§ Mr. Croninasked the Chancellor of the Exchequer if he will give estimates of the total tax revenue he will receive from North Sea oil produced in 1977, 1978, 1979 and 1980.
§ Mr. Denzil DaviesGovernment 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 the latest cost and production forecasts, the combined yield from PRT and corporation tax until the end of 1980 is expected to be in the region of £3 to £3.5 billion at 1976 prices.