Footnotes
1. More information on the National Conversation can be found at http://www.anationalconversation.com/
2. Oil and Gas UK (2009) - 2009 Economic Report
3. www.offshore-europe.co.uk
4. Holyrood Magazine (June 2008) - Benn: oil money wasted
5. The Guardian (27 October 2007) - Deeper, rougher, further - in search of the last North Sea oil
6. The Independent Expert Group to the Commission on Scottish Devolution (2009) - Natural Resource Taxation and Scottish Devolution
7. Oil and Gas UK (2009) - 2009 Economic Report
8. HM Treasury (2009) - Budget 2009, and own calculations.
9. Norges Bank Investment Management (2009) - Quarterly Report Q1, 2009
10. Alaska Permanent Fund Corporation (2009) - Monthly Performance Report May 2009
11. Alberta Heritage Savings Trust Fund (2009) - 2008-09 Annual Report
12. Hallwood and MacDonald (2009) - The Political Economy of Financing Scottish Government
13. The Independent Expert Group to the Commission on Scottish Devolution (2009) - Natural Resource Taxation and Scottish Devolution - Pg 19
14. The Independent Expert Group to the Commission on Scottish Devolution (2009) - Natural Resource Taxation and Scottish Devolution - Pg 13
15. FTSE (2008) - FTSE 100 Index Factsheet
16. DECC (2009) - Oil and Gas Production Statistics
17. BP (2009) - BP Statistical Review of World Energy 2009.
18. Kemp and Stephen (2008) - The Hypothetical Scottish Shares of Revenues and Expenditures from the UK Continental Shelf 2000-2013 and Kemp and Stephen (1999) - Expenditures and Revenues from the UKCS - Estimating the Hypothetical Shares 1970 - 2003
19. Kemp and Stephen (1999) op cit.
20. Kemp and Stephen (2008) op cit.
21. Kemp and Stephen (2008) op cit.
22. USEIA forecasts an average price of $105 per barrel of oil and $6.9 per million BTU of natural gas between 2009 and 2030 (2007 prices) (Updated Annual Energy Outlook 2009 Reference Case with ARRA). Calculations are based on the average US Dollar/Sterling exchange rate in 2008.
23. Brownfields refer to extended production beyond that originally anticipated in existing fields.
24. DECC (2008) - UK Oil and Gas Reserves and Resources - September 2008
25. Oil and Gas UK (2009) - 2008 Activity Report.
It should be noted that the technical cost of production excludes the cost of investment finance, exploration and appraisal drilling and general onshore expenses
26. Scottish Enterprise (2008) - The Decommissioning Market Report 2008 Update
27. Kemp and Stephen (2008), "The Prospects for Activity in the UKCS to 2035: The 2008 Perspective", North Sea Study Occasional Paper, Number 109, University of Aberdeen.
28. The real price of oil is the nominal oil price adjusted for inflation.
29. International Energy Agency (2008) - Oil Market Report, September 2008
30. Financial Times (6 November 2008) - Oil price forecast to bounce back with recovery
31. MMBTU refers to Million British Thermal Units
32. EIA (2009) - Annual Energy Outlook 2009
33. DECC (2009) - Communication on DECC Fossil Fuel Price Assumptions
34. For a discussion of historical North Sea revenues and the implications for Scotland's fiscal position see "History repeats itself", June 26th 2008, The Economist (London).
35. HM Treasury (2009): Budget 2009
36. Based on the work in Hannesson (2001) - Investing for Sustainability - The Management of Mineral Wealth
37. Financial Times (26 January 2009) - Norway dips into oil fund for NKr20bn stimulus
38. Norwegian Ministry of Finance (2009) - The Revised National Budget 2009
39. Auty (1993) - Sustaining Development in Mineral Economies: The Resource Curse Thesis
40. Guardian (20 May 2009) - Europe's largest onshore wind farm open and ready to expand
41. Of course, this would have implied that less money would have been available for funding government expenditures without an increase in net borrowing or taxation for such years.
