New projections by Oil & Gas UK, the industry trade association, forecast that the North Sea industry – the vast majority of which is in Scottish waters – will bring in about £1 billion in tax this financial year to the Brit-Govt treasury in London.
This is a startling reverse from the previous 12 months when it failed to generate any revenues for the Treasury.
A rise in the price of Brent crude, the international benchmark, coupled with higher production and lower costs are the main drivers behind the turnround.
Yesterday, the SNP called for these tax revenues of up to £1 billion to be reinvested in Scotland’s economy and in futureproofing the sector to maximise jobs over the long term.
SNP MSP for Aberdeenshire East, Gillian Martin, said: “Failure to do so will only heighten calls for Holyrood to be given full powers over the oil and gas industry, including revenues, so that the Scottish Government can take the action needed to protect jobs <if Westminster does not>.
“This North Sea cash boost must not just go straight to the Treasury coffers and never be seen again by the industry or by Scottish communities.
“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
“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.”
SPECIAL OFFER:
Profitably wrap YOUR COMPANY name around the live
Brent crude oil-price tracker on Scottish Energy News
Scottish Energy News is presently offering a premier-position sponsored-advertising banner (which would be interactive and click-able to the sponsor’s website)
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But only one such offer is available and will be made on a first-come, first-served, basis.
This offer is similar to the highly effective banner-adv which Scottish Energy News publishes daily for the Scientific Alliance, which is updated live with the latest type of energy generation load (ie coal, gas, wind, solar, nuclear,) on the UK National Grid (see also below).
In addition to the corporate/ generic <insert name of your company> wrapper around the near-live crude oil price update banner-adv, you as client could additionally insert corporation information, such as on recent industry awards, new appointments, annual results, major investments, etc..
We know – and can prove – that Scientific Alliance banner-adv is one of the most frequently visited and clicked adv on the Scottish Energy News daily e-newsletter.
Any such sponsored-adv would be published on both the home page of the www.ScottishEnergyNews.com website and in the daily e-newsletter sent to 4,500 individually-addressed recipients.
The www.ScottishEnergyNews.com website attracted an average of 9,000 unique visitors per month (Jan-Dec 2017)in addition to 4,500 direct, daily e-newsletter recipients.
For more information:
Sales@ScottishEnergyNews.com
Ph + 44 (0131) 476 4735
6 Feb 2012
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