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.
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