Energy Voice | Scotland’s oil revenues jump by £1billion

Scotland’s share of North Sea tax revenues jumped to £1.3billion in the last year, according to latest tax and spending figures.

The Government Expenditure and Revenue Scotland (GERS) report has been published for 2017-18.

It shows revenues from the oil and gas sector were up by more than £1bn from just £266million in 2016-17.

The report said it reflects an increase in total UK revenue from the sector.

Despite this, the country is still in deficit of £13.4bn (7.9% of GDP).

The figure is down from 8.3% last year but still four times higher than for the UK.

First Minister Nicola Sturgeon unveiled the report this morning.

She said: “Today’s figures show that offshore revenue has increased by £1 billion.

“This comes on the back of recent analysis by the Oil and Gas Authority that production this year is expected to be 18% higher than in 2014.

“Separately, the latest Fraser of Allander Oil and Gas survey also shows that net confidence of oil and gas contractors is at the highest level since spring 2013.

“With the limited economic powers currently at our disposal, the actions we are taking to promote sustainable economic development are helping to ensure that the key economic indicators are moving in the right direction.”

GERS were used as a key argument in the 2014 Scottish Independence referendum campaign, shortly before the oil price crash.

The Scottish Government’s White Paper for independence described them as an “authoritative publication” on Scotland’s finances.

Scotland’s financial position has been impacted by the oil price drop, with its share of oil revenues being at a nearly £8billion in 2012-13, and dropping to just £50million in 2015-16.

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