OIL & GASUK REVENUE
Oil and Gas revenues rose sharply from 1980-81
and peaked in 1984-85
at £31,190m
in real terms (2018-19 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 £372m
in real terms. Note: While net receipts in
2015-16 were £295m
(cash terms), these were offset by £654m in Petroleum Revenue Tax rebates.
UK Government net revenue has partially recovered in recent years to £1,204m
in 2018-19.
| 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 | 2,103 | 77 | 2,026 | 1,056 | ||
| 2015-16 | -2 | -562 | 560 | 196 | ||
| 2016-17 | -359 | -654 | 295 | 50 | ||
| 2017-18 | 1,188 | -569 | 1,757 | 334 | ||
| 2018-19 | 1,204 | -744 | 1,948 | 351 |
SHARE
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.