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Ministers to set up expert commission on oil industry Ministers to set up expert commission on oil industry
(about 2 hours later)
An expert commission will be set up to examine how an independent Scotland could maximise the returns from North Sea oil and gas, the Scottish government has announced.An expert commission will be set up to examine how an independent Scotland could maximise the returns from North Sea oil and gas, the Scottish government has announced.
A new paper has set out the SNP administration's plans for the industry if it secures independence.A new paper has set out the SNP administration's plans for the industry if it secures independence.
It stresses there are no plans to raise the sector's overall tax burden.It stresses there are no plans to raise the sector's overall tax burden.
The paper also commits to formal consultation before any changes are made to the fiscal regime.The paper also commits to formal consultation before any changes are made to the fiscal regime.
It details three overarching principles which underpin the proposed fiscal regime, stating that it must support and incentivise production and promote long-term stability and certainty.It details three overarching principles which underpin the proposed fiscal regime, stating that it must support and incentivise production and promote long-term stability and certainty.
Stability measures would include a commitment to formal consultation before future reforms and specific clarity on the fiscal treatment of decommissioning costs.Stability measures would include a commitment to formal consultation before future reforms and specific clarity on the fiscal treatment of decommissioning costs.
The Scottish government also said it would ensure there were efficient fiscal incentives to maximise economic recovery rates.The Scottish government also said it would ensure there were efficient fiscal incentives to maximise economic recovery rates.
Expert commissionExpert commission
The paper states: "Given the industry's importance to Scotland's economy, Scottish ministers will shortly be announcing the creation of an expert commission to develop the proposals outlined in this paper.The paper states: "Given the industry's importance to Scotland's economy, Scottish ministers will shortly be announcing the creation of an expert commission to develop the proposals outlined in this paper.
"The Oil and Gas Expert Commission will build upon the approach and overarching principles set out in this paper, and provide advice on the technical application of the policy framework, which would underpin Scottish government policy in an independent Scotland.""The Oil and Gas Expert Commission will build upon the approach and overarching principles set out in this paper, and provide advice on the technical application of the policy framework, which would underpin Scottish government policy in an independent Scotland."
The commission will be chaired by former CBI Scotland chairman Melfort Campbell, who co-chairs Scottish Enterprise's Oil and Gas Industry Advisory Group.The commission will be chaired by former CBI Scotland chairman Melfort Campbell, who co-chairs Scottish Enterprise's Oil and Gas Industry Advisory Group.
Responding to the paper's release, industry body Oil & Gas UK said it remained "firmly neutral" in the debate surrounding the referendum on Scottish independence, but added it welcomed the spotlight being shone on the positive economic impact of the oil and gas sector.Responding to the paper's release, industry body Oil & Gas UK said it remained "firmly neutral" in the debate surrounding the referendum on Scottish independence, but added it welcomed the spotlight being shone on the positive economic impact of the oil and gas sector.
Chief executive Malcolm Webb said: "Predictability and long-term planning are what the industry requires of any government, particularly in the fiscal regime and the licensing and regulatory framework.Chief executive Malcolm Webb said: "Predictability and long-term planning are what the industry requires of any government, particularly in the fiscal regime and the licensing and regulatory framework.
"The industry will also welcome government support in ensuring access to capital for growth for smaller companies, with developing the domestic and international supply chains, with innovation and the deployment of new technologies, as well as help in widening and deepening the skills pool."The industry will also welcome government support in ensuring access to capital for growth for smaller companies, with developing the domestic and international supply chains, with innovation and the deployment of new technologies, as well as help in widening and deepening the skills pool.
"Oil & Gas UK is already working constructively with both the UK and Scottish governments on these important issues.""Oil & Gas UK is already working constructively with both the UK and Scottish governments on these important issues."
He added: "We will look forward to seeing the work of the Scottish government's new Oil and Gas Expert Commission when it ultimately reports."He added: "We will look forward to seeing the work of the Scottish government's new Oil and Gas Expert Commission when it ultimately reports."
'Fib' claim'Fib' claim
In comments ahead of the paper's publication, First Minister Alex Salmond accused Westminster of continuing to "fib" about Scotland's oil.In comments ahead of the paper's publication, First Minister Alex Salmond accused Westminster of continuing to "fib" about Scotland's oil.
The Office for Budget Responsibility (OBR) has predicted oil and gas revenues will drop from 0.4% of the UK economy to just 0.03% by 2040.The Office for Budget Responsibility (OBR) has predicted oil and gas revenues will drop from 0.4% of the UK economy to just 0.03% by 2040.
Mr Salmond said: "Westminster government departments fib, as Denis Healey recently revealed.Mr Salmond said: "Westminster government departments fib, as Denis Healey recently revealed.
"Now they are at it again. It's another part of Project Fear from the No campaign, which is being exposed on a daily basis.""Now they are at it again. It's another part of Project Fear from the No campaign, which is being exposed on a daily basis."
Former chancellor Denis Healey recently claimed his government "did underplay the value of the oil to the country because of the threat of nationalism".Former chancellor Denis Healey recently claimed his government "did underplay the value of the oil to the country because of the threat of nationalism".
Investment
Mr Salmond added: "Over half the value of oil and gas in the North Sea remains to be extracted.Mr Salmond added: "Over half the value of oil and gas in the North Sea remains to be extracted.
"The idea that the industry is planning to invest £100bn in projects, and that nothing will happen to productivity, is ridiculous.""The idea that the industry is planning to invest £100bn in projects, and that nothing will happen to productivity, is ridiculous."
Commenting on the publication of the OBR figures, a Treasury spokesman said: "Credible, independent forecasts like the OBR's show that oil revenues are set to decline to £56bn over the period from 2017-18 to 2040-41. This would leave a significant gap in an independent Scotland's finances. 'Valuable resource'
"Scotland is better off dealing with a volatile resource like oil as part of the larger UK economy, where it is easier to manage both the fluctuations and the projected decline in revenues." A UK government spokesman said: "Everyone agrees oil is a valuable resource, that's why the UK government has delivered a series of tax reliefs aimed at maximising investment in the North Sea.
"It's also why Sir Ian Wood is leading a review on how we maximise the economic benefits of oil and gas production.
"However, independent OBR forecasts show North Sea oil is also a volatile and declining resource.
"Basing Scotland's long-term economic future on over-optimistic projections is irresponsible."
He added: "Even on the Scottish government's preferred share of oil revenues, public spending in Scotland is £8bn higher than the taxes raised.
"With oil representing 20% of those revenues, the Scottish economy would be hugely vulnerable to volatility.
"Together within the UK, we have the broad shoulders to spread the risks and maximise the benefits."