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North Sea tax receipts to post losses
The UK Office for Budget Responsibility (OBR) predicts that North Sea oil tax receipts will post losses of up to £1.2bn/y between 2016 and 2021 because of repayments to loss-making operators. Projections made by the OBR found the industry made a £100mn loss for the public purse in the current financial year, the first in more than four decades, due to the oil price collapse.
News Item details
Journal title: Petroleum Review
Subjects: Banking, finance and investment, Oil markets, Economics, business and commerce, Energy consumption, Oil, Petroleum reserves - forecasting, Petroleum taxation
