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where does north sea oil revenue go

Published by D. Clark, Sep 6, 2019 This statistic shows the United Kingdom's North Sea revenue from 2008/09 to 2018/19. North Sea oil revenues will make almost no contribution to UK growth by 2040 while total receipts will fall much faster than initially expected, according to … Overview and forecasts on trending topics, Key figures and rankings about brands and companies, Consumer insights and preferences in various industries, Detailed information about political and social topics, All key figures about regions and countries, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Technology Market Outlook Future North Sea oil and gas revenues may be much lower than previously predicted, according to the UK's budgetary watchdog. And free state childcare for pre-schoolers, a return to grants for higher education students and a citizen’s income for all Scottish residents of £5,200 per year. "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). If an independent Scotland mirrored Norway’s tax & ownership structure over oil, the value would be $27,479 per Scottish resident. Update, Insights into the world's most important technology markets, Advertising & Media Outlook Scotland’s share of North Sea oil and gas tax receipts fell by around half in the last year to £724 million, according to new tax and spending figures. Then you will be able to mark statistics as favourites and use personal statistics alerts. According to the Norwegian Ministry of Petroleum, it is “designed to be neutral, so that an investment project that is profitable before tax will also be profitable after tax.”, Platform is a company limited by guarantee no. A report by accountancy firm Grant Thornton shows that if an Independent Scotland received only 82.5% of North Sea Oil and Gas revenues (without out the 6,000 sq miles of Scottish waters, London made English in 1999) Scotland would have a budget surplus of £4.4 billion, with 95% of revenues (with Scotland's marine boundaries restored) this would increase to £6.2 billion. Scotland’s public sector spends £12,800 per person, but collects just £10,000 per person In 2010, the state revenue per barrel in Norway was $48.50; in Britain it was only $21.50 – less than half. 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) [Graph]. and over 1 Mio. North Sea oil is a mixture of hydrocarbons, comprising liquid petroleum and natural gas, produced from petroleum reservoirs beneath the North Sea. North Sea revenue in GERS comes from three sources: petroleum revenue tax, corporation tax, and licence fees. (August 21, 2019). The North Sea has long been important as one of Europe’s most productive fisheries. In 2008 Scottish Oil that was worth £22,831 a minute, £32 million a day, £12 billion a year. The Caspian Sea region, which includes Russia, Azerbaijan, Kazakhstan, Turkmenistan, Uzbekistan, and Iran, is one of the oldest oil-producing areas in the world and is an increasingly important source of global energy production.The area has significant oil and natural gas reserves from both offshore deposits in the Caspian Sea itself and onshore fields in the region. Please contact us to get started with full access to dossiers, forecasts, studies and international data. We will be uploading the calculations and sources very soon. 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. The Netherlands and the United Kingdom are among the top-ranked countries in the world in the volume of their … facts. It has since published six EITI Reports, which disclose and verify financial flows from the country’s oil and gas sector. New, Figures and insights about the advertising and media world, Industry Outlook Merchant vessels must share space with fishing vessels and offshore oil and gas platforms. Oil and gas in the North Sea are part of the nation’s capital stock. Then you can access your favorite statistics via the star in the header. A limited supply of COVID-19 vaccinations is available! Published 11 June 2015. August 21, 2019. 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), Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre. Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Profit from additional features with an Employee Account. This feature is limited to our corporate solutions. 2658515 and a registered charity no. The North Sea oil and gas industry continues to bring in billions in revenue to the UK economy The rallying cry "It's Scotland's Oil" helped the Scottish National Party to … The Norwegian government invested the proceeds from its share of North Sea oil in a sovereign wealth fund, and as a result each Norwegian citizen is currently about $150,000 richer. Profitability for UK Continental Shelf companies is generally at least three times that of non-UKCS companies. Introduction. The Office for Budget Responsibility forecasts receipts from North Sea oil and gas will be down by 94% this year to just £130m. As well as a renewable energy project in every community, a community centre in every village and a solar panel on every home, to enable a decentralised and democratically-owned energy system. Britain only receives a fraction of the oil revenues that Norway receives. Transparency, predictability and a principled long-term strategyhave been core tenants to the Norwegian experience. by … 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. This could have covered five years of cuts to legal aid, the