§ Mr. Woolmerasked the Chancellor of the Exchequer if he will give estimates of the total revenues to be obtained from North Sea oil in each of the years from and including 1978–79 to 1983–84 in (a) 1978–79 prices as in table 8 in his Budget Report for 1980–81, (b) 1979 survey prices and (c) current prices; and if he will set out the assumptions on oil prices and output underlying those estimates.
§ Sir Geoffrey HoweIt is not the practice to give forecasts in current prices. The concept of survey prices is specific to public expenditure and there is no relevant survey price for North Sea revenues. The following are figures for revenues from North Sea oil and gas (royalties, PRT and corporation tax) in 1978–79 prices consistent with those used in table 8 of the 1980–81 Financial Statement and Budget Report:
514W
Year £ billion (1978–79 prices) 1978–79 0.7 1979–80 2.0 1980–81 2¾ 1981–82 3¼ 1982–83 4¾ 1983–84 4¾ under the European agriculture guidance and guarantee fund (FEOGA) guidance section for individual Northern Ireland capital investment projects were:
These figures assume the future dollar oil price remains constant in real terms at its present level.