North Sea Oil & Gas Revenue
20 years of UK government tax receipts from North Sea oil and gas production.
Source: HMRC Government Revenues from UK Oil and Gas Production (OGL v3.0)
Revenue by Tax Type
Stacked by Ring Fence Corporation Tax + Supplementary Charge (blue), Petroleum Revenue Tax (amber, below zero = refunds), and Energy Profits Levy (red, from 2022)
Energy Profits Levy
Introduced in May 2022 as a temporary windfall tax on oil and gas companies earning extraordinary profits from high energy prices. Initially set at 25%, raised to 35% from January 2023.
The EPL was originally due to end in March 2025, but has been extended to March 2030 at a rate of 38% (from November 2024).
20-Year Tax Breakdown
Oil Price vs Total Revenue
Brent crude annual average (dashed) overlaid with total North Sea tax receipts (solid). Revenue closely tracks oil prices but with lag and policy effects.
Key Milestones
Full Data Table
| Financial Year | RF CT + SC | PRT | EPL | Total |
|---|---|---|---|---|
| 2024-25 | £2.0bn | -£350M | £2.9bn | £4.5bn |
| 2023-24 | £3.0bn | -£428M | £3.6bn | £6.1bn |
| 2022-23 | £6.6bn | -£234M | £2.6bn | £9.0bn |
| 2021-22 | £2.0bn | -£552M | - | £1.4bn |
| 2020-21 | £498M | -£241M | - | £257M |
| 2019-20 | £1.3bn | -£408M | - | £866M |
| 2018-19 | £1.9bn | -£744M | - | £1.2bn |
| 2017-18 | £1.8bn | -£569M | - | £1.2bn |
| 2016-17 | £295M | -£654M | - | -£359M |
| 2015-16 | £560M | -£562M | - | -£2M |
| 2014-15 | £2.0bn | £77M | - | £2.1bn |
| 2013-14 | £3.6bn | £1.1bn | - | £4.7bn |
| 2012-13 | £4.4bn | £1.7bn | - | £6.1bn |
| 2011-12 | £8.8bn | £2.0bn | - | £10.9bn |
| 2010-11 | £6.9bn | £1.5bn | - | £8.3bn |
| 2009-10 | £5.0bn | £923M | - | £5.9bn |
| 2008-09 | £9.8bn | £2.6bn | - | £12.4bn |
| 2007-08 | £5.7bn | £1.7bn | - | £7.4bn |
| 2006-07 | £6.7bn | £2.2bn | - | £8.9bn |
| 2005-06 | £7.3bn | £2.0bn | - | £9.3bn |
Source: HMRC Government Revenues from UK Oil and Gas Production, Annual Stamps Statistics. All figures in £ millions unless stated. Data is on a cash (receipts) basis.
“Offshore CT” includes Ring Fence Corporation Tax and the Supplementary Charge (introduced 2002, initially 10%, raised to 20% in 2006, 32% in 2011, reduced to 10% in 2016). PRT was effectively abolished in 2016 but continues as a negative figure due to decommissioning relief repayments.
Oil price data: approximate annual averages for Brent crude (ICE, $/barrel). Contains public sector information licensed under the Open Government Licence v3.0.