60% INCREASE IN ESTIMATES OF UNTAPPED OIL AND GAS IN SCOTLAND

Image from http://www.oilofscotland.org/index.html

Scotland has much more oil and gas than previously thought, but the London government continues to neglect Scotland.

The London government's tax regime punishes Scotland's oil industry.

Meanwhile, PetroChina Co., China's biggest energy producer, hopes to take over Scotland's only oil-processing plant, which is at Grangemouth. (PetroChina Takes First Steps to Acquire Scotland's Oil Refinery)

In February 2010, a new survey shows that Scotland has more oil and gas under its waters than previously calculated. (BBC News - February 2010 - Scottish Oil and gas reserves higher than thought)

The past two years has seen a 60% increase in estimates of untapped reserves.

Reportedly, at least 30 billion barrels of oil remain to be won from Scottish waters. (Oil and gas to flourish for decades say bosses - Energy)

The oil industry believes it could still be providing millions of barrels a day in 2020. (Scottish Oil and gas reserves higher than thought)

Mike Tholen, economics director of Oil and Gas UK, said the industry has decades yet to flourish.

Malcolm Webb, the organisation's chief executive, said government should lower production tax and reduce the burden of regulation.

"The UK's oil and gas industry can help secure energy supplies for decades to come," he said.


The UK Union costs every Scottish resident £2300 a year.

North Sea Oil will last for another 100 years according to industry analysts. (North Sea oil will last for 100 years' - Telegraph)

Oil is the UK's Largest Industry landing, 700,000 barrels of oil per day.

A new oil and gas field in West Shetland is now to drilled for 176 million barrels. (http://www.oilofscotland.org/index.html)

1. Abu Dhabi's sovereign wealth fund is the biggest such fund in the world.

2. Over the past 30 years Scotland has produced more oil than Dubai and Abu Dhabi combined.

3. Scotland has produced almost as much oil per capita as Saudi Arabia over the same period.

North Sea legacy could have rivalled Abu Dhabi's and Saudi Arabia's and Dubai’s.

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aangirfan: OIL OWNERSHIP WOULD BOOST INCOME BY 30%