Depleting oil and gas production will begin to be felt by 2030 and will have serious implications for the economy, jobs and balance of payments in an independent Scotland, according to Sir Ian Wood. Sir Ian, an authority on the sector, has warned that an independent Scotland without new hydrocarbon regions being discovered will have no more than 35 years of depleting offshore oil and gas production left, and this must be taken into account in the economics of independence. The industry, therefore, cannot figure significantly in Scotland’s medium-term economic calculations, he said. During an interview with EnergyVoice.com, Sir Ian contradicted the Scottish Government’s own figures for remaining North Sea resources and tax income. He said that even with further tax breaks and less complex regulation in the North Sea, only a further 15-16.5 billion barrels of oil equivalent (boe) are likely to be recovered. The Scottish Government has […]