Two new fields with at least 10 million barrels forecast were reported here on March 24th and 3rd April 2018. See these for more:
Another major oil-find in Scottish sector of North Sea
In calculating their worth, I used the conservative/non-controversial figure of $60 per barrel. However, crude is currently selling consistently at $65 per barrel and will be selling for more by this summer. See this from Oil & Gas People today:
‘Brent for June settlement rose 41 cents to $69.76 on the London-based. The May contract climbed 74 cents to close at $70.27 before expiration on Thursday.’
So, we’re talking about total income, even if prices do not rise higher as many predict, of $1.4 billion from only these two recent discoveries minus production costs of $12 per barrel resulting in taxable revenue of $1.12 billion. Converting to Sterling, we get $797 million and if we tax at the current corporation tax level of 20%, the Treasury gets £159 million.
Add this to the £75 billion we should be taxing the producers for the 11.7 billion barrels, by 2050, already predicted by Office for Budget Responsibility.