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U.K. pledges support for North Sea oil, Scottish nationalists offer stability

  • In an effort to strengthen the case for keeping Scotland in the U.K., PM Cameron is chairing a cabinet meeting in the oil sector capital of Aberdeen, while nationalists say the industry would be better managed by an independent Scotland.
  • Leading nationalist Alex Salmond says U.K. governments haven't managed oil and gas sector revenues as well as Norway, which has built a huge oil reserve fund, and Scots haven't benefited from North Sea oil revenues.
  • The U.K. government says it will fast-track the recommendations of a review into how to squeeze the most out of a depleting resource that has been a cash cow since the 1970s; the oil is drying up at such a rate that Platts is set to perform a drastic overhaul of just what constitutes North Sea crude.
  • BP CEO Bob Dudley has said that if Scotland did become independent, it would raise costs for its business in the North Sea.
Comments (1)
  • metal417
    , contributor
    Comments (10) | Send Message
     
    Scotland should prove BoB Dudley wrong on costs by reducing overheadand and move forward to a new era in the O&G sector.
    24 Feb, 02:49 PM Reply Like
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