Oil and Gas Revenue UK Totals

Oil and Gas revenues rose sharply from 1980-1981 and peaked at £29,335m in real terms (£12,035m in cash terms) in 1984-1985. 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 decline in world oil prices and rebates. UK Government revenue from the Oil and Gas is now at an all-time low and in 2015-2016 the Government made net loss of £24m due to a net -£562m in Petroleum revenue tax due to rebates.

UK Oil & Gas Revenue
YearTotal revenuesPetroleum Revenue TaxSupplementary Petroleum DutyCorporation TaxSupplementary ChargeRoyalty
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