§ Mr. Churchillasked the Chancellor of the Exchequer what is the estimated total of receipts to the Government in the current year from North Sea oil and gas, including all royalties, sales, licences and tax revenue.
§ Mr. Peter Rees[pursuant to his reply, 3 November 1980, c. 463]: The estimated total of Government revenues for 1980–81 from North Sea oil and gas (royalties, PRT and "ring-fence" corporation tax) is about £4.1 billion. This figure does not include receipts from company-nominated blocks under the seventh licensing round; these receipts cannot be quantified until decisions have been taken on the award of licences.
Nor does it include the proceeds of sale of oil and gas attributable to the British National Oil Corporation and British Gas Corporation under their respective licence interests in the North Sea. These contribute to the industries' published negative external financing requirements for 1980–81 of £200 million and £400 million respectively.