North Sea revenue UK 2022

In 2020/21, the UK government's North Sea revenue was 3.2 billlion British pounds, compared with 522 million 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 2021/22 (in million GBP)

Characteristic	Revenue in million GBP
2021/22	3,214
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	10,957
2010/11	8,406
2009/10	5,991
2008/09	12,456

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Release date

August 2022

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Region

United Kingdom

Survey time period

2008 to 2022

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.

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