* Norway is a comparable oil province to the UK Continental Shelf. This research plugs the gap. This could have covered five years of cuts to legal aid, the NHS, pension credit, child benefit, the arts, sports and public transport. ... OBR slashes North Sea tax revenue forecast. In 2008 Q2, the net rate of return for North Sea oil companies reached 62.6%, while non-oil companies were at 12.2%. There are at least 15-24 billion barrels of oil remaining which will continue long into the 21st century. Scottish Government. Please authenticate by going to "My account" → "Administration". * Norway’s fiscal regime is not a deterrent to investment. These five charts detail how Oil and Gas tax revenue was distributed during the 2017-2019 Biennium. New, Everything you need to know about the industry development, Find studies from all around the internet. The North Sea is one of the busiest shipping areas in the world, not only because of vessels moving to and from its ports but also because of transit traffic with the Baltic. North Sea revenue in GERS comes from three sources: petroleum revenue tax, corporation tax, and licence fees. How these resources would be divided up in the event of independence would have to be negotiated with the UK government. Additionally, it will give HM Revenue and Customs (HMRC) a power to extend the definition of ‘relevant income’ for the cluster area and investment allowances by secondary l… The lax tax regime allows corporations to make enormous profits, at the expense of the public purse. After oil prices crashed in 2014, Britain’s North Sea operators slashed costs and profits rose, but investment is about a quarter of 2014 levels. Three prominent factors appear to be 1) the timing of U.K. and Norway's production relative to global oil and gas prices, 2) lower average U.K. tax receipts from petroleum production, and 3) the Norwegian state's direct investment in the industry. Profit from additional features by authenticating your Admin account. In 2013 Q4 the UK Continental Shelf companies’ net rate of return was 30.4%, while non-oil companies rate of return was 11%. However, the figures also underlined the reviving fortunes of the North Sea oil and gas sector, with Scotland’s share of revenues increasing … ", Scottish Government, Annual government revenues from offshore oil and gas activity on the North Sea in the United Kingdom (UK) from 2008/09 to 2018/19* (in million GBP) Statista, https://www.statista.com/statistics/350890/united-kingdom-uk-north-sea-revenue/ (last visited January 24, 2021), Annual government revenues from offshore oil and gas activity on the North Sea in the United Kingdom (UK) from 2008/09 to 2018/19*, Crude oil production share of European oil-producing nations 2019, Oil production in the United Kingdom (UK) 2003-2019, Crude oil production in the United Kingdom (UK) 2010-2019, Indigenous crude oil and NGLs production in the United Kingdom (UK) 2010-2020, Projected production and demand of oil in the United Kingdom (UK) 2020-2035, Gross revenue of the United Kingdom Continental Shelf (UKCS) 1971-2018, North Sea: UK government revenue 2008-2019, Productivity of United Kingdom Continental Shelf 2010-2018, Number of wells on United Kingdom Continental Shelf 2010-2018, by type, UKCS capital expenditure in the United Kingdom (UK) 2014-2019, Operating costs of the United Kingdom Continental Shelf 2010-2018, Unit operating costs of the United Kingdom Continental Shelf 2010-2018, Supply of gas from the UKCS in Great Britain (GB) 2015-2019, Undeveloped resources discovered on the UKCS 2018, by break-even oil price, Forecasted production growth of UKCS after transfer of ownership 2018-2030, Costs of oil platform decommissioning on the UKCS 2010-2020, North Sea oil well decommissioning forecast UK 2019-2028, North Sea: forecast weight of decommissioned structures for removal 2019-2028, North Sea: forecast tonnage to be brought ashore 2017-2025, Enterprises in the crude petroleum and natural gas extraction industry UK 2008-2017, UK: turnover of the crude oil & natural gas extraction industry 2008-2017, Employment in the crude petroleum and natural gas extraction industry UK 2008-2017, Employment in the offshore oil and gas industry in the United Kingdom (UK) 2019, Composition of the UK's North Sea revenue in 2018/19, Scotland: public sector revenue 2010 to 2018, Scotland's revenue as a share of all UK public sector revenue 2008/09 to 2018/19, Scotland's revenue as a share of all UK public sector revenue 2018/19, Annual growth rate of local government revenue in China 2011-2019, U.S. income tax revenues and forecast as a percentage of GDP 2000-2030, U.S. transportation tax revenue and forecast, 2000-2025, U.S. payroll tax revenues and forecast as a percentage of the GDP 2000-2030, Income tax revenue in South Korea 2010-2019, France: tax and social security contribution revenue 2010-2018, Annual growth of customs duty revenue in China 2011-2019, Taxes collected by National Tax Service in South Korea 2010-2019, Local government revenue in China 2011-2019, UK: import volume of iron or steel containers (capacity <300 l) 2010-2017, Industry revenue of »manufacture of abrasive, non-metallic mineral products« in Estonia 2011-2023, Rubber products manufacturing sector: number of employees in Greece 2008-2016, Plastic rigid tubes: sales volume in the United Kingdom (UK) 2011-2018. But the debate has shied away from asking in whose interest oil should be governed, and whether the priority should be to maximise extraction, or to maximise revenues. Merchant vessels must share space with fishing vessels and offshore oil and gas platforms. All people over 65 years old and all people over 50 years old who cannot live independently are currently eligible to get vaccinated. Over 90% of the tax revenue will go to an independent Scotland which can help to establish a national oil fund for future investment. In GERS , the term North Sea is used to refer to all offshore oil and gas activity. However, by comparing with Norway’s model, we show that Britain has missed out on £10 billion in oil revenues a year. and over 1 Mio. Free local bus services have higher costs ; investment in Norwegian offshore drilling has been consistently higher than the. Oil, the term North Sea is used to subsidise drilling elsewhere in the 's... 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