Scotland’s North Sea oil and gas revenues plummet 97%

Scotland’s revenues from North Sea oil and gas plummeted by 97% during the last financial year, according to new data.

The Scottish government’s receipts from the industry fell to just £60m, down from £1.8bn in 2014/15 and a peak of £11.6bn in 2008/09.

Figures released earlier this year showed that across the whole of the UK, oil and gas revenues collapsed to a record low in 2015/16. Scotland’s share accounts for over 75% of the total.

According to Sky News, Scotland’s First Minister Nicola Sturgeon said that while “the foundations of our economy remain strong”, the drop in offshore receipts highlighted the importance of stimulating growth in other industries.

Speaking further, Ms Sturgeon said the “likely impact of Brexit” was directly threatening Scotland’s long-term economic success.

In recent months, the industry has been hammered by the international oil price slump, which has led to the loss of thousands of jobs. In Summer 2014, the price of a barrel of Brent crude was $115, but today the price stands at around $50.

However, the UK Government’s Scottish Secretary, David Mundell, said Scotland has weathered the falling oil revenues because it forms “part of a United Kingdom” with a “system for pooling and sharing resources” at its heart.