SNP accused of exaggerating North Sea oil reserves by up to 60%

Oil tycoon Sir Ian Woods says reserves will decline sharply within 15 years, raising questions about future Scottish economy

Sir Ian Wood, the most influential figure in the Scottish oil industry, has accused Alex Salmond's government of exaggerating North Sea oil reserves by up to 60%.

Wood, the billionaire founder of the oil services firm Wood Group, said the first minister's administration had also overestimated North Sea oil income over the next five years by up to £2bn a year or £370 per person, raising serious questions about Salmond's public spending plans.

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