Energy Minister Fergus Ewing has claimed Scotland’s oil wealth has been “squandered” for decades and described a decision not to set up an oil fund as a “huge error”.
He said independence would enable the Scottish Government to create fiscal incentives to allow the North Sea industry to thrive.
Mr Ewing, MSP for Inverness and Nairn, said constitutional change would enable the industry to “realise its potential and avoid damaging taxation provisions previously made by successive UK Governments”.
Speaking at Holyrood, he said: “For decades our oil wealth has been squandered and, unlike Norway and virtually every other oil-producing country, no oil fund was set up.
“That was a huge error, as politicians including Alistair Darling, David Steel and Neil Kinnock have indicated.
“As Denis Healey said, the UK has underplayed the value of Scotland’s oil.”
Mr Ewing said voting “Yes” on September 18 would change the way the country used the proceeds of oil.
“Since oil and gas production began in Scotland, the UK Government has raised approximately £180billion in direct tax revenue from it,” he added.
“Adjusted for inflation, that is equivalent to approximately £300billion in today’s prices.
“Those revenues have gone directly into the UK exchequer, with successive Governments failing to invest the windfall.”
Mr Ewing said 90% of total oil and gas tax revenue had been generated in Scotland’s waters. More than half of reserves by value were still to be extracted.
“Independence will ensure that Scotland’s vast oil and gas reserves are efficiently and safely extracted for the benefit of the people,” he added.
North-east Conservative MSP Alex Johnstone asked if his analysis took into account the potential impact on future tax revenue of decommissioning costs.
Mr Ewing said it would and claimed the SNP’s policy would be based on a stability and predictability.
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