ISBN 978 0 7559 8119 9
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Contents
Foreword
Executive Summary
Chapter 1 Introduction and Overview
Chapter 2 The UK Oil and Gas Sector
Chapter 3 The Purpose of an Oil Fund
Chapter 4 International Experience of Oil Funds
Chapter 5 Policy Issues for a Scottish Oil Fund
Chapter 6 Conclusions
List of Figures
The UK Oil and Gas Sector
Figure 1: UK Continental Shelf and Scottish Boundary
Figure 2: Scottish Geographical Share of Oil and Gas Production 2000 to 2008
Figure 3: Scottish Estimated Geographical Share of Oil and Gas Production 2009 to 2013
Figure 4: Oil Prices 1977 - 2009 ( GBP and USD Per Barrel) (2008 Prices)
Figure 5: Oil Prices 2009 ( GBP and USD Per Barrel) (2008 Prices)
Figure 6: Gas Prices 1977 - 2009 ( GBP and USD Per MMBTU) (2008 Prices)
Figure 7: Forecasts of Future Oil Prices 2009
Figure 8: World Oil Prices (1980 to 2030) (2007 Dollars per Barrel)
Figure 9: North Sea Revenues 1980-81 to 2008-09 (2008 Prices)
The Purpose of an Oil Fund
Figure 10: Hypothetical Value of a UK Oil Fund - Investing 10% of Nominal North Sea Revenue Annually
Figure 11: Hypothetical Oil Fund Value - One Off Investment of £1 billion
Figure 12: Hypothetical Oil Fund Value - Investing £1 billion a year for 10 years with no withdrawals
Figure 13: Hypothetical Oil Fund Value - Investing £1 Billion a year for 10 years with Withdrawals
International Expierence of Oil Funds
Figure 14: Norwegian Government Revenue from the Petroleum Industry, NOK Billion 1970 to 2008 (2008 Prices)
Figure 15: Value of Norwegian Oil Fund (At Start of Year) NOK Billion 1997 to 2015 (2008 Prices)
Figure 16: Alaska Crude Oil Production (Thousand Barrels): 1973 to 2008
Figure 17: Alaska Petroleum Revenue (1970 to 2008) (2008 Prices)
Figure 18: Alaska Permanent Fund Value (1978 to 2009) (2008 Prices)
Figure 19: Alberta Non Renewable Resource Revenue (1970-71 to 2008-09) (2008 Prices)
Figure 20: Alberta Heritage Savings Fund Value (1976-77 to 2008-09) (2008 Prices)
Policy Issues for a Scottish Oil Fund
Figure 21: Structure of Alaskan Permanent Fund
Figure 22: Structure of Norwegian Oil Fund
Figure 23: Portfolio Allocations of Selected Oil Fund
Figure 24: Alaska Permanent Fund Dividend Per Resident (1982 to 2008) (2008 Prices)
List of Tables
The UK Oil and Gas Sector
Table 1: UK Continental Shelf Projected Reserves (Billion boe)
The Purpose of an Oil Fund
Table 2: Value of Oil Fund in 2008-09 with an Annual Nominal Return of 3%, 5% and 7% (£ Billion)
Table 3: Value of Investments with an Annual Real Return of 1% (£ Billion - Constant Prices)
Table 4: Value of Investments with an Annual Real Return of 3% (£ billion - Constant Prices)
Table 5: Value of Investments with an Annual Real Return of 5% (£ billion - Constant Prices)
Table 6: Value of Investments & Total Income Withdrawn with an Annual Real Return of 1% (£ Billion - Constant Prices)
Table 7: Value of Investments & Total Income Withdrawn with an Annual Real Return of 3% (£ Billion - Constant Prices)
Table 8: Value of Investments & Total Income Withdrawn with an Annual Real Return of 5% (£ Billion - Constant Prices)
International Expierence of Oil Funds
Table 9: International Examples of Natural Resource Funds (2009)