Figures released on Wednesday show Scotland saw £9.4 billion in revenue from the North Sea last year.
New figures show Scotland saw record revenue of £9.4 billion for the hydrocarbon sector in 2022-23
The figures also show Scotland’s notional deficit dropped to 9% last year, rising to 15.1% when North Sea revenues were removed. Asked if this is due to the substantial revenues generated by fossil fuels, Mr Gray told the PA news agency: “We recognise that oil and gas is going to be with us for some time to come.
But he added: “Neither can we see the shutdown of the oil and gas sector prematurely, as appears to be being suggested by the Labour Party.“We need to make sure that we have an accelerated just transition that involves those energy companies, their investment potential, but also their skilled workforce to make sure that we fully realise the opportunities both from an economic and a net-zero perspective from the renewables sector.
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