The sales value of oil and gas produced in Scotland in 2017-18 is estimated to be £20 billion, an increase of 18.2% compared to 2016-17, despite a slight decrease in production.
That’s according to new Oil and Gas Production Statistics for 2017-18 announced by Scotland’s chief statistician.
The statistics show that despite the slight decrease in production of 1.7% in the latest year, production of oil and gas in Scotland remains 23.1% higher than the level recorded in 2014-15.
Scotland’s share of production accounted for 96% of total UK crude oil and NGL (natural gas liquids) output, while overall Scottish oil and gas production was 81% of the UK total.
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.
“Capital investment in oil and gas fields in Scottish waters remains strong at around £6 billion in financial year 2017-18, and oil production is up slightly.
“At the same time the industry faces continuing challenges, including issues around exploration, and the Scottish Government will continue to do what we can to support the sector.
“However, the UK Government retains most of the key policy levers affecting the offshore sector, so we will continue to argue they should bring forward measures to rebuild exploration activity and to maximise economic recovery, while also providing an immediate boost to the supply chain.”