§ Mr. Sedgemoreasked the Secretary of State for Energy what has been the value of North Sea gas royalties in each year that they have been payable (a) on a receipts basis and (b) on an accruals basis; and what the value is estimated to be on both bases for 1976–77.
§ Dr. Mahon,pursuant to his reply [Official Report, 12th January 1977; Vol. 595W 923, c. 501], gave the following further information:
Gas royalty accrues in respect of six monthly chargeable periods ending on 30th June and 31st December in each year, and payments are due within two months of those dates. Accruals, therefore, relate to calendar years whereas receipts fall into financial years. Separate accrual figures are not available for years before 1972–73 when the method for ascertaining admissible conveying costs was settled; the figures are as follows:
£ million Royalty received in financial year 1967–68 0.3 Royalty received in financial year 1968–69 1.3 Royalty received in financial year 1969–70 1.5 Royalty received in financial year 1970–71 3.4 Royalty received in financial year 1971–72 6.3 Royalty received in financial year 1972–73 10.5 Total 23.3 Royalty accrued to 31st December 1972 23.8 Royalty received in financial year 1973–74 12.1 Royalty accrued for year to 31st December 1973 12.4 Royalty received in financial year 1974–75 15.4 Royalty accrued for year to 31st December 1974 15.8 Royalty received in financial year 1975–76 19.4 Royalty accrued for year to 31st December 1975 19.5 Estimated royalty receivable in financial year 1976–77 21.4 Estimated royalty accrued for year to 31st December 1976 20.0