§ Mr. Austin Mitchellasked the Chancellor of the Exchequer what is the average amount of petroleum revenue and other taxes on a barrel of North sea oil as a
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£ million cash 1978–79 1979–80 1980–81 1981–82 1982–83 1983–84 1984–85 1985–86 1986–87 1987–88 Cmnd.7439* 2,155 3,183 — — — — — — — — Cmnd.7841*† — 2,688 2,011 1,068 326 -682 — — — — percentage of the total price at present in the case of a field on which development and depreciation charges have already been exhausted.
§ Mr. MooreThe average amount of tax and royalties as a percentage of the gross value of North sea oil depends on factors such as the level of operating costs and the amount of production in each chargeable period. The marginal tax and royalty rate for a barrel of oil produced this year from a mature oil field which is paying full rates of tax, assuming no change in operating costs, is 87 per cent.