North Sea Oil

HC Deb 13 July 1978 vol 953 c778W

Mr. Banks

asked the Chancellor of the Exchequer if he will publish the value of revenues received from North Sea oil during each quarter of the financial year 1977–78 and his estimates for the quarters in 1978–79.

Mr. Joel Barnett

Following are the figures for 1977–78:

Quarter ending	£ million
30 June	negligible
30 September	100
31 December	10
31 March	130
	240

The forecast for the year 1978–79 is £550 million. It is not the practice to give a quarterly analysis of forecasts of revenue. All the figures relate to the combined yield from royalty petroleum revenue tax and corporation tax from North Sea oil and gas.