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North Sea oil, Gas sales down 23.5 pct in 2015-2016 financial year: Scottish gov't

Xinhua, September 15, 2016 Adjust font size:

North Sea oil and Gas sales value decreased by 23.5 percent due to sustained low prices in the financial year 2015-2016 despite an increase in production, announced Scotland's Chief Statistician on Wednesday.

Over the year, the approximate sales value of oil and gas produced in Scotland (including Scottish adjacent waters) is estimated to be 13.4 billion pounds (about 17.72 U.S. dollars), showed the statistics.

The oil and gas production increased by 21.4 percent to 70 million tons of oil equivalent in the financial year 2015-2016 compared to the financial year 2014-2015 (starting from April each year), accounting for 81 percent of the total production in Britain.

During the same period, oil and gas fields in Scotland accounted for 96 percent of British crude oil and natural gas liquids (NGL) production, and 60 percent of British natural gas production.

Operating expenditure (excluding decommissioning) on oil and gas production in Scotland is estimated to be 6.8 billion pounds, down 6.7 percent compared to the previous year, while capital expenditure on oil and gas fields in Scottish waters is estimated to be 10.2 billion pounds, down 17.6 percent compared to the previous year. (1 British pound=1.32 U.S. dollar