New data from the Government Expenditure and Revenue Scotland (Gers) report has revealed revenue from the North Sea has fallen £1.6billion in the space of two years.
The figures show North Sea revenue has dropped off sharply from close to £5.5billion in 2023-24, to just under £4.5billion in 2024-25, and most recently to £3.9billion in 2025-26.
The Scottish government report said: 'The largest decrease in revenue was in North Sea taxes (minus £0.4billion), which reflects falling oil and gas prices during the year.'
It comes as the Energy Profits Levy has led to firms abandoning the North Sea to seek more attractive fiscal regimes abroad.
Most recently, BP announced plans to sell off its North Sea business, which sparked renewed calls to remove the damaging windfall tax and bring forward its replacement - the Oil and Gas Price Mechanism (OGPM).
Elsewhere, the report revealed that while revenues from Scotland raised £98.3billion, public spending in Scotland totalled £123.6billion in 2025-26, an increase of £5.7billion when compared to the previous year.
The data also shows people living in Scotland receive a record £2,720 more in public service funding per person than elsewhere in the UK, with spending per person in Scotland at £22,281, compared to £19,561 for the UK as a whole.
That marks the largest gap in that specific measurement ever recorded.
The figures for 2025-26 revealed that a total of £98.3billion was taken by Scotland in revenues — an increase of £6.3billion from the previous year.
The Times reports the Scottish Conservatives said the figure was contributed to by a record 'union dividend', with the previous largest difference between UK and Scotland spending per head being £2,535 in 2021-22.
Source: Aberdeen & Grampian Chamber of Commerce
