The approximate sales value of oil and gas produced in Scotland for the financial year 2016-17 rose 15.2% to £17.5 billion, according to new figures from Scotland’s Chief Statistician.
The rise was due to an increase in production and an increase in prices at the end of 2016 and beginning of 2017.
Oil and gas production in Scotland rose 2.9% between 2015-16 and 2016-17.
The Oil and Gas Production Statistics 2016-17 also show that oil and gas produced in Scotland accounted for 82% of the UK total.
Oil and gas fields in Scotland accounted for 96% of UK crude oil and natural gas liquids (NGL) production and 63% of UK natural gas production.
In financial year 2016-17, oil and gas production in Scotland is estimated to have been 74.7 million tonnes of oil equivalent (mtoe).
Over the same period, operating expenditure (excluding decommissioning) on oil and gas production in Scotland is estimated to have been £5.9 billion, broadly unchanged from 2015-16 despite the increase in production.
2016-17 capital expenditure on oil and gas production in Scottish waters is estimated to have been £8 billion, down from £10.1 billion in 2015-16.
Minister for Business, Innovation and Energy, Paul Wheelhouse, said: “Scotland’s oil and gas industry has a bright future, and it is encouraging to see this continued increase in production which has risen by a total of 25% over the last two years.
“These figures show that confidence is continuing to return to the sector after a number of challenging years.
“Capital investment on oil and gas fields in Scottish waters was £8 billion in financial year 2016-17 and the approximate sales value of oil and gas produced in Scotland was estimated to be £17.5 billion, which is a rise of 15.2% on last year.
“I do recognise that this remains a difficult time for the industry and its workforce, and the Programme for Government launched last week clearly outlines that even in the context of our low carbon transition harnessing the resources of the North Sea will be vital to the Scottish economy for decades to come.
“The Energy Jobs Taskforce has delivered an exceptional range of support for industry and individuals in the sector, and the Oil & Gas Industry Liaison Group, which I co-chair, will now take forward the actions identified by the Taskforce, ensuring Scotland’s oil and gas sector has a long-term future.
“The Scottish Government will continue to do everything within our powers to support the industry and its workforce, while calling on the UK Government to improve the fiscal and regulatory regime to encourage on-going investment to support jobs and export led growth.”