The Scottish Government has welcomed Sir Ian’s report into the future of oil and gas in Scotland.
Finance Secretary John Swinney said: “I look forward to considering his detailed proposals in full.
“I firmly agree with the recommendation for a new regulator, and a shadow body should be set up without delay in Europe’s oil and gas capital Aberdeen.
“The Scottish Government supports the full implementation of Sir Ian’s proposals for a stronger, more effective regulatory body, which if implemented quickly can bring enormous progress in the recovery of oil and gas in the North Sea.
“The North Sea has suffered from poor stewardship from the UK Government to date, and the time has come to address that. Sir Ian has confirmed that fiscal instability has been a significant factor in basin under-performance in the North Sea. The Scottish Government has outlined that stability and predictability are the principals which will govern the fiscal regime in an Independent Scotland.
“The decisions of successive Westminster governments to spend Scottish oil revenues rather than investing a proportion of them also represents a major lost opportunity.
“Therefore, Scotland’s Future proposes, as recommended by the Fiscal Commission Working Group, that an independent Scotland should establish a Scottish Energy Fund to stabilise revenues in the short-term and to ensure that a proportion of oil and gas tax receipts are invested for the long-term benefit of the people of Scotland.”
“The oil and gas sector is an important part of Scotland’s economy and with the full powers of independence we could go further, providing industry with the necessary fiscal and regulatory stability and predictability for it to innovate and thrive in a globally competitive environment – maximising the benefits of our energy wealth to support employment and economic growth.”
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