Scottish independence campaign hit by plunging North Sea oil profits
NEWS: The rate of return on North Sea oil investments has hit a five-year low, according to new data from the Office for National Statistics.
North Sea oil is one of the key areas of contention ahead of September’s Scottish independence referendum.
The SNP’s claim that Scotland would still be "one of the richest countries in the world" in the event of independence, has been dealt a blow by data showing North Sea oil and gas profits have sunk to a five-year low.
According to Office for National Statistics (ONS), the rate of profit at oil and gas exploration and extraction companies tanked to 27.6% in the first quarter of this year – its lowest level since the second quarter of 2009.