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PM promises North Sea cash if Scotland stays with UK

David Cameron and Alex Salmond have clashed over the future of Scotland's oil and gas industry as they held rival Cabinet meetings within a few miles of each other. The Prime Minister warned that leaving the UK would harm the key sector.

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Cameron's North Sea plans based on oil tycoon's report

The Prime Minister will use retired oil tycoon Sir Ian Wood's review of the oil and gas industry to announce measures to boost production ahead of the vote on Scottish Independence.

Measures in the review, which the UK Government says it will accept and fast-track for implementation, include:

  • The creation of a new independent regulator to supervise licensing and to ensure maximum collaboration between firms to explore and develop oil and gas fields
  • Recommends a reduction in red tape for the industry
  • Greater sharing of infrastructure and geophysical information
  • A Government and industry commitment to ensure licences are awarded on the basis of recovering the maximum amount of petroleum from UK waters

It is claimed the measures could result in up to four billion more barrels being recovered, bringing in over £200 billion to the UK economy.

Watch: Salmond urges PM to debate on Scottish independence

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