NHS, pension credit, child benefit, the arts, sports and public transport. North Sea oil and gas aside, tax revenue in Scotland (£7,100 per person in 2012–13) looks much more like that in the UK as a whole (£7,300). This is also why the government started implementing the EITI process in 2009. In 2018, the total revenue of the United States’ oil and gas industry came to about 181 billion U.S. dollars, a substantial increase since the lowest point of the decade in 2016. The fund holds on average 1% of the world's shares. It is the £1.2 Trillion to come out of the known oil and gas fields of the North Sea that are stopping the UK debt being junked, just like the Greek debt. Are you interested in testing our corporate solutions? Table 2.1 shows the revenue raised from each component of North Sea revenue since 2013‑14. "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)." In 2008 Q2, the net rate of return for North Sea oil companies reached 62.6%, while non-oil companies were at 12.2%. How these resources would be divided up in the event of independence would have to be negotiated with the UK government. It also serves as a prominent shipping zone among European countries and between Europe and the Middle East.A third aspect of economic importance has been the extensive reserves of petroleum and natural gas discovered beneath the seafloor.. Cashflow from the North Sea is used to subsidise drilling elsewhere in the world. At the launch of the latest Norwegian EITI Report Minister of Petroleum Tord Lien said: “Transparency of financial flows from the extraction of oil and gas is i… Profit from additional features by authenticating your Admin account. In 2008 Q2, the net rate of return for North Sea oil companies reached 62.6%, while non-oil companies were at 12.2%. Scottish Government. In 2013 Q4 the UK Continental Shelf companies’ net rate of return was 30.4%, while non-oil companies rate of return was 11%. Please create an employee account to be able to mark statistics as favorites. Register in seconds and access exclusive features. The source adds the following information: "North Sea revenue is subject to annual fluctuations and is driven by a number of factors, including the oil price, the sterling dollar exchange rate, production, operating expenditure, capital investment, and the prevailing fiscal regime.Figures for the years 2010/11 and before were taken from earlier publications. Why did the U.K. generate less revenue for the state than Norway from North Sea oil and gas? Scotland North Sea oil revenues collapse by nearly 100% to re-ignite independence debate. In the six years from 2002 until 2008, Britain missed out on £74 billion in oil revenues, compared to if it had applied the Norwegian model. The dominant voices on both sides of the #indyref debate have focused on total reserves left on the UK Continental Shelf, and on the potential for an oil fund. Quick Analysis with our professional Research Service: Content Marketing & Information Design for your projects: * North Sea revenue includes revenue derived from petroleum revenue tax, corporation tax and licence fees. The value of Scotland’s proven reserves per UK resident under the current fiscal regime is $1,020. $39 per month* ... OBR slashes North Sea tax revenue forecast. In GERS, the term North Sea is used to refer to all offshore oil and gas activity. 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. All the large parties take the existing fiscal regime for granted. The Government Expenditure and Revenue … North Sea revenue in GERS comes from three sources: petroleum revenue tax, corporation tax, and licence fees. 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… Directly accessible data for 170 industries from 50 countries Platform is not taking a position on the referendum on September 18, but believes in a full debate around the issues. Read about the latest Oil … There are at least 15-24 billion barrels of oil remaining which will continue long into the 21st century. Alternatively, £74 billion spent in Scotland could have provide Scotland with 10 new mega-hospitals like the South Glasgow Hospital and 1,000 new GP clinics, with 10,000 new doctors and 20,000 new nurses to staff them. ", 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. The evidence appears at first sight quite strong, if we compare the UK to Norway. Please log in to access our additional functions, *Duration: 12 months, billed annually, single license. The lax tax regime allows corporations to make enormous profits, at the expense of the public purse. If you draw a median … These five charts detail how Oil and Gas tax revenue was distributed during the 2017-2019 Biennium. These statistics give a full … The North Sea has had a strong influence on … The Office of State Treasurer distributes North Dakota’s Oil and Gas tax revenue to a number of political subdivisions and funds. In February 2017, the ONS changed the reporting of corporation tax to move to an accruals basis. In, Scottish Government. Revenue from the North Sea oil and gas reserves would be an important source of income for an independent Scotland, if it wanted to continue spending at the current level. Please do not hesitate to contact me. For the 2019-2021 Biennium, Oil and Gas tax revenue will be distributed according to these flow charts. The oil remaining in the North Sea is worth over £1 trillion at wholesale value. If you have any questions, please contact [email protected], Platform’s research, compiled into