HC Deb 02 April 1974 vol 871 c331W
Mr. Hannam

asked the Secretary of State for Energy when he proposes to bring forward legislation on North Sea oil developments.

Mr. Strang

All aspects of policy on North Sea oil are under review. This review will be completed and legislation brought forward as soon as possible.

Dr. Dickson Mahon

asked the Secretary of State for Energy if he will publish the latest estimate of the expected revenues to Her Majesty's Government from royalties in licence fees and taxation from North Sea oil and gas between 1974 and 1980, based on current tax and royalty rates.

Mr. Strang

, pursuant to his reply [OFFICIAL REPORT, 1st April 1974; Vol. 871, c. 247], gave the following information:

On current terms and production estimates, licence fees will total about £30 million and receipts from royalties will he of the order of £1,000 million. Taxation is a matter for my right hon. Friend the Chancellor of the Exchequer.