SCOTSMAN.COM VIEW

The first oil from a redeveloped field has been unlocked after a multi-billion-pound project west of Shetland

Excellent news. Just wonder when I can expect my cheque for £20k through the post Nicola? – choccywoccydoda Nice to see some oil extraction being developed in line with Ian Wood’s report of a few years ago. However, the 130,000 barrels a day talked of here is only 2.9 per cent of the flow that was achieved at peak production at the turn of the century. – Corrigenda The taxes which the state derives from the UK oil industry is based on the PROFITS made. It might be marginally worthwhile for the oil companies to extract it, particularly if they have resources in terms of manpower, plant and equipment which would otherwise be unused, but the margin of profit means the tax take to the treasury, UK or Scottish, is minimal compared to when oil was trading at upwards of $100 a barrel. – Esox Hunter Shetland, proud to be more Danish than Scottish, independent of Scotland and wealthy. – Multi ID From Bath