42. IMF (2008) - World Economic Outlook Database, October 2008 Gross domestic product based on purchasing-power-parity ( PPP) per capita GDP
43. Norwegian Petroleum Directorate (2009) - Facts 2009 - The Norwegian Petroleum Sector
44. BP (2009) - BP Statistical Review of World Energy 2009.
45. Norwegian Petroleum Directorate (2008) - Norway petroleum resource account 2008
46. Norwegian Petroleum Directorate (2009) - Facts 2009 - The Norwegian Petroleum Sector
47. Norwegian Petroleum Directorate (2009) - Facts 2009 - The Norwegian Petroleum Sector
48. The Government Pension Fund of Norway is made up of two elements: The Government Pension Fund - Global (the oil fund) and The Government Pension Fund - Norway. The latter is a general National Insurance scheme. For more information on the pension fund see http://www.government.no/gpf
49. Norges Bank Investment Management (2009) - Quarterly Report Q1, 2009
50. Reuters (14 July 2009) - Norway oil fund up 3.3 pct in June to $367 bln
51. Bureau of Economic Analysis - Regional Economic Accounts
52. BP (2006) - Prudhoe Bay Factsheet.
53. US Energy Information Administration (2009) - Alaska Field Production of Crude Oil
54. Alaska Permanent Fund Corporation (2005) - An Alaskan's Guide to the Permanent Fund
55. Alaska Constitution Article IX, Section 15
56. Support for the creation of the fund at the time of the constitutional amendment was 75,588 to 38,518.
57. State of Alaska - Division of Elections - Constitutional Amendments On Alaska's Ballots ( HJR 39)
58. Alaska Permanent Fund Corporation (2009) - Monthly Performance Report - May 31, 2009
59. Energy Information Administration (2009) - Annual Energy Outlook 2009
60. Statistics Canada
61. Government of Alberta (2009) - Alberta's Oil Sands
62. Alberta Heritage Savings Trust Fund (2009) - 2008-09 Annual Report
63. Alberta Heritage Savings Trust Fund (2009) - A History of the Heritage Fund
64. Alberta Heritage Savings Trust Fund (2009) - 2008-09 Annual Report
65. Alberta Heritage Savings Trust Fund (2009) - 2008-09 Annual Report
66. Alberta Heritage Saving Trust Fund (2009) - Heritage Fund - Frequently Asked Questions
67. IMF (2007) - 'The Role of Fiscal Institutions in Managing Oil Revenue Booms
68. Alaska Permanent Fund (2005) - An Alaskan's Guide to the Permanent Fund
69. Norges Bank was chosen for several reasons including the bank's knowledge of the constitutional set up and background of the Fund; the close relationship between the fund mechanism and monetary policy; and the Bank's experience in managing exchange reserves.
70. R. Hannesson (2001) - Investing for Sustainability: The Management of Mineral Wealth
71. IMF (2008) - Norway's Oil Fund Shows the Way for Wealth Funds
72. Peterson Institute for International Economics (2008) - A Blueprint for Sovereign Wealth Fund Best Practices
73. HM Treasury (2009) - Public Finance Databank
74. Norwegian Ministry of Finance (2009) - Ethical Guidelines for the Government Pension Fund - Global
75. Norges Bank Investment Management (2009) - Annual Report 2008
76. Warrack (2005) - Alberta Heritage Fund: Blessing Becoming Curse?
77. Unlike other funds, only realised earnings can be removed from the Alaska Permanent Fund. Unrealised gains - generated when the market value of an asset increases - are considered part of the principal and cannot be withdrawn.
78. Norwegian Ministry of Finance (2006) - The Norwegian Petroleum Sector and the Government Pension Fund - Global
79. Norwegian Ministry of Finance (2008) - Fiscal Budget 2009: Supporting Stable Development of the Norwegian Economy
80. Norwegian Ministry of Finance (2006), The Norwegian Petroleum Sector and the Government Pension Fund - Global.
81. A variant on this approach is adopted in Alaska, where transfers from the fund are made on the basis of the average real return over the previous five years.
82. Alberta Heritage Savings Trust Fund (2008) - Annual Report 2007-08.
83. Alberta Heritage Foundation for Medical Research (2008) - Annual Report 2008
84. Alaska Permanent Fund Corporation (2008) - Annual Report 2008