UK government revenues from oil and gas taxes have plummeted by more than 70% due to effects of the recent price crash and decommissioning repayments.
Estimates for North Sea oil revenues have been upwardly revised by an average of £1.2billion per year by the Office for Budget Responsibility.
A huge swing in North Sea oil revenues suggests the sector is "alive and well", an industry chief said.
Scotland’s deficit was £14.8 billion for 2015/16 amid plummeting oil and gas revenues, according to new figures.
Revenues from North Sea oil and gas fell by more than 50% last year, with Scotland having a higher rate of fiscal deficit than the rest of the UK, new figures have revealed. The Scottish Government published its latest data on revenue and expenditure, which showed a deficit of £14.9 billion for 2014-15, when a geographic share of North Sea revenues is allocated to Scotland.
Transocean’s revenues have fallen 29% in the third quarter of the year as the company continues to be challenged by the decline in oil price. The oil driller said fleet utilisation was down to 70% compared with 75% in the previous quarter and the year-ago period. The company has already reduced its number of rigs taking a number out of service as well as scrapping others.