Fears that taking Scotland out of the EU would make growth and diversification of the Scottish economy impossible only help the fact that Scotland has a chance to make it on their own. This month they began the march towards a second referendum. Despite the UK vote to leave, Scotland's votes were 62% in favor of remaining, with a well represented voter base in every local authority area.
Despite the usual hospitality and whisky exports, Scotland's major exports include: Aerospace & Naval Systems, Barley, Automobiles, Business & Financial Services, Chemical Products, Computers, Computer Software, Electricity, Electronics, Fish, Confectionery, Oil & Gas, Pharmaceuticals, Renewable Energy, Scotch, Ships, Textiles, Timber, Water. There is a wide a diverse industry here. That aside Scotland supplies the UK with a tremendous amount of oil. Scotland also gets cut out of a lot of the oil revenues. Recent offshore oil findings maybe the largest discovered yet and deep water drilling is creeping back into the picture. If the new oil discovery is half as expected Scotland should have hundreds of billions for their population of 5 million. A 2012 report by the Scottish Government and led by Alex Salmond - who is a former oil economist in addition to the former first minister - stated:
- Oil & Gas is one of Scotland’s greatest industrial success stories, having transformed the economic well-being of the UK over the last 40 years. With as much as £1.5 trillion of oil remaining to be extracted from reserves around these islands, an increasingly buoyant export sector now reaching 100 different countries, and emerging opportunities to deploy the sector’s vast expertise in other offshore projects, the industry has a bright future.
- Scottish production increased by 21.4% compared to 2014-5, and accounted for 81 per cent of the UK total*
- In 2015-16, oil and gas fields in Scotland accounted for 96 per cent of UK crude oil and natural gas liquids (NGL) production, and 60 per cent of UK natural gas production*
- In 2015-16, the approximate sales value of oil and gas produced in Scotland is estimated to be £13.4 billion*
- The approx. sales value decreased by 23.5% compared to 2014-15, despite an increase in production over the year, due to sustained low prices*
- In 2015-16, operating expenditure (excluding decommissioning) on oil and gas production in Scotland is estimated to be £6.8 billion, down 6.7% compared to the previous year*
- In 2015-16, capital expenditure on oil and gas fields in Scottish waters is estimated to be £10.2 billion, down 17.6% compared to the previous year*
Also in 2012 Angus Armstrong mentioned:
- The Geneva agreement on natural resources under the sea dictates that they are divided by the median lines. Most people accept that the Geneva approach is the standard approach. Which gives Scotland 91% of revenues.
Scotland has the ability to position itself as a classic Europe-type economy - except one rich with oil money. They can have the pick of any industry from that footing, they can court whomever. If Scotland breaks from the UK they can do near anything they want. The economics are outstanding. The trade bloc choice would then be to join the EU or stay out like Norway.
* Source: Oil and Gas Production Statistics 2015-16, Scottish Government
Washington Post: How oil rich is Scotland?