Oil revenues in Scotland have increased by more than a billion pounds in the last year.
The Government Expenditure and Revenue figures have been published, showing the 5-fold increase in earnings for the industry.
In 2016-17, revenues in oil and gas were just £266 million – rising to £1.3 billion in the last year.
Despite the rise, Scotland’s defecit is £13.4 billion – an increase of £100 million on last year.
Oil & Gas UK Upstream Policy Director Mike Tholen said:“This evidences the striking transformation of the UK’s oil and gas industry since the downturn.
“Improvements to operational efficiency, careful management of costs and a stable fiscal regime have ensured it is better placed to weather volatility in international oil markets. This golden formula must now be maintained as we look to maximise economic recovery.”
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