FALKLAND ISLANDS WOULD BENEFIT FROM OWN OIL REVENUES

FALKLAND ISLANDS WOULD BENEFIT FROM OWN OIL REVENUES

ONLY SCOTTISH COMMUNITIES DENIED ACCESS TO OIL WEALTH

Research undertaken by the SNP has revealed that if oil was discovered in the Falkland Islands, the Falkland Islands Government has negotiated a deal which would see the local community receive 9% of royalties on every barrel, and between 21-26% of all profits, depending upon the amount made. Similar deals were negotiated by the Isle of Man and Northern Ireland.

Commenting, SNP Treasury Spokesperson Stewart Hosie MP said this made Scotland unique in not benefiting from its own oil wealth.

Mr Hosie said:

“Unique amongst the oil producing nations of the world, Scotland does not benefit from her own oil wealth.

“Scotland won the energy lottery with the discovery of North Sea Oil but – as part of the United Kingdom – Scotland’s communities have been denied the benefit. Indeed, Scottish oil has been propping up the UK’s ailing finances.

“The GERS report demonstrates that Scotland recorded a current budget surplus over the three years to 2007/08 of £2.3 billion, while the UK ran up a deficit of £24 billion over the same period.

“Scotland’s oil and gas industry is the only thing keeping the London Treasury afloat – over the next six years, £50 billion worth of North Sea revenues will flow to the London exchequer. That alone represents over £20,000 for every household in Scotland.

“Scotland needs more SNP MPs at Westminster to champion Scotland’s interests and fight for Scotland’s oil wealth to benefit local communities - not prop up the London Treasury. Only SNP MPs will fight for a fairer share of Scotland’s oil revenues.”