North Sea revenue UK 2023

In 2022/23, the UK government's North Sea revenue was 10.57 billion British pounds, compared with 2.66 billion in the previous reporting year. North Sea revenue refers to revenues from petroleum revenue tax, corporation tax and license fees from all offshore oil and gas activity on the North Sea.

Annual government revenues from offshore oil and gas activity on the North Sea in the United Kingdom from 2008/09 to 2022/23 (in million GBP)

Characteristic	Revenue in million GBP
2022/23	10,570
2021/22	2,662
2020/21	522
2019/20	643
2018/19	1,196
2017/18	1,297
2016/17	36
2015/16	-85
2014/15	1,691
2013/14	4,499
2012/13	6,020
2011/12	9,619
2010/11	9,135
2009/10	6,590
2008/09	10,621

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Release date

August 2023

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Region

United Kingdom

Survey time period

2008 to 2023

Supplementary notes

* North Sea revenue includes revenue derived from petroleum revenue tax, corporation tax and licence fees. 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.
This statistic is using original data from the Scottish Government and includes copyright material from © Crown, licensed under the Open Government License v3.0

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