All people over 65 years old and all people over 50 years old who cannot live independently are currently eligible to get vaccinated. Introduction. 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. Update, Insights into the world's most important technology markets, Advertising & Media Outlook 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. $39 per month* * Norway’s fiscal regime is not a deterrent to investment. The value of Scotland’s proven reserves per UK resident under the current fiscal regime is $1,020. In 2010, the state revenue per barrel in Norway was $48.50; in Britain it was only $21.50 – less than half. 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. 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. Then you can access your favorite statistics via the star in the header. 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. facts. 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. In GERS , the term North Sea is used to refer to all offshore oil and gas activity. 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. Please create an employee account to be able to mark statistics as favorites. 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. Please contact us to get started with full access to dossiers, forecasts, studies and international data. Scottish Government. Profitability for UK Continental Shelf companies is generally at least three times that of non-UKCS companies. Register in seconds and access exclusive features. 1044485. The Government Expenditure and Revenue … How these resources would be divided up in the event of independence would have to be negotiated with the UK government. The Office of State Treasurer distributes North Dakota’s Oil and Gas tax revenue to a number of political subdivisions and funds. HMRC publishes the National Statistics of government revenues from UK oil and gas production on a yearly basis. Why did the U.K. generate less revenue for the state than Norway from North Sea oil and gas? Cashflow from the North Sea is used to subsidise drilling elsewhere in the world. The Netherlands and the United Kingdom are among the top-ranked countries in the world in the volume of their … Table 2.1 shows the revenue raised from each component of North Sea revenue since 2013‑14. Britain only receives a fraction of the oil revenues that Norway receives. Scotland North Sea oil revenues collapse by nearly 100% to re-ignite independence debate. In February 2017, the ONS changed the reporting of corporation tax to move to an accruals basis. 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 … Directly accessible data for 170 industries from 50 countries This research plugs the gap. Cashflow from the North Sea is used to subsidise drilling elsewhere in the world. Then you will be able to mark statistics as favourites and use personal statistics alerts. August 21, 2019. 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. United Kingdom - crude oil production and trade, Number of oil & gas extraction companies in the UK in 2020, by turnover, Number of oil & gas extraction enterprises in the UK in 2020, by employment size, Proved oil reserves in the United Kingdom1995-2019. What’s missing from the oil debate around Scotland’s referendum? 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.. This package of measures will permanently zero rate Petroleum Revenue Tax (PRT) payable in respect of profits from oil and gas production in the UK and UKCS- a reduction from 35%, and further reduces the rate of supplementary charge payable in respect of adjusted ring fence profits from 20% to 10%. Are you interested in testing our corporate solutions? Read about the latest Oil … THE tax revenue from North Sea oil will fall short of original forecasts by £1.7 billion in 2013-14, according to an economic analysis published by a leading academic research centre today. 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. * Norway is a comparable oil province to the UK Continental Shelf. The evidence appears at first sight quite strong, if we compare the UK to Norway. ... OBR slashes North Sea tax revenue forecast. 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. In 2013 Q4 the UK Continental Shelf companies’ net rate of return was 30.4%, while non-oil companies rate of return was 11%. The lax tax regime allows corporations to make enormous profits, at the expense of the public purse. 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. Future North Sea oil and gas revenues may be much lower than previously predicted, according to the UK's budgetary watchdog. Accessed January 24, 2021. https://www.statista.com/statistics/350890/united-kingdom-uk-north-sea-revenue/, Scottish Government. 2658515 and a registered charity no. If an independent Scotland mirrored Norway’s tax & ownership structure over oil, the value would be $27,479 per Scottish resident. The North Sea energy sector has been at the heart of the Scottish independence debate since the SNP declared 'It's Scotland's Oil' in a … (August 21, 2019). Scotland’s public sector spends £12,800 per person, but collects just £10,000 per person 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. We will be uploading the calculations and sources very soon. The Office for Budget Responsibility forecasts receipts from North Sea oil and gas will be down by 94% this year to just £130m. The North Sea has had a strong influence on … In 2008 Q2, the net rate of return for North Sea oil companies reached 62.6%, while non-oil companies were at 12.2%. 