North Sea Revenue in Doubt
Posted on: 26/06/2015

A recent report by the Scottish government has shown a decrease in estimations of revenue available from the North Sea oil and gas.

The last report, in May last year, predicted that up to £7.8bn would be available from the North Sea over the course of the year (2016-2017).

However the government’s oil and gas bulletin has retracted these earlier estimations and announced that the highest likely revenue will actually be around the £.28bn benchmark, with the possibility of it falling as low as £0.5bn.

This is the first bulletin of its kind to be published within the past year and it documents the dramatic fall in oil prices as seen over the past twelve months.

Scotland’s Finance Secretary John Swinney has commented on the new figures: “There is no disputing that the industry has faced a very challenging year and we continue to work relentlessly to safeguard jobs and retain vital skills.

“It is not acceptable for the UK government to sit back and accept low revenues. Both governments and the industry must continue to work together to improve efficiency, production and deliver better results for the North Sea.

“The critical issue is that the UK government needs to deliver on its commitment to consult on incentives to boost exploration in the North Sea, and this consultation must be launched urgently- so that firm proposals can be announced in the Autumn Statement.”

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