§ Mr. Anthony Coombs
asked the Chancellor of the Exchequer what level of petroleum tax revenue is anticipated for the current financial year assuming that the present price of $19.20 for Brent crude is maintained; and how this figure compares with the previous financial year.
§ Mr. Lilley
North Sea tax revenues depend on other factors such as the exchange rate and oil production as well as on the dollar oil price. The sensitivity of oil revenue forecasts to various changes in the underlying assumptions is described in Chapter 6 of the "Financial Statement and Budget Report 1987–88." Total North Sea revenues in 1986–87 amounted to some £4.8 billion, and were forecast to be £3.9 billion in 1987–8 in the FSBR.