North Sea Oil and Gas

HC Deb 27 January 1977 vol 924 c761W

Mr. John Garrett

asked the Chancellor of the Exchequer what are the total estimated Government revenues from North Sea oil and gas in 1977, 1978, 1979 and 1980.

Mr. Denzil Davies

The Government revenue from North Sea oil and gas depends on a number of factors which cannot be precisely estimated for particular future years. These include changes in the price of oil, the exchange rate, costs and the production programme. On the basis of oil prices in 1976, before the recent OPEC increase, and the latest cost and production forecasts, the combined yield from royalty, petroleum revenue tax and corporation tax until the end of 1980 is expected to be in the region of £5,500 million at 1976 prices.