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North Sea still has "billions of pounds" worth of oil and gas

11-10-2013

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There is still billions of pounds worth of oil and gas available in the North Sea, according to the Scottish National Party (SNP). 

SNP members have challenged former UK chancellor Alistair Darling to withdraw his comments suggesting that this wasn't the case.      

In an interview with snp.org, SNP minister Kenneth Gibson pointed out a number of errors in Darling's observations. 

He said: "Alistair Darling's interview was a catalogue of errors and gaffes, but the most serious is that he denied there are billions of pounds worth of tax revenues left in the North Sea, which is arrant nonsense - even on the UK Government's own forecasts.

"In the coming six years alone, tens of billions of pounds of tax revenues will be generated from the North Sea, and Scotland's offshore industry will be generating wealth for decades to come."

The Labour MP, who is head of the 'Better Together' campaign against Scottish independence, certainly ruffled a few feathers with his suggestions that the Scottish oil and gas industry is in decline.   

He has also suggested that it would be nonsense for an independent Scotland to borrow money for an oil fund. According to bbc.co.uk, he suggested that this would be almost impossible without raising taxes.

Author: Joe Elvin

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