HC Deb 26 February 1981 vol 999 c421W
26. Mr. Heddle

asked the Chancellor of the Exchequer what was the total net revenue received by the Government from North Sea oil in the last year; and what estimate of net revenue at 1981 prices is made for each year to 1985.

Mr. Peter Rees

Total Government royalty and tax receipts from North Sea oil and gas for the last full year (1979–80) were £2,229 million at outturn prices, after setting off about £40 million advance corporation tax. Estimates for the current year and 1981–82—£4 billion and £4½ billion to £5 billion respectively, both at 1980–81 prices—were given in the Industry Act forecast in November; revised estimates will be given at the time of the Budget.