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North Sea Oil And Gas

Volume 226: debated on Wednesday 9 June 1993

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To ask the Chancellor of the Exchequer if he will list the total amount of revenue which has accrued to the Treasury from the development of North sea (a) oil and (b) gas in each year since exploration and development began.

Revenues raised from United Kingdom oil and gas production are as follows:

£ million
YearAnnual revenues
1968–691
1969–702
1970–715
1971–7210
1972–7315
1973–7415
1974–7520
1975–7625
1976–7781
1977–78238
1978–79565
1979–802,313
1980–813,743
1981–826,492
1982–837,822
1983–848,798
1984–8512,035
1985–8611,348
1986–874,783
1987–884,618
1988–893,168
1989–902,368
1990–912,312
1991–92979
11992–931,278
1 provisional estimate.
It is not possible to subdivide these amounts as to those derived from oil production and from gas production, or those from areas outside the North sea.

To ask the Chancellor of the Exchequer if he will list the number of projects which have specifically been funded by revenues from North sea oil and gas revenues in each year since tax revenues accrued from exploration and development.

None. It is not the policy of this Government, or any other in recent history, to hypothecate tax revenue to particular projects.