North Sea recovery: Oil at highest peak in five years

The value of oil produced on the UK continental shelf has increased by 15 per cent in the past year to £17.5bn ($23.8bn) according to official figures released by the Scottish government.

Scottish production – which accounts for 96 per cent of the UK’s oil and 63 per cent of its natural gas – increased by 2.9 per cent to 74.7m tonnes of oil equivalent in 2016-17.

In the same time period, capital expenditure on offshore developments dropped to £8bn from £10bn in 2015-16.

North sea