Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what estimate his Department has made of annual future tax revenues from the North Sea oil and gas industry up to 2030.

The forecasted Exchequer revenues up to 2021-22 (Offshore Corporation Tax and Petroleum Revenue Tax) arising from the production and extraction of North Sea oil and gas from the UK and UK Continental Shelf are presented in Table 4.6 of the Office for Budget Responsibility’s (OBR’s) Economic and Fiscal Outlook: November 2016: http://cdn.budgetresponsibility.org.uk/Nov2016EFO.pdf

The OBR will be publishing updated forecasts on 8 March 2017.

Longer term estimates of revenues from the production and extraction of North Sea oil and gas were published as a supplementary table of the OBR’s Fiscal Sustainability Report: June 2015: http://budgetresponsibility.org.uk/docs/dlm_uploads/FSR_2015_Supplementary_Tables.xlsx

It should be noted that the longer-term estimates are based on the March 2015 forecast and determinants.