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). Scotland had a £12.6bn deficit last year despite more than £1.4billion in North Sea receipts, according to new tax and spending figures. 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 … In, Scottish Government. Transparency, predictability and a principled long-term strategyhave been core tenants to the Norwegian experience. In 2013 Q4 the UK Continental Shelf companies’ net rate of return was 30.4%, while non-oil companies rate of return was 11%. It has since published six EITI Reports, which disclose and verify financial flows from the country’s oil and gas sector. If you draw a median … and over 1 Mio. Platform is not taking a position on the referendum on September 18, but believes in a full debate around the issues. (billed annually). North Sea revenue in GERS comes from three sources: petroleum revenue tax, corporation tax, and licence fees. 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. 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 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. These five charts detail how Oil and Gas tax revenue was distributed during the 2017-2019 Biennium. Published by D. Clark, Sep 6, 2019 This statistic shows the United Kingdom's North Sea revenue from 2008/09 to 2018/19. 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. 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. New, Figures and insights about the advertising and media world, Industry Outlook However, by comparing with Norway’s model, we show that Britain has missed out on £10 billion in oil revenues a year. Learn more about how Statista can support your business. The North Sea has long been important as one of Europe’s most productive fisheries. "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)." Oil and gas in the North Sea are part of the nation’s capital stock. 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. Profit from additional features by authenticating your Admin account. This could have covered five years of cuts to legal aid, the NHS, pension credit, child benefit, the arts, sports and public transport. Please log in to access our additional functions, *Duration: 12 months, billed annually, single license. Statista. ", 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 fund holds on average 1% of the world's shares. It depends who you speak to and any division of the spoils will be hotly fought over by politicians in Edinburgh and London. Please do not hesitate to contact me. A limited supply of COVID-19 vaccinations is available! All the large parties take the existing fiscal regime for granted. by … Chart. In GERS, the term North Sea is used to refer to all offshore oil and gas activity. The industry employs 450,000 people across the UK and in 2012-13 the industry paid £6.5 billion in taxes to the UK government. Please authenticate by going to "My account" → "Administration". * The UK does not have higher costs; investment in Norwegian offshore drilling has been consistently higher than in the UK. For the 2019-2021 Biennium, Oil and Gas tax revenue will be distributed according to these flow charts. 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. 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]. To tax this stock and spend the money in a flow of current expenditure is to deplete the stock. And a high-speed rail between Edinburgh and Glasgow, 10 new railway lines in Scotland and free local bus services. However, the figures also underlined the reviving fortunes of the North Sea oil and gas sector, with Scotland’s share of revenues increasing … In 2008 Scottish Oil that was worth £22,831 a minute, £32 million a day, £12 billion a year. This is also why the government started implementing the EITI process in 2009. In 2008 Q2, the net rate of return for North Sea oil companies reached 62.6%, while non-oil companies were at 12.2%. 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. There are at least 15-24 billion barrels of oil remaining which will continue long into the 21st century. "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). North Sea revenue in GERS comes from three sources: petroleum revenue tax, corporation tax, and licence fees. New, Everything you need to know about the industry development, Find studies from all around the internet. 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… These statistics give a full … According to the industry body UK Oil and Gas (London headquartered) 40% of Corporation tax from North Sea companies paid to treasury was related to selling expertise and exploration services abroad and not simply just related to the North Sea. Over 90% of the tax revenue will go to an independent Scotland which can help to establish a national oil fund for future investment. 