North Sea revenue set to be lower

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North sea oil and gas could produce £20 billion less in revenue than originally forecast over the next three decades, according to the Office for Budget Responsibility.

Chairman Robert Chote revealed the independent scrutiny body is now forecasting revenues of £61.6 billion would be raised between 2013/14 and 2040/41 – down from £82.2 billion. If production levels are low, oil and gas receipts could be only £40 billion for the period 2018/19 to 2040/41, it is forecast.