Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will make an estimate of the potential impact of the Rosebank oil field development on tax receipts in the next ten years.

The Office for Budget Responsibility’s (OBR) forecast at Autumn Statement 2022 estimates revenues from Energy Profits Levy are expected to be £41.6 billion over the next six years. Total UK oil and gas revenues over this period are forecast to be around £80 billion.

A full breakdown of revenues for all North Sea oil taxes (including Ring-Fence Corporation Tax and Petroleum Revenue Tax) can be found in the Economic and Fiscal Outlook published by the OBR in November 2022.

OBR forecasts for oil and gas revenues do not separate out specific projects or taxpayers.