SNP: targeting revenue

The SNP has used a Holyrood debate to call on Scottish oil revenues to be harnessed for the people of Scotland.

The nationalists want to see the creation of an oil windfall fund, similar to a scheme already operating in Norway, to bank revenue for future generations.

The party argues that Scots have "a right" to benefit directly from the oil revenues.

Currently oil revenues are passed to the Treasury and spent largely on an annual basis.

The SNP said it wanted to create a system where the legacy of the oil resource was a "lasting one".

"Scotland has won the natural lottery in terms of our vast oil resources," said deputy leader Nicola Sturgeon.
 
"The government's own estimates show that there are decades of exploration ahead, and the industry itself has assessed that resources could last for another 30 years."

"Oil and gas revenues have topped more than £32 billion since Labour took power in 1997.

"Rather than allowing Scotland's share of this resource to be squandered by the Treasury we should invest it to ensure that the legacy of oil is a lasting one that can benefit every individual and community across the country." 

Norway established its Petroleum Fund in 1995 - and it is now worth £89 billion in total.

"If Scotland were to establish a similar scheme now we could guarantee that the financial and economic benefits of oil could be used for decades to come," added Sturgeon.

"With oil revenues expected to continue to rise at almost £6 billion in the coming year, we need to act now to invest for the future.

"We should invest this money now, not allow the Treasury to fritter away Scotland's oil wealth."