OIL & GASUK REVENUE
Oil and Gas revenues rose sharply from 1980-81
and peaked at £29,335m
in real terms (£12,035m
in cash terms) in 1984-85. This was followed by a significant drop in revenues over the remaining years, and revenues remained low until a resurgence in the early 2000s. In more recent years this recovery in government revenue from oil has stalled and has been in severe decline due to the sharp fall in world oil prices and an increase in rebates. UK government revenue from Oil and Gas is now at an all-time low and in 2015-16
the government made net loss of £24m caused by a net -£562m
in Petroleum Revenue Tax due to rebates.
| Year | Total Revenues | Petroleum Revenue Tax | Supplementary Petroleum Duty | Corporation Tax | Supplementary Charge | Royalty |
|---|---|---|---|---|---|---|
| 1968-69 | 1 | 1 | ||||
| 1969-70 | 2 | 2 | ||||
| 1970-71 | 5 | 2 | 3 | |||
| 1971-72 | 10 | 4 | 6 | |||
| 1972-73 | 15 | 4 | 11 | |||
| 1973-74 | 15 | 3 | 12 | |||
| 1974-75 | 20 | 5 | 15 | |||
| 1975-76 | 25 | 5 | 20 | |||
| 1976-77 | 81 | 10 | 71 | |||
| 1977-78 | 238 | 10 | 228 | |||
| 1978-79 | 565 | 183 | 93 | 289 | ||
| 1979-80 | 2,313 | 1,435 | 250 | 628 | ||
| 1980-81 | 3,743 | 2,410 | 341 | 992 | ||
| 1981-82 | 6,492 | 2,390 | 2,025 | 681 | 1,396 | |
| 1982-83 | 7,822 | 3,274 | 2,395 | 521 | 1,632 | |
| 1983-84 | 8,798 | 6,017 | 877 | 1,904 | ||
| 1984-85 | 12,035 | 7,177 | 2,432 | 2,426 | ||
| 1985-86 | 11,348 | 6,375 | 2,916 | 2,057 | ||
| 1986-87 | 4,783 | 1,188 | 2,676 | 919 | ||
| 1987-88 | 4,618 | 2,296 | 1,298 | 1,024 | ||
| 1988-89 | 3,168 | 1,371 | 1,195 | 602 | ||
| 1989-90 | 2,368 | 1,050 | 743 | 575 | ||
| 1990-91 | 2,312 | 860 | 847 | 605 | ||
| 1991-92 | 979 | (216) | 638 | 557 | ||
| 1992-93 | 1,305 | 69 | 682 | 554 | ||
| 1993-94 | 1,223 | 359 | 258 | 606 | ||
| 1994-95 | 1,642 | 712 | 380 | 550 | ||
| 1995-96 | 2,289 | 968 | 766 | 555 | ||
| 1996-97 | 3,303 | 1,729 | 890 | 684 | ||
| 1997-98 | 3,277 | 963 | 1,779 | 535 | ||
| 1998-99 | 2,452 | 504 | 1,605 | 343 | ||
| 1999-00 | 2,510 | 853 | 1,268 | 389 | ||
| 2000-01 | 4,399 | 1,518 | 2,329 | 552 | ||
| 2001-02 | 5,373 | 1,310 | 3,515 | 548 | ||
| 2002-03 | 5,054 | 958 | 3,662 | 293 | 434 | |
| 2003-04 | 4,223 | 1,179 | 3,057 | 766 | (13) | |
| 2004-05 | 5,115 | 1,284 | 3,831 | 1,041 | ||
| 2005-06 | 9,323 | 2,016 | 7,307 | 2,097 | ||
| 2006-07 | 8,864 | 2,155 | 6,709 | 1,790 | ||
| 2007-08 | 7,408 | 1,680 | 5,728 | 2,326 | ||
| 2008-09 | 12,393 | 2,567 | 9,826 | 4,110 | ||
| 2009-10 | 5,921 | 923 | 4,998 | 2,159 | ||
| 2010-11 | 8,322 | 1,458 | 6,864 | 3,054 | ||
| 2011-12 | 10,872 | 2,032 | 8,840 | 4,126 | ||
| 2012-13 | 6,149 | 1,737 | 4,412 | 2,496 | ||
| 2013-14 | 4,674 | 1,118 | 3,556 | 1,891 | ||
| 2014-15 | 2,150 | 77 | 2,073 | 1,080 | ||
| 2015-16 | (24) | (562) | 538 | 279 |
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REFERENCES & FOOTNOTES
REAL TERMS CALCULATIONS
The Real Terms calculations above are carried out using the HMT's deflator tables. There are a number of methods for measuring inflation, however when discussing public revenue and expenditure, typically the HMT's GDP deflator is used to calculate the real terms equivalent. We have provided an easy to use Calculator for your convenience here.