Scottish Independence: 'Scotland's Energy Industry is Robust, All Oil Firms are Liars'

The oil industry is the jewel in Scottish National Party leader Alex Salmond's crown and has been cited as a driving force for the potentially independent Scotland's economy.

Speaking to IBTimes TV, Kat Heathcote, director at Witherby Publishing Group and an oil expert with over two decades of experience in the energy industry, told us why there may be a discrepancy in the oil estimates from the government and independent reports.

The Scottish government claims there are 24 billion barrels of oil left in the North Sea while Wood stipulates that there are in fact only 15 billion to 16.5 billion barrels of recoverable oil left.

In keeping with the pro-independence campaign's oil production claims, N-56, which was founded by a member of the advisory board for Yes Scotland Dan Macdonald, North Sea revenues are pegged to be as high as £365bn (€456bn, $605bn) by 2041, if a series of recommendations were implemented.

However, the UK Office for Budget Responsibility (OBR) forecast is at £61.6bn between 2013/14 and 2040/41.