Scottish Independence: What’s Next?

Keywords: Scottish independence, North Sea industry, BP, oil & gas

On September 18, 2014, residents of Scotland will vote on the question: "Should Scotland be an independent country?" The broad ranging implications of a "yes" vote cannot be understated, particularly for oil & gas companies operating in the UK North Sea. Many key players have publicly aired their views on independence, including BP's chief executive, Bob Dudley, who has warned of the "big uncertainties" that would face the North Sea industry in the event of a "yes" vote.

Why Does the UK North Sea Form a Focal Point for Debate?

The oil & gas industry is the United Kingdom's largest industrial investor; it supplies almost half of the UK's primary energy needs and employs hundreds of thousands of people. Current estimates are that the North Sea's remaining commercial reserves could be up to 24 billion barrels of oil equivalent, worth approximately £1.5 trillion at today's prices.