Oil and Gas revenues rose sharply from 1980-81 and peaked in 1984-85 at £40,564m in real terms (2024-25 prices). This was followed by a significant drop in revenues which continued to remain low until a resurgence in the early 2000s. In more recent years this recovery in government revenue from oil stalled and was in severe decline due to the sharp fall in world oil prices and an increase in rebates.

UK government revenue from Oil and Gas was at an all-time low in 2016-17 when the government made a net loss of £472m in real terms (2024-25 prices). While revenues excluding Petroleum Revenue Tax rebates were £295m in cash terms, these were more than offset by £654m in Petroleum Revenue Tax rebates, giving a net loss of £359m in cash terms.

Following a partial recovery, revenues fell to just £257m in 2020-21 before rising sharply with the introduction of the Energy Profits Levy. UK Government net revenue reached £9,011m in 2022-23, the highest since 2008-09, falling back to £6,110m in 2023-24 and £4,469m in 2024-25.