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Maximising the Return from Oil and Gas in an Independent Scotland

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Footnotes

1. http://www.scotland.gov.uk/Publications/2013/06/9241/4#chart3.6

2. The Scottish Government desired characteristics for Growth are set out in the Government Economic Strategy http://www.scotland.gov.uk/Resource/Doc/357756/0120893.pdf

3. http://www.apachecorp.com/Operations/Capturing_value/Forties_field_acquisition/index.aspx

4. http://www.holyrood.com/2013/05/still-raising-eyebrows/

5. Assumptions set out in PQ answer (S4W-06988) - http://www.scottish.parliament.uk/parliamentarybusiness/28877.aspx?SearchType=Advance&ReferenceNumbers=S4W-06988&ResultsPerPage=10

6. SG estimate of annual tax revenue in real terms. Based on GERS 2011/12, http://www.scotland.gov.uk/Resource/0041/00415875.pdf; and GROS population estimates, http://www.gro-scotland.gov.uk/statistics/theme/population/

7. Scottish Government (2013) - Scottish National Accounts Project

8. Digest of UK energy statistics (DUKES) 2012, Table G2.

9. Chapter 4 of the Fiscal Commission Working Group's First Report - http://www.scotland.gov.uk/Publications/2013/02/3017/7

10. FTSE 100 Factsheet, 30 April 2013

11. Oil and Gas UK Activity Survey 2013

12. Oil and Gas UK (2011) - Economic Report 2012

13. SG estimate, based on O&G UK Employment estimates and LFS data for total employment.

14. Source - Lloyds Banking Group: ‘Rising Fortunes 2: Oil and Gas survey 2013’ and accompanying Scottish Parliament briefing by Lloyds Banking Group

15. Scottish Oil and Gas Strategy, http://www.scottish-enterprise.com/~/media/SE/Resources/Documents/MNO/Oil-and-Gas-strategy-2012-2020.pdf

16. Scottish Enterprise (2013) - Survey of International Activity in the Oil and Gas Sector 2011-12

17. http://www.oilandgasuk.co.uk/2012economic_report/resources_reserves.cfm

18. Source: Oil & Gas UK, 2012 Economic Report: http://www.oilandgasuk.co.uk/2012economic_report.cfm

19. BBC Radio 4 Wed, 22 May 2013

20. https://www.gov.uk/oil-and-gas-uk-field-data#uk-oil-and-gas-reserves

21. Assumptions set out in PQ answer (S4W-06988) - http://www.scottish.parliament.uk/parliamentarybusiness/28877.aspx?SearchType=Advance&ReferenceNumbers=S4W-06988&ResultsPerPage=10

22. For a further discussion of oil and gas reserves in Scotland see the Scottish Government March 2013 Oil and Gas Analytical Bulletin.

23. Source - German Mineral Resources Agency (2012) - Reserves, Resources & Availability of Energy Resources 2011 and Scottish Government analysis. For further analysis of Scotland's remaining oil and gas reserves see the March 2013 Scottish Government Oil and Gas Analytical Bulletin http://www.scotland.gov.uk/Topics/Statistics/Browse/Business/Energy/OilGas

24. http://www.woodmacresearch.com/cgi-bin/wmprod/portal/corp/corpPressDetail.jsp?oid=10852502

25. Alex Kemp, 'North Sea Oil and Gas'. in A Goudie, Scotland's Future: The Economics of Constitutional Change. Dundee University Press, 2013, page 251.

26. Oil and Gas UK 2013 Activity Survey, (page 26).

27. Scottish Government analysis based on Eurostat Energy Statistics Database

28. http://www.oilandgasuk.co.uk/news/news.cfm/newsid/824

29. Oil and Gas UK 2013 Activity Survey

30. Oil and Gas UK 2013, Activity Survey, OBR Fiscal Sustainability Report (July 2013).

31. https://www.gov.uk/government/news/record-breaking-north-sea-licensing-round

32. DECC License data, https://www.gov.uk/oil-and-gas-licensing-rounds#past-licensing-rounds

33. OBR, Economic and Fiscal Outlook, March 2013

34. http://www.eia.gov/forecasts/aeo/topic_prices_all.cfm#price_cases

35. IEA, Oil Market Report, http://omrpublic.iea.org/

36. OECD Economics Department Working Paper No. 1031 - The Price of Oil - Will It Start Rising Again? - Page 6

37. IMF (2012) - World Economic Outlook October 2012, Pages 39 and 40.

38. http://www.scotland.gov.uk/Topics/Statistics/Browse/Business/Energy/OilGas

39. Oil & Gas Strategy 2012-2020: Maximising our Future

40. Oil & Gas Strategy 2012-2020: Maximising our Future

41. Oil & Gas UK 2012 Economic Report

42. Note, at present, data for Scotland is only available from 1980 onwards.

43. http://www.scotland.gov.uk/Publications/2013/06/9241/4#chart3.6

44. Oil and Gas UK 2012 Economic Report, page 14

45. Oil and Gas UK 2012 Economic Report, page 13

46. http://www.scottish-enterprise.com/~/media/SE/Resources/Documents/DEF/Economic Potential of CO2 EOR in Scotland.pdf

47. Economic impacts of CO2-enhanced oil recovery for Scotland, Scottish Enterprise, July 2012

48. Note - Loan interest is not deductible for Supplementary Charge.

49. Note - field allowances must be spread over 5 years.

50. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/71239/BFA_guide_v6b.pdf

51. http://www.oilandgasuk.co.uk/templates/asset-relay.cfm?frmAssetFileID=1296

52. http://www.oilandgasuk.co.uk/cmsfiles/modules/publications/pdfs/EC033.pdf

53. Oil and Gas UK - 2011 Oil and Gas UK Activity Survey, May 2011 Update

54. http://www.regjeringen.no/pages/35278666/PDFS/STM201020110028000EN_PDFS.pdf (p.95)

55. http://www.oilandgasuk.co.uk/cmsfiles/modules/publications/pdfs/EC024.pdf

56. http://www.nlog.nl/resources/Legislation/Mining Act English Translation 2 jan 2012.pdf

57. http://www.ebn.nl/Actueel/Documents/ebn_focus_on_dutch_gas_2012.pdf

58. EBN is the Dutch State owned, non-operating oil and gas exploration and production company. EBN holds a central position in the Dutch gas industry, participating on behalf of the Dutch State in exploration, production, storage and sale of Dutch oil and natural gas.

59. http://www.clingendael.nl/publications/2008/20080600_ciep_briefingpaper_upstream.pdf

60. Alex Kemp, 'North Sea Oil and Gas'. in A. Goudie, Scotland's Future: The Economics of Constitutional Change. Dundee University Press, 2013, page 255.

61. HMRC Annual Report and Accounts 2011/12, http://www.hmrc.gov.uk/about/annual-report-accounts-1112.pdf,

62. http://www.oilandgasuk.co.uk/2012economic_report.cfm

63. http://www.swfinstitute.org/fund-rankings/

64. http://www.nbim.no/en/Investments/Market-Value/forecast-for-the-size-of-thefund-/

65. Fiscal Commission Working Group, Box 8.03

66. http://www.scotland.gov.uk/Publications/2013/02/3017