Frequently Asked Questions - How valuable are the expected tax revenues from our oil and gas production?
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The latest Government Expenditure and Revenue Scotland report estimates that oil and gas production in the Scottish portion of the UK continental shelf generated £10.6 billion in tax revenues during 2011/12. This is equal to 94 per cent of the UK’s total tax revenues from oil and gas production. Production in Scottish waters could generate approximately £48 billion in tax revenue between 2012/13 and 2017/18 based on industry estimates of production and an average cash price of approximately 113 dollars per barrel.
Oil and gas production is expected to rise to two million boe (barrels of oil equivalent) per day towards the end of the decade as a result of the current record levels of capital investment. This will see the industry continue to make a substantial contribution to tax revenues for decades to come.
Source: Scotland's Future, Scottish Government, November 2013.