The resurgent North Sea oil and gas industry is poised to pay more than £1billion in tax this year – and the SNP has called for the cash to be reinvested in the sector.
The new forecasts from Oil and Gas UK represent a huge turnaround for the offshore industry, and immediately sparked demands for the money to be used to “protect against future downturns”.
With rebates outweighing payments, revenues from the North Sea fell to minus £316 million last year – the lowest level since records began.
But recent rises in the oil price have since combined with higher production and lower costs to deliver a fresh windfall for the Treasury.
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