North Sea boost shows Scotland ripe for investment

The SNP is today welcoming a £97million investment in North Sea oil exploration which proves Scotland is ripe for investment despite the No campaign’s claims that the referendum is bad for business.

Fairfield Energy has been backed by nearly £100million by Riverstone at the same time as Aberdeen based DANA Petroleum posting record profits of
£439 million.

The investment reinforces the findings of an Ernst and Young UK Attractiveness Survey last month, which shows that Scotland continued to be the most attractive place in the UK to do business in 2011 - flying in the face of claims by George Osborne and Danny Alexander that investors were being put off investing.

Maureen Watt, SNP MSP for Aberdeen South and North Kincardine, explained how the North Sea could be an even greater asset for the people of Scotland.

She said:

"This is a fantastic vote of confidence in Scotland. It shows that Scotland continues to attract investment and proves how this country is an attractive place to do business.

"Maybe now, once and for all, the Tory-Labour anti-independence camp will stop peddling myths about the debate on Scotland’s constitutional future being a hindrance to investment in Scotland.

"Scotland has a trillion pound North Sea asset base – with some 40 per cent of reserves remaining and over half of the value still to be extracted. ‪

"The demand absolutely underlines the need for Scotland to gain responsibility over our own resources with independence, for the long-term benefit of the country.‪ ‪

"Oil and gas will continue to provide a very significant number of direct and indirect jobs for a very long time to come.‪‪

"With responsibility for our own vast natural resources, an independent Scotland will be able to make the most of these massive revenues, including an oil fund for future generations, while continuing to support investment in one of the nation’s most important industries."