Oil reserves 'will last decades', BBC investigation

The North Sea has almost as much oil left as has already been extracted, a BBC Scotland investigation confirms.

Experts believe between 25 and 30 billion barrels could still be recovered over the next 40 years.

The revelations come in a landmark BBC Scotland film which shows how the modern history of Scotland is intrinsically linked to the 'black gold' being pumped out of the North Sea.

Drawing on the personal testimony of the key players in the story of North Sea Oil in the last four decades, the film celebrates some of Scotland's great unsung achievements surrounding oil and examine some of the mistakes that have been made along the way.

Speaking ahead of the transmission tonight of 'Truth, Lies, Scotland and Oil', SNP MSP Alex Neil called on the UK government to ensure revenues from North Sea oil are invested for Scotland’s future.

Mr Neil warned that lessons must be learned from the 1970s, when the Treasury hid the true worth of the North Sea reserves to halt the progress of the SNP.

"Only if we learn those lessons can we secure the benefits of oil revenues for future generations," he said.

“The UK government clearly think Scotland can be fooled again. There is a real sense of déjà vu. Listening to the UK government’s response to high oil prices anyone would think the oil was running out next week. However, the evidence clearly shows that North Sea Oil will last for another 40 years.

“Scotland’s oil industry is going from strength to strength with new fields opening, an estimated 30 billion barrels of oil still to be extracted, new technology developing and a central role in the global oil industry.

“There is as much oil left in the North Sea as has been taken out of it – and much more than half of the revenues. Scotland’s oil industry has a positive future. With the UK making £250 billion of revenue from North Sea oil over the last 30 years in real terms, it is now time to ensure that future revenues are invested properly for Scotland’s future.

“While Alasdair Darling tries to deny the £4-5 billion tax windfall the Treasury is making from current high prices consumers, everyone knows that this multi-billion windfall has been flooding into the Treasury every day since the Budget.

“The lessons of 30 years ago must be learnt – and applied. Scotland’s First Minister has asked Westminster for Scotland’s share of the current oil windfall to form the beginnings of a fund for future generations.

“In the 1970’s requests for an oil fund were turned down – a repetition of this failure by Labour in the 21st century would be unforgivable.

“The UK Government must see the error of its ways and enable Scotland to invest our own oil revenues for our future.

“Oil has become the new taboo for Scottish Labour. It must not be another missed opportunity for Scotland.”

Scotland is the only country in the world to have discovered oil and not benefited from it directly.

The Norwegians prudently ploughed oil revenues into an oil fund which became part of a sovereign wealth fund now worth £186bn.

The US state of Alaska also has an oil fund so does the province of Alberta in Canada. The Alaskan fund is worth £19 billion and the Alberta fund £8.8 billion.