Wednesday, 22 August 2018 04:48

GERS: SCOTLAND’S SOARING OIL REVENUES ON UPWARD TRAJECTORY

Following the publication of today’s Government Expenditure and Revenue Scotland figures, the SNP’s Gillian Martin has said the oil and gas sector is on an upward trajectory with revenues increasing by over a £1 billion in the last year.
 

The GERs figures also reveal that onshore tax revenue increased by £2 billion in 2017-18 and the total revenue reached £60bn for the first time.
 
The figures paint a positive picture for Scotland’s improving public finances, with growth in Scotland faster than the UK, unemployment at near record lows and productivity rising.
  
Gillian Martin MSP for Aberdeenshire East said:
 
“The increase in oil and gas revenues are positive news for the industry and for jobs, and shows the continued importance of the North Sea to Scotland’s economy as a whole.
 
“This growth reflects better market conditions and growing confidence a sector that is expected to increase production by nearly 20% this year compared to 2014.

“The north sea looks set once again on an upward trajectory, however, we cannot be complacent. With up to 20 billion barrels of oil left, the Tory government must use its 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. It is the least they can do.”

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