§ Lord Kennetasked Her Majesty's Government:
What is the total value, at 1986 prices, of all the (a) oil; and (b) gas taken from the British sector of the North Sea; and what are the total sums accrued to the revenue as tax and other types of income.
§ The Secretary of State for Employment (Lord Young of Graffham)In constant 1985 prices, the value added in the extraction of mineral oil and natural gas since 1973 is estimated to have been £123 billion. Total government oil and gas revenues from the North Sea—royalties, petroleum revenue tax, supplementary petroleum duty, and corporation tax—are estimated to be £61 billion, also in 1985 prices.