An independent Scotland faces a basic income tax rate of 30% or 5% cuts to public spending across the board when new oil and gas estimates from one of the industry’s most respected figures are taken into account, according to Treasury Chief Secretary Danny Alexander.
Former prime minister Gordon Brown has urged Scots to “think twice” before backing independence as he issued a stark warning that oil cash would only pay for a “fraction” of public services if the country left the UK.
Yesterday we discovered a massive black hole in Alex Salmond’s economic case for independence. Sir Ian Wood, one of the world’s foremost oil industry experts, issued a clear warning about the Scottish Government’s projections for North Sea oil extraction. He said that their prediction that 24 billion barrels of oil still remain to be extracted from the North Sea is between 45% and 60% too high. His view is that the correct figure is between 15 and 16.5 billion barrels remaining.
This week Energy Voice exclusively sat down with Sir Ian Wood when the industry veteran broke his silence regarding the monumental September 18 vote for the first time ever. Here is a round-up of some additional highlights from the exclusive interview, where he discusses the likelihood of an oil fund, the role of decommissioning and the future of onshore exploration.
On August 23 last year four people died when a CHC-operated Super Puma L2 plunged into the sea two miles from Sumburgh Airport.
Independence would give Scotland a second chance to harness its oil wealth for the “benefit of the nation”, a Scottish Government report has claimed.
Sir Ian Wood’s explosive intervention in the independence debate is being hailed by Labour as “the most important moment of the campaign”. Energy Voice’s exclusive interview with the Aberdeen-based oil services businessman set the agenda in the referendum battle on Thursday, dominating first minister’s questions at Holyrood.
The Scottish Government will today launch a blistering attack on the UK Government’s alleged “mismanagement” of North Sea Oil.
Key figures in the pro-union camp claimed Sir Ian Wood’s comments had “fatally undermined” the case for independence.
Following comments I made in an interview requested with Energy Voice, I find myself reluctantly drawn into the public debate on Scottish Independence, despite my lifelong resolve to avoid politics.
A leading light of the energy industry today revealed he fears for Scotland's future if it votes for independence and warned it would have just 15 years left before depleting North Sea oil reserves began to hit jobs and the economy.
Oil Search Ltd. temporarily suspended a well in Iraqi Kurdistan after violence in the region disrupted its ability to get skilled technicians and equipment to the Taza oil project.
One of Scotland’s most respected economists has delivered a damning verdict on Treasury oil forecasts, arguing tax revenues over the next four years could nearly double those predicted.
Marc Kolber, a native of Long Island, has spent more than three years overseeing the construction of offices for foreign oil companies in Iraqi Kurdistan. Now he’s joining an exodus of expatriates from the capital, Erbil.
A dispute over control of Kirkuk and Iraq’s fourth-largest oilfield between the central government in Baghdad and Kurdish regional officials should be resolved with a local vote, according to the country’s ambassador to the UK.
Petroceltic International today confirmed it suspended production and withdrew all non-essential staff from its operations in the Kurdistan Region of Iraq.
OIL companies may have to charter boats or hire bigger helicopters to accommodate overweight workers following a landmark European legal move.
Brent and West Texas Intermediate crude climbed for a second day after U.S. President Barack Obama authorised air strikes in Iraq, the second-biggest oil producer in the Organization of Petroleum Exporting Countries.
A landmark legal bid to have obese people officially classed as disabled could have “widespread and expensive” consequences for businesses, a leading Scottish law firm has warned.
Infinis Energy, a renewable-power company backed by Guy Hands’s venture capital fund, said it is holding off on a decision on whether to build two wind farms until Scotland decides whether it will remain part of the UK.
North Sea oil and the key role it will play after Scotland's independence decision has boiled to the top of the debate agenda as the historic vote in September approaches.
The Kurdistan Regional Government could double its oil production in the next year and triple it within a decade, according Goldman Sachs Group. The semi-autonomous region is currently locked in a battle with the Iraqi government over its right to export crude.
A US judge ordered the seizure of more than $100million of oil stored in a tanker located offshore Galveston, Texas.
The health of oil and gas workers is to be put under the spotlight at a special event in Aberdeen next month.
Chinese companies remain undeterred by recent violence and will keep investing in Iraq’s energy sector, China’s Middle East envoy said today.