Oil and Gas Sales Value in Scotland Rises Almost 20 Percent
The approximate sales value of oil and gas produced in Scotland in the 2017-18 financial year is estimated to be $26 billion (GBP 20 billion), according to a new report released Wednesday.
The 2017-18 Oil and Gas Production Statistics report highlighted that the approximate sales value rose by 18.2 percent compared to 2016-17 due to continued increase in prices throughout 2017 and the beginning of 2018.
Operating expenditure in 2017-18, excluding decommissioning, on oil and gas production in Scotland is estimated to be $8 billion (GBP 6.2 billion), up from $6.9 billion (GBP 5.3 billion) in 2016-17, the report showed. Capital expenditure on oil and gas production in Scottish waters is estimated to be $7.5 billion (GBP 5.8 billion) in 2017-18, down from $10.1 billion (GBP 7.8 billion) in financial year 2016-17.
Oil and gas production in Scotland, including Scottish adjacent waters, is estimated to have been 73.7 million tons of oil equivalent in 2017-18, according to the report. This marked a 1.7 percent decrease compared to 2016-17.
"I welcome the findings in the report which show the sector has seen an 18.2 percent increase in sales value,” Scottish Minister for Energy, Connectivity and the Islands, Paul Wheelhouse, said in a government statement.
“These figures reflect the increased price of oil and gas on the global markets and show confidence is continuing to return to the sector,” he added.
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