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.

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Comments (1)
  • metal417
    , contributor
    Comments (20) | 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 2014, 02:49 PM Reply Like
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