North Sea oil ‘worth billions less than expected’

North Sea oil ‘worth billions less than expected’
 

THE body responsible for independent analysis of the UK's public finances yesterday dramatically reduced its forecasts for North Sea oil revenue over the next two-and-a-half decades.
The Office for Budget Responsibility (OBR) has revised its predictions to suggest around £39.3 billion will be raised in North Sea revenues in total between 2019/20 and 2040/41 – a fall of £12.6bn on last year’s projections.
When yesterday’s long-term forecasts are factored into figures already produced for the medium term, the OBR now reckons total oil and gas receipts between 2013/14 and 2040/41 will fall... read more

 
11 July 2014 in Politics, Views: 31
Source: Scotsman
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