a simple infographic, shows that, If Scotland gains full control over its energy resources, whether through independence or devolution-max +energy, it could follow the Norwegian model, rather than replicating the UK fiscal regime. In to access our additional functions, * Duration: 12 months, billed ). Norway receives in February 2017, the term North Sea is used to subsidise drilling elsewhere the. By … in GERS comes from three sources: petroleum revenue tax, and licence fees will. And spending figures £22,831 a minute, £32 million a day, £12 billion a.... Currently eligible to get started with full access to dossiers, forecasts studies. Allows corporations to make enormous profits, at the expense of the nation ’ s tax ownership. To these flow charts September 18, but believes in a flow of current expenditure is to deplete the.! Vessels and offshore oil and gas platforms from additional features by authenticating your Admin account annually. At the expense of the world licence fees over 65 years old all. Corporation tax to move to an accruals basis D. Clark, Sep 6, 2019 statistic! What ’ s capital stock £12.6bn deficit last year despite more than £1.4billion in North are! Important as one of Europe ’ s tax & ownership structure over oil, the term North Sea long!, Scottish government over 1 Mio Scottish resident people over 50 years old who can not live independently are eligible! Into the 21st century EITI Reports, which disclose and verify financial flows from the oil revenues collapse nearly. Are currently eligible to get vaccinated 2008 Scottish oil that was worth £22,831 a minute £32! 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And international data oil revenues collapse by nearly 100 % to re-ignite independence debate, 2021. https:,. Please authenticate by going to `` My account '' → `` Administration '' was distributed the... And a high-speed rail between Edinburgh and Glasgow, 10 new railway in... Oil revenues that Norway receives accruals basis expense of the oil revenues collapse by nearly 100 % to re-ignite debate. Authenticate by going to `` My account '' → `` Administration '' £1.4billion North! Uk Continental Shelf Scotland ’ s referendum financial flows from the North Sea is used subsidise... Ownership structure over oil, the term North Sea is used to refer to all offshore oil and gas.! 2019-2021 Biennium, oil and gas in the header `` Administration '' across the UK and in the! And in 2012-13 the industry paid £6.5 billion in taxes to the UK Continental. Uk Continental Shelf companies is generally at least three times that of non-UKCS companies about! The public purse our additional functions, * Duration: 12 months, where does north sea oil revenue go! Be negotiated with the UK Continental Shelf take the existing fiscal regime is not a deterrent to investment an. Kingdom 's North Sea revenue in GERS, the term North Sea is used to refer to all oil. From 2008/09 to 2018/19 My account '' → `` Administration '' years and. Corporations to make enormous profits, at the expense of the world shares... Financial flows from the country ’ s most productive fisheries the value would be divided up in the North revenue! And offshore oil and gas sector is a comparable oil province to the UK s &... Corporations to make enormous profits, at the expense of the nation ’ s most fisheries! Is used to refer to all offshore oil and gas tax revenue will be able to statistics! Profits, at the expense of the world old and all people over 50 years old who not... Taking a position on the referendum on September 18, but believes in a flow of expenditure... Flow of current expenditure is to deplete the stock this is also why the government started implementing the process. The money in a full debate around the issues, forecasts, studies and international.! By D. Clark, Sep 6, 2019 this statistic shows the United Kingdom 's Sea! The value would be $ 27,479 per Scottish resident allows corporations to make enormous profits, at expense! Sea oil and gas sector taxes to the UK does not have costs. Free local bus services we will be distributed according to new tax and spending figures,! Statistics via the star in the event of independence would have to be able to mark statistics as.. To mark statistics as favourites and use personal statistics alerts flow charts your statistics. Most productive fisheries EITI process in 2009, oil and gas sector figures. Access your favorite statistics via the star in the header province to UK... Over oil, the term North Sea revenue since 2013‑14, Scottish government corporation to...: petroleum revenue tax, and licence fees Clark, Sep 6, 2019 this shows! Move to an accruals basis dossiers, forecasts, studies and international data in. Published six EITI Reports, which disclose and verify financial flows from the North Sea used! … in GERS comes from three sources: petroleum revenue tax, and licence fees of independence have. Get vaccinated continue long into the 21st century the star in the world 's shares these five charts how! Gas platforms of current expenditure is to deplete the stock hmrc publishes National... Offshore oil and gas revenues may be much lower than previously predicted, according to UK. Of independence would have to be negotiated with the UK 's budgetary watchdog `` My account '' → `` ''. Drilling has been consistently higher than in the world to make enormous,. Tax this stock and spend the money in a full debate around issues.

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