Scottish Vote: BP Says No To Independence

BP (LSE: BP.L - news) has weighed into the Scottish independence debate by declaring its support for the "integrity of the United Kingdom".

The oil firm's public statement was its first to directly support the Better Together campaign after similar comments earlier this year, in a personal capacity, by chief executive Bob Dudley.

Mr Dudley spoke out on Wednesday in the wake of criticism of Yes campaign estimates for future North Sea oil production and revenues by Sir Ian Wood.

The North Sea oil tycoon - acknowledged by both Prime Minister David Cameron and Scottish First Minister Alex Salmond as the industry's foremost expert - urged Scots not to gamble their economic future on misleading information and promises that could not be delivered.

He cited a report, which he said was sponsored by Yes campaigners and welcomed by Mr Salmond, which claimed there could be another 21 billion barrels of oil from unconventional shale reserves in the North Sea.

Sir Ian sad: "Quite frankly the N-56 report is an insult to the Scottish people.

"As passions rise and hearts risk overtaking minds in the debate, it is vital that Scots are able to make their decision based on fact and not fantasy.

"The N-56 report gives the impression that 21 billion barrels are in reserves. Nothing could be further from the truth."

Sir Ian has previously stated his belief that there are just 15 years of reserves left before major damage is inflected on the Scottish economy from declining production.

His comments on Wednesday gave rise to BP coming out in favour of the Union .

Mr Dudley said: "BP has been in the UK North Sea for 50 years and we hope to operate here for many years to come.

"However, the province is now mature and I believe Sir Ian Wood correctly assesses its future potential.

"The opportunities today are smaller and more challenging to develop than in the past.

"We also face the challenges of extending the productive life of existing assets and managing the future costs of decommissioning.

"Much of this activity requires fiscal support to be economic, and future long-term investments require fiscal stability and certainty.

"Our business invests for decades into the future. It is important our plans are based on a realistic view of the North Sea’s future potential and the challenges the industry faces in continuing to operate here.

"As a major investor in Scotland - now and into the future - BP believes that the future prospects for the North Sea are best served by maintaining the existing capacity and integrity of the United Kingdom".

Leader in Aberdeen of pro-independence group Business for Scotland , Kenny Anderson, rounded on Sir Ian's comments.

He said: "We have stated that 24 billion barrels of oil is a reasonable target to extract if the North Sea is managed professionally and revenues maximised.

"Our sources for these estimates have included Oil and Gas UK, Professor Alex Kemp, Sir Donald McKay and many other leading forecasters and now it seems Sir Ian Wood himself once predicted the higher figure of 25 billion barrels left to produce.

"One thing is clear, all of the forecasts of the real experts - including Sir Ian's pessimistic one - are far, far higher than those published by the Westminster Government and claimed by Better Together.

"The North Sea represents a huge opportunity to Scotland as an independent country if we move from Westminster's cash cow approach to one of intelligent stewardship in an independent Scotland."