Industry analysts said a rise in the price of Brent crude, the international benchmark, has helped drive a turnaround in a sector which has been rocked by financial losses in recent years. Lower production costs have also helped, according to trade body Oil & Gas UK.

The sector yielded no revenues for the treasury for the first time since UK Government records began during the previous financial year as the price of oil fell and revenues were offset against tax rebates paid on decommissioning and other projects.

Now the industry has already generated more than £800m of revenues in the first three quarters of the year, the Financial Times reported.

The Buzzard oil field in the North Sea, 50 miles from Aberdeen's coastline. Picture: PA

Last month Brent crude prices broke the $71-a-barrel mark for the first time since 2015. Production in the North Sea is also bucking recent decline, with a level of 1.9m barrels of oil equivalent expected to be met this year - the highest since 2010.

The news of the positive tax contribution from the North Sea was seized on the SNP, who said the money should be reinvested in Scotland’s economy and in futureproofing the sector to maximise jobs in the long term.

Scotland's oil and gas sector '˜alive and kicking'

“This cash boost must not just go straight to the Treasury coffers and never be seen again by the industry or by Scottish communities,” said Aberdeenshire East MSP Gillian Martin.

“The oil and gas industry needs continued support from the UK government in order to protect against future downturns – and the industry should see a return on the revenue it is generating through appropriate levels of reinvestment in the sector, to protect jobs across Scotland.

“Better still, they could devolve full control over the oil and gas industry, including revenues, to Scotland – and allow the Scottish Government to take the action needed to maximise jobs and return from our energy sector.”

Last week energy giant BP said it expects to double production in the North Sea by 2020 as it announced two new oil and gas discoveries in the area.

The finds were made in the central North Sea and west of Shetland after wells were drilled last year.

Tests have been carried out to discover volumes of gas and oil present, and the data is “under evaluation”.

The company said “evaluation and interpretation” of the well results was ongoing to “assess future options”.

An HM Treasury spokeswoman said: “We have given the oil and gas industry £2.3 billion of support since 2015, to safeguard the future of this vital sector and its 300,000 jobs.

“What’s more, we have listened to the industry’s request to introduce a new transferable tax history to support new investment in older oil fields.”

SNP calls for North Sea oil tax revenues to be reinvested in Scotland