SNP calls for recovering oil revenues to be invested in Scotland
Reports suggest the Treasury is in line to receive around £1bn in tax revenues from the industry in the coming financial year
Image credit: Steven Straiton
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.”
Unite calls for government intervention in bids for offshore manufacturing contracts
The study, produced by Vivid Economics, said carbon sinks will play a crucial role in balancing remaining emissions
Exclusive interview with Paul Wheelhouse, Minister for Business, Innovation and Energy
Oil industry welcomed news that Philip Hammond will allow the tax history of oil and gas fields to be transferred after a sale, allowing buyers to claim greater relief when it comes to...
Vodafone today announced the commencement of trials of the world’s first air traffic control drone tracking and safety technology.
BT defines how SD-WAN can help to keep organisations in touch with their applications - reliably, and securely
New BT SD-WAN and cyber security services will help the leading chemicals manufacturer and distributor drive its digital transformation
CEOs are adopting a digital first approach to match customer needs. BT asks how they're measuring success