I'd imagine it would work in the same way every other small independent country in Europe would work. We discovered oil and gas at roughly the same time as Norway, which has the same population and natural resources as Scotland. Currently we have a budget deficit of approximately £175 billion - Norway has a surplus of about £800 billion. I know it's a football forum but some of the comments here are not only ignorant but verging on the racist. Anyways, PUSB.
TS - thanks for your input.
I can quite understand the feelings of many in Scotland towards independence, given their antipathy to the Conservative government and Boris Johnson being seen as a "gift" to boosting the independence vote.
As for the use of the oil and gas revenues to plug holes in the UK's daily spending, I believe that has been overlooked by many in the rest of the UK. It was Tony Benn who created a wealth fund, similar to Norways for the long term investments and you are right in pointing out how Norway has investments that will give them returns over the long term in a variety of industries, etc. Unfortunately, it was the Thatcher government that snapped this and diverted the revenues into general spending.
IMO. There are several issues for Scotland to consider. Given the recent Brexit divorce talks - does anyone think Scotland would get a fair deal in separation? I'm not sure that the rest of Britain would agree to that. Secondly, if Scotland joined the EU, then a hard border between England and Scotland would be created with the massive disruption that would cause and many industries would suffer. Additionally, Scotland would have to adopt the Euro, which has plus and minuses.
All in all it will be very disruptive and talks could take years to unravel the independences and I can't see a government south of the border acting in a co-operative manner.