Friday, 29 June 2018 05:10

REVENUES FROM NORTH SEA OIL AND GAS UP £1.4 BILLION IN BOOST TO ECONOMY

“UK GOVERNMENT MUST SUPPORT OIL INDUSTRY’S CONTINUED RECOVERY”

SNP Economy spokesperson, Kirsty Blackman, has welcomed the news that revenues from North Sea oil and gas increased by £1.434 billion in 2017-18 - and has called on the UK government to use the Budget to deliver meaningful support for the industry’s continued recovery.

The Statistics of Government Revenues from UK Oil and Gas Production report, published today, reveals UK government oil and gas revenues climbed to £1,188 million in 2017-18, up from -£316 million in 2016-17, and net Corporation Tax (CT) revenues increased by 420% from £338 million to £1,757 million. The MP for Aberdeen North called for all revenues to be retained in Scotland and invested here.

Kirsty Blackman MP, SNP Westminster Deputy Leader and Economy spokesperson, said:

“This welcome boost to revenue from North Sea oil and gas is good news for the industry, jobs, and the economy.

“It highlights the promising future the industry has, and it shows just how vital it is for the UK government to use the Budget to deliver meaningful support for continued recovery.

“With up to 20 billion barrels of oil, the UK government must use its reserved powers to stimulate exploration and investment, and ensure our oil and gas sector can capitalise on a decommissioning market that is forecast to reach £17 billion.

“The UK government broke its promises on support after the crash – it must now ensure adequate investment for the industry and Aberdeen’s local economy.

“The SNP government will continue to support the sector and stand up for jobs – including through its huge investment in the Aberdeen City Region Deal, the £90million of funding to support the Oil & Gas Technology Centre (OGTC), and by calling for all revenues to be retained in Scotland and invested here."

Statistics of Government revenues from UK Oil and Gas production (June 2018):

  • UK government oil and gas revenues climbed to £1,188 million in 2017-18, up from -£316 million in 2016-17.
  • Net Corporation Tax (CT) revenues increased by 420% from £338 million in 2016-17 to £1,757 million in 2017-18.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/720365/Statistics_of_government_revenues_from_UK_oil_and_gas_production__June_2018_.pdf

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