The latest fiscal data shows Scottish North Sea tax revenues fell 12% to £3.2bn in 2025‑26, down from £4.1bn the previous year, while revised tax and licensing receipts rose to £3.6bn. This decline reflects lower oil prices and a shrinking Energy Profits Levy (EPL), prompting calls from the Scottish National Party to replace the levy with a new mechanism that encourages investment while taxing higher profits.

Finance secretary Jenny Gilruth highlighted a per‑capita spend of £22,281, £2,720 higher than the UK average, and noted an improving net fiscal balance of £25.3bn. The Fraser of Allander Institute warned that using these figures to argue for independence is premature, stressing the need for clearer constitutional details.

Analyst João Sousa of the Institute for Fiscal Studies called the current deficit “unsustainable” without robust growth, and the UK government is poised to decide on licences for the Rosebank and Jackdaw fields later this month. Environmental groups argue the sector’s contraction should accelerate the shift to renewables to secure long‑term jobs.

Overall, the data underscores both the fiscal challenges and opportunities facing Scotland’s energy landscape.