The Scottish Government has been accused of inflating future revenues from North Sea oil by 50%.
Energy Minister Fergus Ewing said yesterday that upping the successful rate of recovery by 1% would deliver £22 billion of extra tax revenue.
He did not outline the time frame the money would be raised over, however. A Scottish Government spokeswoman later confirmed the figure was based on the entire lifetime of the wells, estimated to be at least 40 years.
Labour MSP Michael McMahon, who sits on the finance committee, said: “You always get the impression that the SNP are trying to mislead with these figures, as they like to only show one side of the picture, as they never like to consider the £30 billion-£50 billion in North Sea decommissioning costs that would be landed on an independent Scotland’s doorstep.”
Mr Ewing said: “No sector delivers more for our economy than oil and gas, and maximising the percentage of the oil and gas recovered should be a priority for everyone involved in the industry.
“If we increased the amount of oil and gas recovered from each of Scotland’s wells by just 1%, it would increase tax revenue by £22 billion. This money could put towards creating the Scotland we all want to live in a fairer society for everyone.”
During an oil and gas debate at Holyrood, Conservative energy spokeswoman Mary Scanlon accused the Scottish Government of inflating its future oil revenues by 50%, even though remaining oil reserves in the North Sea have not changed.
In February last year, First Minister Alex Salmond said there were 24 billion barrels still to be extracted, worth about £1 trillion.
He increased his projection to £1.5 trillion during his New Year message, even though the average price of Brent Crude had dropped.
Ms Scanlon said: “First, Alex Salmond has found an extra half-trillion pounds of oil revenues from absolutely nowhere.
“Then one of his ministers claims an extra £22 billion could be raised from the North Sea, but has no idea if the substantial investment needed to achieve this is affordable for the industry or that it could take 40 years or more to realise that figure.
“It might be a new year, but the SNP are up to the same old tricks when it comes to plucking figures out of the air.”
Mr Ewing explained last May that the £1.5 trillion figure was reached by assuming there are up to 24 billion barrels to recover, averaging $100 a barrel in 2012 prices, and an exchange rate of £1 to $1.60.
Labour energy spokeswoman Rhoda Grant asked if a plan to siphon off money for a Norway-style oil fund would be funded by top-slicing existing taxation or levying more taxes on the oil industry.
Mr Ewing replied: “As far as taxation is concerned, we recognise that stability and predictability are absolutely key.”
Lib Dem Tavish Scott said industry leaders had warned the most significant need was the “constant engineering, the constant reinvestment and the constant attention” to the fabrics of oil and gas platforms.
Scottish Greens co-leader Patrick Harvie warned a strategy “squeezing out every last drop from the North Sea”.
kiandrews@thecourier.co.uk