The Geneva Convention in 1958 agreed that offshore areas, like the North Sea, would be divided on the principle of equidistance between each territorial area. This means that all the countries that have coastlines along the North Sea can claim ownership over specific parts.

The UK controlled part of the North Sea, known as the continental shelf, is the home of vast amounts of oil and natural gas. An independent Scotland would be entitled her share of the continental shelf. According to the 1968 Continental Shelf Jurisdiction Order , Scotland would therefore have ownership over a very large area which encaspulates these natural resources.

Using the 1968 Order a 55'50'N latitude frontier alongside the border town of Berwick would be the dividing line by which the UK area would become split. This would leave Scotland with an estimated 160,000 Km(sq) area and England would have the remaining 84,000 Km(sq) area. All countries have disadvantages but they all have a right to benefit from their advantages too and Scotland should be no different.

Black Gold In 1960s the first oil wells were drilled in the Scottish sector of the North Sea. In 1970 the first major find was at the Forties oil field 100 miles from Aberdeen. The oil companies have to pay for licences to explore specific blocks of the seabed and in 1971 the government auctioned off one small sector for £21million to Shell/Esso. Between 1975 and 1994 £118 billion poured into the Exchequer through oil revenues. Treasury Oil Revenue Forecast 1998-1999 £2.6 billion 1999-2000 £1.3 billion 2000-2001 £1.2 billion 2001-2002 £1.4 billion 2002-2003 £1.5 billion 2003-2004 £1.9 billion

Bibliography:
Oil & the British Economy (Hall)
Sunday Post, Oct 1994.
Her Majesty's Treasury (1998)