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Natural Gas: Prices

Volume 472: debated on Tuesday 4 March 2008

To ask the Chancellor of the Exchequer what market price of gas was assumed in his Department’s modelling of corporation tax revenues from the UK’s oil and gas fields for the Budget Statement 2007 and Pre-Budget Statement 2007 projections. (189977)

The projections for gas prices, used in the North sea revenues forecast take into account the spot price for gas, long-term contract prices, futures prices and the expected movement in sterling oil prices.

Gas prices will thus vary on a field by field basis.