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The Scottish
Government is to repeat its call for an oil fund to create a "lasting
legacy" of wealth.

John Swinney will publish a discussion paper on the issue at the opening of an
Aberdeen University centre for research into energy economics.

The finance secretary will point to Norway and Alaska to argue that Britain has
wasted its earnings so far.

When the paper is published later this week, the Scottish Government will
recommend tax revenue be set aside to help stabilise the economy and help the
transition to lower use of carbon fuels.

Mr Swinney said: "Adjusted for inflation, some £230bn pounds of tax
revenue has come directly from Scottish territorial waters over the past 30
years.

"Including a geographical share of North Sea revenues, Scotland has been
in current budget surplus for three years.

"The Treasury's own projections show the North Sea will remain a major
source of tax revenue for years to come."

He added: "The UK government has wasted the resources from the North Sea
but there are hundreds of billions worth of reserves still to be recovered and
we may only be at the halfway point in terms of revenues.

"We want to harness the benefit of oil revenues now for future
years.  An oil fund can provide greater stability, protect our economy and
support the transition to a low carbon economy.  Norway's oil fund is
worth over 200 billion pounds - despite the first instalment being made as
recently as the mid 1990s - and Alaska's oil fund even gives money back to its
citizens every year.

"The Calman Commission recognised that Scotland is entitled to a fair
share of our own oil revenues yet the UK is practically alone among major oil
and gas producers in not having an oil fund.

"The UK Government can no longer oppose the people of Scotland enjoying
the oil legacy they are entitled to and, for that to happen, the Scottish
Parliament must assume responsibility for our geographical share of North Sea
revenues.”

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