Commenting on the Government Expenditure and Revenue Scotland (GERS) figures published today, Oil & Gas UK upstream policy director, Mike Tholen said: “This evidences the striking transformation of the UK’s oil and gas industry since the downturn. Improvements to operational efficiency, careful management of costs and a stable fiscal regime have ensured it is better placed to weather volatility in international oil markets. This golden formula must now be maintained as we look to maximise economic recovery.”