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North Sea oil revenues up by £1 billion on last year

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.”

Published: 22-08-2018

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