The Telegraph: North Sea oil revenues will decline more sharply, says OBR

North Sea oil revenues will make almost no contribution to UK growth by 2040 while total receipts will fall much faster than initially expected, according to the Office for Budget Responsibility.

In a blow to the Scottish independence campaign, the Government's independent fiscal watchdog said expected revenues from North Sea oil and gas would total £39.3bn between 2019-20 and 2040-41, down by almost a quarter compared with its projection of £51.9bn last year.
The OBR said this was largely due to persistently disappointing revenues in recent years, which had a knock-on effect on the future tax take.

By the end of the forecast period, the OBR expects offshore oil and gas revenues to account for just 0.05pc of gross domestic product (GDP) - or £2.6bn in cash terms. While this is a slightly higher proportion than its forecast last year, the OBR said revenues from North Sea oil and gas were "on a declining trend" even under the most optimistic production scenario.
MORE