North Sea Oil Revenue and Taxation

HC Deb 31 July 1978 vol 955 cc110-1W

Mr. Skeet

asked the Secretary of State for Energy whether it is the Government's intention to continue to allow oil companies to set against profits from one oil and gas field the development costs of another or series of North Sea fields.

Mr. Joel Barnett

I have been asked to reply.

The Government keep all aspects of the North Sea fiscal regime under review. I remind the hon. Member that under the petroleum revenue tax rules the development costs of one field cannot be set against the profits of another.