A north-east oil and gas academic is backing a Yes vote next week – arguing that an independent Scotland could do a better job of managing oil and gas resources than Westminster.
Alex Russell, professor of petroleum accounting at the Robert Gordon University in Aberdeen, claimed successive governments south of the border have “failed to invest” tax receipts.
Prof Russell, who is also head of the department of management at Aberdeen Business School and chairman of the oil industry finance association, said Scotland’s oil wealth should be used to benefit the people of Scotland.
He said: “There is no question that had Scotland been an independent country in 1975, that Scotland would be extremely wealthy now and there would be no national debt.
“The weight of evidence is that the UK government has failed to invest the harvest from the North Sea oil for future generations.
“Would an independent Scotland look after Scotland’s oil and gas resources better than the current UK government? I believe it would, and would ensure that the people of Scotland benefited much more than just now.”
Prof Russell also suggested that an independent Scottish government could provide a “much more stable” fiscal regime, which could increase confidence and boost investment in the industry.
He added: “The incentive for additional exploration and production in as yet unexplored areas of Scotland’s seas, for example, to the west of Scotland including the Sea of the Hebrides, must be a lucrative venture for the oil industry.
“The oil forecasts from the Office of Budgetary Responsibility (OBR) are ludicrously pessimistic, and a huge understatement of the future potential of North Sea production.”
He also suggested forecasts of up to 24 billion boe (barrels of oil equivalent) from industry body Oil and Gas UK “appears plausible”.
He said: “This outcome is all the more probable given the truly brilliant and innovative approach of the North Sea oil industry towards finding and exploiting reserves.”
Professor John Howell, chairman of petroleum geology at Aberdeen University, has also come out in support of independence.
SNP energy spokesman Fergus Ewing said Prof Russell has “extremely strong credentials” on the issue of North Sea oil and gas.