North Sea oil revenues came to just £35 million this financial year, figures published by Revenue and Customs have revealed.
The impact of the falling oil price was reflected in figures showing that offshore Corporation Tax receipts amounted to £538m in 2015-16.
But that was offset by petroleum revenue tax which showed a deficit of minus £503m.
Overall the offshore industry only just managed to remain in surplus at £3m.
Economist John McLaren of Glasgow University said: “The most important thing is not necessarily about tax revenue, but is about keeping jobs in the North Sea.”