However, I doubt anyone will now invest in Scotland after this charade.
Without oil, the would-be new nation would more resemble Greece than Saudi Arabia.
But underwater drilling is expensive and risky, so why would the oil majors take this risk after they heard threats of nationalisation? I have twice posted the charts of North Sea oil production depletion and is is a grim story. I don't know why but off-shore wells deplete faster than those on shore. It is often said anyway.
A Scot nationalist here poo-pooed the idea saying there is still plenty of oil there but that raises the question: Why aren't the lease-holders exploiting it? I can only answer that question with another: Is it because they refused to risk billions when the Scottish Nationalists were of a mind to divest them of those assets?
I suspect they will insist on watertight contracts before committing those billions even now.
