North Sea Oil

HC Deb 12 March 1975 vol 888 cc166-7W

65. Mr. Skinner

asked the Chancellor of the Exchequer what tax revenues he expects from the North Sea oil during the first five years' operations.

Mr. Dell

The tax yield will depend on oil prices, costs, and the maintenance of the expected production programme. With that important proviso the tax revenue up to the end of 1980 might be of the order of £2,000 million to £2,500 million. With royalty, the total Government take might be around £4,000 million.