§ 31. Mr. Michael Marshallasked the Chancellor of the Exchequer what revenue he expects, at current prices, from North Sea oil exploitation over the next five years.
§ Mr. Joel BarnettThe revenue from North Sea oil will depend on a number of factors which cannot be precisely estimated. These include changes in the price of oil, costs and the production programme. On the basis of the current price of oil and the latest cost and production forecasts, the combined yield from royalty, petroleum revenue tax and corporation tax to the end of 1980 is expected to be in the region of £3,500 million.