SIR IAN Wood’s announcement the impact from oil reserves running down will be felt in as little as 15 years has been hailed as a mortal blow for Scottish independence.

In an exclusive interview by Energy Voice, the former chairman and chief executive of the Wood Group said oil reserves have been overestimated.

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Scottish Labour’s spokesman for Finance, Iain Gray said the oil expert’s views showed Alex Salmond had made reckless and wild predictions.

He said: “This is a mortal blow to the Yes campaign and Alex Salmond’s fanciful claims about the finances of an independent Scotland.

“Sir Ian Wood is a widely respected businessman and no one knows more about the oil and gas industry than him.

“When he tells us that we cannot rely on the North Sea to sustain the Scottish economy then everyone including Alex Salmond – should listen.”

Sir Ian contradicted the Scottish Government’s own figures for remaining North Sea resources and tax income.

He said: “The offshore oil and gas industry cannot figure significantly in Scotland’s medium-term economic calculations.

“Young voters in the referendum will only be in their 40s when they will see the significant rundown in the Scottish offshore oil and gas sector, and the serious implications for our economy, jobs and public services.

“Indeed, the rundown impact will begin to be felt by 2030, which is only 15 years from now.”

Sir Ian has also highlighted the recent report from the official British Geological Survey which suggests Scotland is unlikely to have significant alternative onshore supplies of hydrocarbons after offshore oil and gas runs out.

He said: “An independent Scotland will lose the very significant pricing subsidy and there’s a danger the rest of the UK will opt to import cheaper electricity from continental Europe.”

“The loss of significant offshore oil and gas tax revenues as the North Sea runs down will have a big impact on our economy, jobs and balance of payments, with significant increases in household energy bills – and a very adverse impact on the legacy for future generations in an independent Scotland.”

Sir Ian’s remarks come after oil economist and North Sea energy expert Professor Sir Donald Mackay endorsed the Scottish Government’s plans for independence.

He has described the proposals in the SNP administration’s white paper on independence as “perfectly sensible” and would help “strengthen our economic base”.

The academic has also criticised oil and gas revenue projections from the Office for Budget Responsibility, stating the UK Government advisory body is “hopelessly at sea when it comes to forecasting the price of oil”.