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| Oil revenues for 2016-2020 as high as £10bn or as low as £2.4bn, says report | Oil revenues for 2016-2020 as high as £10bn or as low as £2.4bn, says report |
| (about 1 hour later) | |
| North sea oil and gas tax receipts for the next four years could be as small as £2.4bn or as high as £10.8bn, new Scottish government figures have said. | North sea oil and gas tax receipts for the next four years could be as small as £2.4bn or as high as £10.8bn, new Scottish government figures have said. |
| The oil and gas bulletin, which laid out five scenarios, is the first to be published in more than a year. | The oil and gas bulletin, which laid out five scenarios, is the first to be published in more than a year. |
| The new figures take into account the falls in oil prices in recent months. | The new figures take into account the falls in oil prices in recent months. |
| The May 2014 bulletin forecast that the best case scenario on tax receipts between 2014 and 2019 could be £38.7bn, the worst case being £15.8bn. | The May 2014 bulletin forecast that the best case scenario on tax receipts between 2014 and 2019 could be £38.7bn, the worst case being £15.8bn. |
| At the beginning of June, the UK's budget watchdog, the Office for Budget Responsibility (OBR), painted a very pessimistic picture on oil receipts. | At the beginning of June, the UK's budget watchdog, the Office for Budget Responsibility (OBR), painted a very pessimistic picture on oil receipts. |
| Its estimated a total of £2.1bn would be raised in the 20 years to 2040-41. | Its estimated a total of £2.1bn would be raised in the 20 years to 2040-41. |
| In its March 2014 report it said over the five year period from 2014 to 2019, possible revenue would be £17.6bn. | |
| When it examined this same period a year later, it recalculated its forecast down to £5.4bn. | |
| Commenting on the new Scottish government figures, Scotland's Finance Secretary John Swinney said: "There is no disputing that the industry has faced a very challenging year and we continue to work relentlessly to safeguard jobs and retain vital skills." | Commenting on the new Scottish government figures, Scotland's Finance Secretary John Swinney said: "There is no disputing that the industry has faced a very challenging year and we continue to work relentlessly to safeguard jobs and retain vital skills." |
| He added: "It is not acceptable for the UK government to sit back and accept low revenues. Both governments and the industry must continue to work together to improve efficiency, production and deliver better results for the North Sea. | He added: "It is not acceptable for the UK government to sit back and accept low revenues. Both governments and the industry must continue to work together to improve efficiency, production and deliver better results for the North Sea. |
| "The critical issue is that the UK government needs to deliver on its commitment to consult on incentives to boost exploration in the North Sea, and this consultation must be launched urgently - so that firm proposals can be announced in the Autumn Statement." | "The critical issue is that the UK government needs to deliver on its commitment to consult on incentives to boost exploration in the North Sea, and this consultation must be launched urgently - so that firm proposals can be announced in the Autumn Statement." |
| Oil and Gas Bulletin - May 2014 | Oil and Gas Bulletin - May 2014 |
| Oil and Gas Bulletin - June 2015 | Oil and Gas Bulletin - June 2015 |