EDINBURGH, Scotland, Aug. 22 (UPI) -- An independent Scotland could replicate the success of Norway when it comes to exploiting North Sea oil reserves, the Scottish energy minister said.
"Norway is a great example of how, by fostering a stable and predictable fiscal and regulatory regime, a resource rich nation can not only develop a very strong oil and gas sector, but through the development of an oil fund use its energy wealth to benefit the whole country," Scottish Energy Minister Fergus Ewing said in a statement.
Scotland holds a referendum for independence from the United Kingdom next month. The Scottish government said it could support an economy through oil and gas revenue while powering an independent nation on renewable resources.
A report Thursday from the Scottish Energy Ministry says Scotland could replicate Norway's experience with North Sea oil by managing its reserve assets better. Per capita gross domestic product in Norway is 80 percent higher than for the United Kingdom.
"Poor stewardship of resources, frequent changes to the tax regime, a lack of focus on value creation and mismanagement of revenues are all mistakes that we cannot let happen again, and which an independent Scotland will address," Ewing said.
