Referendum Answers

Short Answers to Popular Questions about Scottish Independence

Scotland's Oil - Compared to...?

Q. How do we fare compared to other oil producing countries?

A. They have loads of oil and loads of money, while we have loads of oil and no money

Norway. Abu Dhabi. Dubai. Saudi Arabia. Big oil producing nations, all of them. So what's the difference between them and us?

Well, not to put too fine a point on it, money. Cash. A Huge Oil Fund.

Did you know that over the last 30 years, Scotland's produced more oil than Abu Dhabi and Dubai combined? Did you know that Scotland has produced almost as much oil per head of population as Saudi Arabia

Did you know that Oil and Gas UK estimate 15-24 billion barrels of oil remain in the North Sea? At an extraction rate of around 1.4 million barrels per day, that's over 40 years of oil production from the North Sea alone. And that's not including the new reserves being discovered in the North Atlantic and the Firth of Clyde.

So getting to the point, if you're an oil nation, you invest the money you've made from oil into what are called Sovereign Wealth Funds - basically massive deposit accounts for your country. The biggest funds are from the countries we've mentioned.

  • Norway: $878 billion
  • UAE (Abu Dhabi, Dubai): $773 billion
  • Saudi Arabia: $737 billion
  • And Scotland? Or indeed the UK? Zero. Nothing. Nada. Zilch. Rien. £0.00

So instead of an enormous sovereign oil fund, Scotland, with 60% of Europe's oil reserves, and with 40 years of oil production behind us, has, food banks.

Still think we're better together?

Sources

Oil and Gas UK: Record Investment in UK Oil and Gas Extraction

Sovereign Wealth Fund Institute: Fund Rankings

Scottish Government: Energy in Scotland

Further Reading

Yes Inernational: Scotlands Oil & Gas Estimates Were Wrong