North Sea revenues ‘up to almost £8bn’ in first nine months of 2022

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According to research, ax revenues from North Sea oil and gas increased to approximately £8 billion in the first nine months of 2022.

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Figures from the Aberdeen and Grampian Chamber of Commerce show that government taxes have increased nearly seven times compared to the same period last year.

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An unexpected tax was introduced for the energy sector in May, which brought a 25% surcharge on exceptional profits from energy companies.

Chancellor Jeremy Hunt is understood to be considering increasing it further to improve Britain’s financial situation.

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The Chamber of Commerce analyzed tax receipts data between January and September this year, finding that offshore companies paid £7.9 billion in tax.

This will be an increase of 692% over the same period in 2021.

Ryan Critten, Policy Director of the Chamber of Commerce, said: “North Sea companies are contributing greatly to the financial help being given to businesses and families, as well as to increasing UK domestic energy production to keep the lights on. Working tirelessly this winter.

“The suggestion that their reward for this should be another unexpected tax is, frankly, outrageous.

“The case for the unexpected tax on excess profits in the energy sector was always that the additional revenue was not planned and was a result of the war in Ukraine.

“However, that same conflict has driven up inflation in the UK, which in turn has raised interest rates and therefore the cost of our mortgages.

“So, you can make exactly the same case for windfall on bank profits.”

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