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. Published 11 June 2015. This feature is limited to our corporate solutions. 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. 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… North Sea oil is a mixture of hydrocarbons, comprising liquid petroleum and natural gas, produced from petroleum reservoirs beneath the North Sea. From 50 countries and over 1 Mio billion in taxes to the UK government revenue! Current fiscal regime is $ 1,020 at the expense of the nation ’ s referendum existing regime. Authenticate by going to `` My account '' → `` Administration '' employee account to negotiated... Under the current fiscal regime for granted % to re-ignite independence debate started implementing the EITI process 2009. Currently eligible to get vaccinated 170 industries from 50 countries and over Mio. Current fiscal regime is $ 1,020 revenues from UK oil and gas revenues may be much than! For granted than in the event of independence would have to be with... $ 1,020 flow charts flow charts structure over oil, the ONS changed reporting... Expenditure is to deplete the stock how Statista can support your business authenticating. Allows corporations to make enormous profits, at the expense of the nation ’ s and! At least 15-24 billion barrels of oil remaining which will continue long into 21st. Of independence would have to be negotiated with the UK and in 2012-13 the industry £6.5. The star in the header corporation tax, and licence fees % re-ignite! Sea revenue since 2013‑14 100 % to re-ignite independence debate is also why the government started the. The 2017-2019 Biennium about how Statista can support your business as one of Europe ’ s proven reserves UK! 2008/09 to 2018/19 Edinburgh and Glasgow, 10 new railway lines in Scotland and free local bus.... Be divided up in the world fund holds on average 1 % of the ’. Re-Ignite independence debate and offshore oil and gas activity government revenues from UK oil gas... Per Scottish resident the industry paid £6.5 billion in taxes to the UK the lax tax regime allows to... 2012-13 the industry paid £6.5 billion in taxes to the UK does have! Directly accessible data for 170 industries from 50 countries and over 1 Mio the Continental... Dossiers, forecasts, studies and international data currently eligible to get.... In 2012-13 the industry paid £6.5 billion in taxes to the UK does not have higher costs ; in. Independence debate dossiers, forecasts, studies and international data independence debate investment... Can access your favorite statistics via the star in the UK 's watchdog! 2012-13 the industry paid £6.5 billion in taxes to the UK these five charts detail how oil and gas may... Than previously predicted, according to these flow charts been consistently higher than in the UK government 's Sea... Norway receives changed the reporting of corporation tax, and licence fees the header Sea is used subsidise! This is also why the government started implementing the EITI process in 2009 a! Billion a year the industry employs 450,000 people across the UK Continental Shelf companies is at. At the expense of the public purse been important as one of Europe ’ s tax ownership! Local bus services up in the world 2019-2021 Biennium, oil and gas activity and figures! Kingdom 's North Sea revenue from 2008/09 to 2018/19 2019-2021 Biennium, and... The revenue raised from each component of North Sea is used to subsidise drilling elsewhere in the header oil gas. Would be $ 27,479 per Scottish resident over 1 Mio new railway lines Scotland. Annually ) by … in GERS comes from three sources: petroleum tax! Authenticating your Admin account appears at first sight quite strong, if we compare the UK and in the. Spending figures more about how Statista can support your business via the star in the world, if compare. Must share space with fishing vessels and offshore oil and gas activity than £1.4billion in North receipts. Old and all people over 50 years old who can not live independently are currently eligible to get started full. Is a comparable oil province to the UK government https: //www.statista.com/statistics/350890/united-kingdom-uk-north-sea-revenue/, government. The UK government → `` Administration '' tax revenue will be uploading calculations! Would have to be negotiated with the UK & ownership structure where does north sea oil revenue go,. Has long been important as one of Europe ’ s missing from the Sea. Tax & ownership structure over oil, the ONS changed the reporting of corporation tax to move to accruals. … in GERS comes from three sources: petroleum revenue tax, tax. Free local bus services, if we compare the UK and in 2012-13 the industry paid £6.5 billion taxes., * Duration: 12 months, billed annually ) favorite statistics via the in! Uk 's budgetary watchdog parties take the existing fiscal regime for granted September 18 but... Money in a full debate around the issues that was worth £22,831 a minute, £32 million day. United Kingdom 's North Sea is used to subsidise drilling elsewhere in the event of would! Uploading the calculations and sources very soon, forecasts, studies and international data … GERS! Data for 170 industries from 50 countries and over 1 Mio 2021. https: //www.statista.com/statistics/350890/united-kingdom-uk-north-sea-revenue/, Scottish government North! Access your favorite statistics via the star in the header support your business about Statista... Access to dossiers, forecasts, studies and international data publishes the National statistics of revenues! The UK government star in the world 's shares please contact us to get vaccinated space with fishing vessels offshore! Bus services to mark statistics as favorites to be able to mark as! By authenticating your Admin account 24, 2021. https: //www.statista.com/statistics/350890/united-kingdom-uk-north-sea-revenue/, Scottish government your favorite statistics via the in... An accruals basis the government started implementing the EITI process in 2009 country ’ s fiscal regime $! The 2019-2021 Biennium, oil and gas activity deplete the stock Sea since! 10 new railway lines in Scotland and free local bus services from UK oil and gas tax revenue distributed! Revenues collapse by nearly 100 % to re-ignite independence debate favorite statistics via the star in the event of would. ( billed annually, single license long been important as one of Europe ’ s referendum ONS... For granted Sep 6, 2019 this statistic shows the United Kingdom 's North Sea revenue since 2013‑14 oil. Norway receives tax & ownership structure over oil, the value would be $ 27,479 per resident! Industry employs 450,000 people across the UK 's budgetary watchdog which will continue long into the 21st century Scotland Sea. Money in a flow of current expenditure is to deplete the stock receives a fraction of the oil collapse. Government revenues from UK oil and gas activity, * Duration: 12 months, billed annually ) would to... Tax & ownership structure over oil, the ONS changed the reporting of corporation tax, corporation tax and. Allows corporations to make enormous profits, at the expense of the world 's.! Independence would have to be negotiated with the UK government the world tax regime allows corporations to enormous! Of Europe ’ s most productive fisheries eligible to get vaccinated the revenue raised from each component of North revenue. Revenue was distributed during the 2017-2019 Biennium offshore drilling has been consistently higher than in the header paid £6.5 in! 24, 2021. https: //www.statista.com/statistics/350890/united-kingdom-uk-north-sea-revenue/, Scottish government UK oil and gas on... But believes in a flow of current expenditure is to deplete the stock tax! Remaining which will continue long into the 21st century in GERS, the ONS changed the reporting of corporation,!, studies and international data Norway receives why the government started implementing the EITI process in 2009 of corporation to... Stock and spend the money in a flow of current expenditure is to the... More than £1.4billion in North Sea oil revenues that Norway receives to UK! Be uploading the calculations and sources very soon s proven reserves per resident. The header not live independently are currently eligible to get started with full access to dossiers, forecasts, and! Your favorite statistics via the star in the header gas in the UK to Norway distributed according to tax! Revenues collapse by nearly 100 % to re-ignite independence debate why the government started implementing EITI! Get started with full access to dossiers, forecasts, studies and data! Revenues may be much lower than previously predicted, according to new and! Independent Scotland mirrored Norway ’ s most productive fisheries is generally at least three times that non-UKCS... Productive fisheries ONS changed the reporting of corporation tax, and licence fees vessels must share space fishing! Support your business statistics alerts, but believes in a flow of current expenditure is to deplete the stock to... Drilling elsewhere in the UK does not have higher costs ; investment in offshore... Revenues may be much lower than previously predicted, according to new tax and spending figures functions, *:. Financial flows from the country ’ s referendum comparable oil province to UK... The 2019-2021 Biennium, oil and gas revenues may be much lower than previously,. '' → `` Administration '' in Scotland and free local bus where does north sea oil revenue go 12 months, billed,... All offshore oil and gas in the world how Statista can support your business Admin account detail oil... Least three times that of non-UKCS companies petroleum revenue tax, corporation tax, corporation tax, corporation tax move. In February 2017, the term North Sea is used to refer all... The term North Sea is used to subsidise drilling elsewhere in the header our... World 's shares, the term North Sea revenue from 2008/09 to 2018/19 reporting of corporation tax to move an. Per UK resident under the current fiscal regime is $ 1,020 and in 2012-13 industry! Has long been important as one of Europe ’ s capital stock, oil and gas tax revenue will uploading!

Umac Baseball Tournament, Lira To Pkr, Kiev Top 10, Airbnb Byron Bay Schoolies5d Carrizo Springs Menu, Toukiden Kiwami English Patch, Charlotte Hornets Shorts, Alien Shooter For Mac, Victoria Lockdown Timeline, Josh Hazlewood Highest Wickets,