Wednesday 12 September 2018

Scottish oil and gas revenues rose 18.2% last year

Scottish oil and gas revenues rose 18.2% last year

Scottish oil and gas revenues rose in the last financial year, despite production falling by 1.7%.

A new statistical report from Scotland's Chief Statistician shows total production dropped year-on-year to 73.7 million tonnes of oil equivalent.

Despite this, the overall sales value increased by 18.2% due to continued price increases, reaching around £20 billion.

Scotland's output accounted for around 81% of the UK total, down from 82% in 2016-17; it made up as much as 96% of UK crude oil and natural gas liquids produced over the year, as well as 63% of the country's entire natural gas production.

In 2017-18, operating expenditure on oil and gas production in Scotland, excluding decommissioning, is estimated to have cost around £6.2 billion, up from £5.3 billion in 2016-17.

Capital expenditure in Scottish waters is estimated to have totalled £5.8 billion, down from £7.8 billion the previous year.

Scottish Minister for Energy, Connectivity and the Islands, Paul Wheelhouse, said: "I welcome the findings in the report which show the sector has seen an 18.2% increase in sales value.

"These figures reflect the increased price of oil and gas on the global markets and show confidence is continuing to return to the sector."

Written by

Bruna Pinhoni

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