From Aberdeen (IF): The dust has now begun to settle following the historic decision by the people of Scotland not to break away from the rest of the UK.

One positive impact of the fiercely-fought independence debate was that the importance of the North Sea industry and the wealth it brings to Britain was widely highlighted on both sides of the border.

Prominent business leaders, such as Sir Ian Wood, were in the news in the lead-up to the 18 September vote with their views. Wood said after the result, ‘I am pleased the Scottish people have chosen the best of both worlds, which I...believe will be in the best interests of our children and grandchildren.

‘The UK Government must now deliver on...wider...responsibilities to the Scottish Parliament and every effort must be made to heal the rifts from the past few months. Scotland must unite...within the...UK to take full advantage of the opportunities.’

Sir Ian said there are two important initiatives underway - the fiscal review plus the set up of the new regulator, the Oil & Gas Authority.

‘Our industry is currently struggling with a completely unacceptable low level of exploration and a significant number of our offshore assets potentially up for sale,’ he said. ‘The vote now allows...these...initiatives to be progressed and brought into play by UK government as quickly as possible.’

Sir Ian, Scotland’s most successful oil sector entrepreneur, dealt a massive blow to Scottish National Party hopes for an independence. The businessman, who built the Wood Group into an international energy service giant, was worried for Scotland’s future if it voted ‘yes’ to go it alone.

He warned there were just 15 years before depleting North Sea reserves began to hit jobs and the economy. Sir Ian feared the SNP over-estimated the amount of potential revenue available to an independent Scotland and that the country could be forced to import shale-gas from England.

Industry body Oil & Gas UK (OGUK) said after the vote that it looked forward to continuing working closely with both the UK and Scottish governments on maximising economic recovery of offshore oil and gas.

OGUK said the outcome of the referendum would not diminish the pivotal role played by the Scottish government in supporting the offshore industry.

OGUK chief executive Malcolm Webb said, ‘The referendum...revealed the important role the offshore...industry plays in our economy...This is understandable, given this industry remains the UK’s largest corporate taxpayer and largest industrial investor, and its crucial role in helping assure thousands of well-paid, highly-skilled jobs...(and...)energy security.

‘To safeguard the industry’s future, it is particularly important that that the government now presses swiftly ahead with fiscal reform as well as the implementation of Sir Ian Wood’s recommendations to maximise...our oil and gas resource. The industry must not delay either in (the) effort to bring its escalating costs under control.’

The possibility of another bid for Scotland to become independent now seems to be off the table for at least a decade. Bookmaker William Hill think it is odds-on there will not be another referendum before 2024.