Two years ago, Gordon Brown's UK Treasury forecast tax revenues from oil and gas producers of £13.5bn during 2007/08. The official prediction now, despite higher oil prices and higher tax rates, is only £8.1bn.
The UK is now a net oil importer. So rapid is the North Sea's depletion that, in three years' time, imports will account for 40 per cent of the oil we use, rising to 90 per cent by 2020.
- Total indigenous UK production of crude oil and NGLs in Q1 2007 decreased by 19.9 Mn tonnes a reduction of 4.5 % on Q1 2006. This included production from 3 new fields which started production during the year ending March 2007, including the very large Buzzard field. DTI Qtrl Energy report
Think on Lad !