SNP calls for recovering oil revenues to be invested in Scotland

The SNP has called for recovering North Sea oil and gas sector profits to be invested into Scotland, following suggestions that Oil and Gas UK is forecasting £1bn in revenues this year.

Reports in the Financial Times suggest the Treasury is in line to receive around £1bn in tax revenues from the industry in the coming financial year following a turnaround in the industry.

While the North Sea industry failed to generate any significant revenue last year, an increase in the price of Brent Crude coupled with higher production and lower costs have seen forecasts rise.

SNP MSP for Aberdeenshire East, Gillian Martin, said the reports were “further evidence of the strength of the North Sea oil and gas industry as it continues to recover from the recent downturn”.

She said: “This cash boost must not just go straight to the Treasury coffers and never be seen again by the industry or by Scottish communities.

“The oil and gas industry needs continued support from the UK government in order to protect against future downturns – and the industry should see a return on the revenue it is generating through appropriate levels of reinvestment in the sector, to protect jobs across Scotland.

“Better still, they could devolve full control over the oil and gas industry, including revenues, to Scotland – and allow the Scottish Government to take the action needed to maximise jobs and return from our energy sector.”