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.”