me/GoingUndergroundRT FOLLOW Going Underground http://twitter.com/Underground_RT FOLLOW Afshin Rattansi http://twitter.com/AfshinRattansi FOLLOW on Instagram http://instagram.com/officialgoingundergroundrt
Views: 1020 goingundergroundRT
UK and Scottish leaders set out competing visions for North Sea Oil
Scottish First Minister Alex Salmond and British Prime Minister David Cameron set out competing visions for the future of North Sea oil production on Monday. Salmond, who is campaigning for Scottish independence ahead of a referendum in September, held a meeting of his cabinet in the coastal town of Portlethen, south of the Scottish city of Aberdeen. He called for a Norwegian-style system of managing the North Sea oil-and-gas reserves. "We are told today that North Sea oil and gas is better handled by a big country like Britain as opposed to a small country like Scotland," he told an audience in Portlethen. "That's a very interesting concept for people in this part of the world, who can glance across the North Sea to Norway, a country smaller than Scotland but a country which by every observation has handled its North Sea oil and gas resources better than the stewardship from Westminster." He said about one billion UK pounds (1.66 billion US dollars) in oil-and-gas tax revenues could go into a sovereign wealth fund similar to one set up in Norway. Over a generation, Salmond said, this could amount to a 30 billion pound (50 billion US dollar) fund. He also joked that he had worked in the industry as an energy economist before "falling among thieves", a reference to the House of Commons, where he was formerly an MP. Noting that Cameron was holding a UK government Cabinet meeting in the Aberdeen area, Salmond said that he was "ready and willing to pursue the debate (with Cameron) that so many people in Scotland want to see". Ahead of that Cabinet meeting on Monday afternoon, Cameron visited a North Sea oil installation. He argued that the oil-and-gas reserves could be better managed with Scotland as part of the United Kingdom. Specifically, he said that the "broad shoulders" of the British economy was behind the industry and would continue to stay behind it "so we get the maximum benefit out of it - the maximum benefit for all of the United Kingdom, including Scotland". He argued that because of its size, the British economy "can afford the tax allowances, the investment, the long-term structure that's necessary to ensure we recover as much from the North Sea as possible". Cameron reiterated his argument that the United Kingdom would be better off if it stayed together. The future of North Sea oil and gas is being fiercely debated ahead of the September independence referendum. Monday's events in Aberdeen came in the wake of a review produced for the British government which included calls to set up a new industry regulator. The North Sea reserves are estimated to contain the equivalent of between 15 (b) billion and 24 (b) billion barrels of oil, which could mean about another 30 to 40 years of production. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/50b6e8f93ca732581e566167f3f0b506 Find out more about AP Archive: http://www.aparchive.com/HowWeWork
Views: 64 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: 1036 Financial Times
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: 67 STV News
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.
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.
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: 105 PressTV
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: 211 IBTimes UK
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: 1633 HerryBawsack
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 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: 2141 HistoryGamerDotCom
"North Sea Oil - Meeting the Challenge". 1970s.
F2010.144.1.016 Description: "Film about the importance of the North Sea to the Oil Man, which is as much about the technology used to extract the oil as it is about the oil itself. Film explains and shows footage of the technology used. Shows footage of the Graythorp 1 platform, for a large BP field out in the North Sea." Creator: British Information Services Coverage: Great Britian, North Sea Extent (quantity/size): 8min 28sec Media: film / 16mm film Extent: AVI 1920X1080 29.97 FRAME RATE Contact The Oklahoma Historical Society to purchase non watermarked DVD or High Resolution Digital File ‪http://www.okhistory.org/research/orders?full
Scottish independence Cabinets to set out North Sea plans - 24 February 2014
Ministers from both the UK and Scottish governments are in north-east Scotland to set out plans for the future of the North Sea oil and gas industry. The cabinet meetings came as Westminster ministers said they would fast-track plans to get the most out of remaining UK offshore oil and gas. The move followed Sir Ian Woods review of the industry. The Scottish government said the UK government should apologise for squandering North Sea riches. Ahead of the 18 September independence referendum, Scottish First Minister Alex Salmond said a Yes vote could secure a better future for the industry. But UK Energy Secretary Ed Davey said North Sea oil and gas resources were declining rapidly and needed a lot of support in the future. The Westminster government-commissioned study produced by Sir Ian, who chaired the Wood Group from 1982 until 2012, included calls for a new regulator to help maximise economic gains. The future of the North Sea oil and gas industry has been a major battleground in the campaign, ahead of the referendum. The first North Sea oil came ashore in June 1975 and production is thought to have peaked in 1999, with more than 40 billion barrels extracted so far. Although the oil and gas is now tougher to extract, the reserves are substantial - between 15 billion and 24 billion barrels of oil equivalent - meaning possibly another 30 to 40 years of production. And there could be new discoveries such as the fields west of Shetland. But concerns over falling production led the UK government to ask Sir Ian to review the offshore industry. He said the UK governments Department of Energy and Climate Change (DECC) was significantly underresourced and far too thinly spread to effectively manage the increasingly complex business and operating environment. Sir Ian said a 38 fall in production over the past three years had cost the Treasury 6bn in lost taxes and declining exploration threatened more missed opportunities. It is claimed Sir Ians recommendations could result in the equivalent of three to four billion more barrels of oil being recovered from the North Sea over the next 20 years, bringing in more than 200bn to the UK economy. Mr Davey told the BBC Sir Ians review does play into the independence debate. Scotland would be very reliant on oil and gas revenue and, with the oil price being so volatile, with decline in North Sea revenues, I think that would expose the finances, the public spending of Scotland very seriously, he said. What we are showing today in the Wood Review is that Westminster will manage the oil and gas reserves that the UK has in a far more effective way and thats great for Scotland. Mr Davey added: Scotland has benefited from North Sea oil, lets be clear about this. It is the third booming region in the UK. After London and the South East, Scotland is doing incredibly well, as part of the UK. Mr Salmond, who will hold a separate meeting of his cabinet in nearby Portlethen, welcomed the prospect of a new regulator for the oil industry, saying the Westminster governments record over the previous 40 years had been abysmal. TAGS: abc breaking news, bbc, bbc football, bbc iplayer, bbc news, bbc news america, bbc persian, bbc sport, bbc weather, bbc world news, breaking celebrity news, breaking election news, breaking late news, breaking local news, breaking music news, breaking news, breaking news alerts, breaking news canada, breaking news headlines, breaking news in atlanta, breaking news in nigeria, breaking news india, breaking news pensacola florida, breaking news plane crash, breaking news story, breaking sports news, business expensive news home media world, christian world news, cnn, cnn breaking news, cnn money, cnn news, cnn news breaking news, cnn news world, detroit breaking news, global news, headline, headline news, health care technology news, hot latest global news, internet technology news, las vegas breaking news, latest breaking news, latest celebrity news, latest information technology news, latest music news, latest news, latest news headlines, latest news update, latest sports news, live breaking news, local breaking news, local news today, msn breaking news, nbc breaking news, nbc world news, news of the world, news report us world, news today news, news updated daily, solar technology news, sports news today, technology news, the latest news, today news, us news and world, us news and world report, us news and world report magazine, us news and world report web site, us news world report, world news, world news daily, world news headlines
Views: 102 TheSmileAndFunny1
Industry leaders welcome North Sea oil and gas tax consultation
Industry leaders welcome North Sea oil and gas tax consultation
Views: 68 STV News
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: 111 Current News
John Jappy: Scotland's Oil
John Jappy, retired civil servant formerly involved in budget preparation, examines what happened to the billions of pounds of Scottish oil revenue. Read John's blog at http://scotlandowntwofeet.blogspot.co.uk
Views: 18019 ClanDestiny
Oil Price Volatility Could Spur Revenue Declines In North Dakota’s Cities
In this CreditMatters TV segment, Standard & Poor’s Associate Director Carol Spain explains how declining oil prices and production could significantly affect cities in North Dakota, particularly in the Bakken Shale region.
Views: 85 SPTVbroadcast
North sea energy boom 'underestimated'
Scottish government believe there could be almost three times more oil revenue in the North Sea than initially projected.
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.
Truth Lies Oil and Scotland on how Westminster has kept the wealth of the North Sea Oil hidden from Scotland
Views: 77508 sodp
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: 431 PressTVUK