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| chicmac |
Gl - oops!Oops there has been an oil slip.Reported oil revenue loss is £25 Million pounds per day (half the £50M). It has also been stated that this amounts to 40% of Britain's oil production. So some simple arithmetic: £25M X 365 = £9.1 Billion per year and as that is only 40% of exchequer revenue, that means total annual revenue from oil is around £23 Billion. Which is more than twice the £8.1 Billion official (i.e. published) Treasury figure used in those calculations which include oil, like the recent FT study. (Some other 'studies' do not even include oil revenue at all, like GERS for instance). £23 Billion is not far shy of the entire annual Scottish budget. With half the oil still out there and oil price direction only going to go one way (and it isn't down) Scotland would still have an "embarrassing fiscal surplus". Of course, this surplus should be invested into a national fund. Hope these figures are 'remembered' after all this is over. |
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| October1974 |
I was thinking that today - this strike is bringing up a lot of fiscal information. | ||
| Morph |
Iagree this oil problem seems to be the only way the general public can get a hold of actual budgets relating to the oil not the trumped up propaganda from London used to hold the union together | ||
| Niall |
The 'Official figures' are deliberately distorted so that people are not fully aware of what is going on. Take a look at the Great deception figures for 2005 to see what I mean. In 2006 the treasury made £11.4 Billions from Oil revenues, another £8.1 Billions from corporation taxes plus petroleum revenue taxes and crown estates wayleaves rights of another £2.76 Billions making a grand total of £22.26 Billions. Yes Chic yes is nothing wrong with your arithmetic £23 Billions is a good ball park figure. My estimates for 2006/7 will be nearer the £29 Billions with the current price of oil.
'S mise le meas Niall. |
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| chicmac |
The most recent statements have been tax revenue loss of £30 Million per day and that that is only 30% of the oil flow. If correct. 30 X 365 X 3.33 = £36.5 Billion per year. if it is only 40% like the earlier claim, this is about £27.4 Billion. The last estimate I can get is 2004 where UK oil production was about 2.1 million barrels per day. The stated Fortes flow has been 700,000 barrels per day, these two would produce an estimate of 33.3% and an annual revenue estimate of 30 X 365 X 3 or about £33 Billion. However continued increasing pressure from China and oil production World wide dwindling will ensure future pricing will rocket. The future value of oil will be for plastics production more than combustion fuel. |
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| Lewis |
Doesn't really surprise me, but if these got out then no doubt the Unionists would have a an issue on their hands. | ||
| chicmac |
I tried guestimating from first principles based on the 700,000 barrels per day figure for Fortes and the current price of just a tad under $120 per barrel, however the tax system was too complex and would take too long for me to fathom. PTR, RFT, SC and capping all applied or not under certain circumstances like how new the oil field was for instance. Anyone, wishing to pursue the first principles approch might start here http://www.hmcr.eu/international/ns-fiscal2.htm and follow the links to the OTO (Oil Taxation Office). |
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| Shagpile |
Reported on CNN today that the strike at Grangemouth could raise the price of world oil prices...... was that reported on the BBC? | ||