Saturday, 14 January 2012

SNP Welcome North Sea Investment Boost

The SNP tonight welcomed a report showing investment in North Sea oil is to hit a new high this year and could generate an additional £5.5 billion in tax revenues.

The report by Wood MacKenzie shows that companies are investing in the untapped potential of the North Sea with companies like BP, Total, RWE Dea, BG Group, and GDF Suez developing new discoveries and bringing jobs to Scotland.

The UK Government already expects to take £13 billion in tax revenues from the North Sea.

The report suggests the total value of North Sea production in 2012 could be £27.5 billion.

Commenting on the report SNP MP and Treasury Spokesman Stewart Hosie MP said:

“The good news is that 40 per cent of reserves remain in the North Sea, with over half of the value still to be extracted – representing an asset base of a trillion pounds.

“North Sea revenues are set to generate £54 billion in the six years up to 2016/17 – as much wealth as in the previous six years and now this report suggests the value to the Treasury could be even higher.

"We already know the Treasury is set to take in £13 billion this year, relying on North Sea revenues to boost Treasury coffers at the same time as it seeks to punish the North Sea with unfair taxes affecting investment further down the line.

“An assessment of Scotland’s geographical share of the North Sea demonstrates clearly that Scotland is more than able of standing on our own two feet with access to our own resources.

“When all of Scotland’s resources are included in our nation’s economic output, an independent Scotland would be ranked sixth in the world league table of OECD nations in terms of gross domestic product per head – ten places ahead of the UK at sixteen.”
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