Scotland’s oil and gas sales up by more than 18 pct

Scottish shore; Source: Pixabay

Oil and gas sales value in Scotland has risen by 18.2% between 2016-17 and 2017-18, according to new figures released by the Scottish government.

The Oil and Gas Production Statistics for Scotland 2017-18, released on Wednesday, shows that despite the slight decrease of 1.7% in the latest year, production of oil and gas remains 23.1% higher than the level recorded in 2014-15.

The oil and gas sales value in 2017-18 is over £20 billion ($26 billion) which is 18.2% higher than the 2016-17 sales value of £17.5 billion.

Production of crude oil and natural gas liquid production (NGL) was fractionally up over the year, increasing by 0.5%.

The statistics showed that Scotland’s share of production accounted for 96% of total UK crude oil and NGL output, while overall Scottish oil and gas production was 81% of the UK total.

Also, 2017-18 operating expenditure (excluding decommissioning) on oil and gas production in Scotland is estimated to be £6.2 billion, up from £5.3 billion in 2016-17 while capital expenditure is estimated to be £5.8 billion, down from £7.8 billion in financial year 2016-17.

Scottish Minister of 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.

“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 maximize economic recovery, while also providing an immediate boost to the supply chain.”

Share this article

Follow Offshore Energy Today

Posted on September 12, 2018 with tags .

Events>

<< Nov 2018 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

OSEA2018 International Conference

The OSEA International Conference is regarded as one of the preferred knowledge exchange platforms in the region and with over 18,000…

read more >

IMCA Annual Seminar

The focus of this year’s seminar is on the industry finding new strategies and ways of working in today’s…

read more >

Mauritanides 2018

Mauritanides (11-13 Dec 2018) is the foremost and largest event for companies seeking to invest in the Mining…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply