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. Then you can access your favorite statistics via the star in the header. (August 21, 2019). Directly accessible data for 170 industries from 50 countries This research plugs the gap. Statista. 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. And a high-speed rail between Edinburgh and Glasgow, 10 new railway lines in Scotland and free local bus services. Platform is not taking a position on the referendum on September 18, but believes in a full debate around the issues. Scotland had a £12.6bn deficit last year despite more than £1.4billion in North Sea receipts, according to new tax and spending figures. A limited supply of COVID-19 vaccinations is available! facts. What’s missing from the oil debate around Scotland’s referendum? The lax tax regime allows corporations to make enormous profits, at the expense of the public purse. 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]. Cashflow from the North Sea is used to subsidise drilling elsewhere in the world. The value of Scotland’s proven reserves per UK resident under the current fiscal regime is $1,020. Over 90% of the tax revenue will go to an independent Scotland which can help to establish a national oil fund for future investment. * The UK does not have higher costs; investment in Norwegian offshore drilling has been consistently higher than in the UK. 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. To tax this stock and spend the money in a flow of current expenditure is to deplete the stock. by … Please create an employee account to be able to mark statistics as favorites. The North Sea has long been important as one of Europe’s most productive fisheries. Published by D. Clark, Sep 6, 2019 This statistic shows the United Kingdom's North Sea revenue from 2008/09 to 2018/19. Profitability for UK Continental Shelf companies is generally at least three times that of non-UKCS companies. The evidence appears at first sight quite strong, if we compare the UK to Norway. 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 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). Why did the U.K. generate less revenue for the state than Norway from North Sea oil and gas? Oil and gas in the North Sea are part of the nation’s capital stock. 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 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 … 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. Scottish Government. The fund holds on average 1% of the world's shares. Profit from additional features by authenticating your Admin account. Chart. Please authenticate by going to "My account" → "Administration". 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. This could have covered five years of cuts to legal aid, the NHS, pension credit, child benefit, the arts, sports and public transport. If an independent Scotland mirrored Norway’s tax & ownership structure over oil, the value would be $27,479 per Scottish resident. 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. "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)." Scotland’s public sector spends £12,800 per person, but collects just £10,000 per person 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. In 2008 Q2, the net rate of return for North Sea oil companies reached 62.6%, while non-oil companies were at 12.2%. In GERS , the term North Sea is used to refer to all offshore oil and gas activity. Read about the latest Oil … (billed annually). Please log in to access our additional functions, *Duration: 12 months, billed annually, single license. 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%. The Government Expenditure and Revenue … * Norway is a comparable oil province to the UK Continental Shelf. In 2008 Scottish Oil that was worth £22,831 a minute, £32 million a day, £12 billion a year. Please contact us to get started with full access to dossiers, forecasts, studies and international data. How these resources would be divided up in the event of independence would have to be negotiated with the UK government. We will be uploading the calculations and sources very soon. This is also why the government started implementing the EITI process in 2009. All the large parties take the existing fiscal regime for granted. 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. 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. 1044485. New, Figures and insights about the advertising and media world, Industry Outlook It has since published six EITI Reports, which disclose and verify financial flows from the country’s oil and gas sector. The Office of State Treasurer distributes North Dakota’s Oil and Gas tax revenue to a number of political subdivisions and funds. 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 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. 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. There are at least 15-24 billion barrels of oil remaining which will continue long into the 21st century. Accessed January 24, 2021. https://www.statista.com/statistics/350890/united-kingdom-uk-north-sea-revenue/, Scottish Government. 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. Transparency, predictability and a principled long-term strategyhave been core tenants to the Norwegian experience. For the 2019-2021 Biennium, Oil and Gas tax revenue will be distributed according to these flow charts. North Sea revenue in GERS comes from three sources: petroleum revenue tax, corporation tax, and licence fees. 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 … 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. 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. Update, Insights into the world's most important technology markets, Advertising & Media Outlook In, 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%. Table 2.1 shows the revenue raised from each component of North Sea revenue since 2013‑14. Then you will be able to mark statistics as favourites and use personal statistics alerts. 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. Britain only receives a fraction of the oil revenues that Norway receives. The North Sea has had a strong influence on … 2658515 and a registered charity no. 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. 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. 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. 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. Cashflow from the North Sea is used to subsidise drilling elsewhere in the world. The oil remaining in the North Sea is worth over £1 trillion at wholesale value. Published 11 June 2015. 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. In 2013 Q4 the UK Continental Shelf companies’ net rate of return was 30.4%, while non-oil companies rate of return was 11%. 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. 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. Please do not hesitate to contact me. ", 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. 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