Scotland’s oil wealth was not stolen it was given away

In the New Statesman yesterday, we read without their expected incredulity:

North Sea oil companies receive more money from the government than they pay in taxes

The UK has given firms including Exxon and Shell hundreds of millions of pounds in rebates.

https://www.newstatesman.com/energy-climate-tech/2021/09/north-sea-oil-companies-receive-more-money-from-the-government-than-they-pay-in-taxes

Why should we not be surprised to hear this?

Well back in 2019, we could read this:

And even further back, we could see this:

A screenshot of a cell phone

Description automatically generated
https://www.carbonbrief.org/uk-taxpayers-handed-shell-usd123m-in-2015

Only the UK does not apparently make a profit from oil extraction.

Over the longer period the UK has stopped making a profit quite recently:

A close up of a logo

Description automatically generated
UK government tax revenues from oil and gas production (£bn) between 1968 and 2015. Figures cover tax years whereas the dates shown are for the tax year end. Figures for 2016/17-2020/21 are forecasts. Sources: Department of Energy and Climate Change and the Office of Budget Responsibility. Chart by Carbon Brief.

So, oil stops becoming profitable after 2015? What happened just before that that may have caused the UK Government to think oil profitability was a bad idea?

The price of oil is currently soaring.

8 thoughts on “Scotland’s oil wealth was not stolen it was given away

  1. They dress up these giveaways as tax reliefs for things like decommissioning, in the same way as the nuclear industries they are so keen on in England for some inexplicable reason. Hard to believe that they and their pals are not benefiting from these arrangements though.

    Liked by 6 people

  2. The real value to the London treasury is not tax on oil revenues but the ability to use it to support it’s borrowing.
    Without an oil backed currency,they would have problems sustaining their deficits and consequent debt.
    Also,of course,it has political value in not allowing Scots to see what they are missing and maintaining the myth of our dependency on London to finance our public services.
    They look like they are going to do the same with renewables by suppressing exploitation and punitive charges for Scotland supplying England with electricity.

    Liked by 6 people

  3. Corruption , incompetence , naivety …call it what you like but the UK Government is NOT the one ANYONE should trust with our assets !

    Their Oil and Gas policy can be summed up :
    The Oil and Gas companies are deserving of our charity – so take the money from the poorest to support this desperately needy industry .

    Liked by 6 people

  4. ‘Given away’ by the English government and their lackeys in the BritNat parties in their ten years at Holyrood, McConnel et al, rewarded by being given seats in the HOL’s and paid £300++ a day, for life, disgusting.

    Scotland has so been scammed out of literally £trillions in oil money, it’s utterly tragic.

    Have a look at films about Scotland’s industries (including oil!) at the National Library of Scotland ‘moving image archive’, many about oil are not available to watch, but some are. All in copyright so can’t be shared…you just have to browse topic and genre on their site. How Scotland is not awash with spare cash is a mystery, well, it’s not really. Obviously other industrial parts of the UK were exploited and benefitted little from the treasury coffers at WM, but in Scotland, infrastructure and any social improvements and investment were minmal at best, and the people told there are too stupid and too poor as well as lazy, taking England’s cash to get high on drugs, the hard drugs imported conveniently into Scotland’s remote areas and ‘schemes’, (called housing estastes in England) perfect for keeping the younger folk quiet and controlled.

    The tragic and scary thing is there is still so much oil to extract, and the English government are determined to take it for themselves, but I bet I know who will be blamed for fossil fuel extraction continuing in Scottish waters at COP26 in November, the bad planet wrecking SNP!
    Just watch the demo’s and lots are planned, bad Scotland taking all that oil, but wait, why is your country so poor? Hmm.

    Liked by 2 people

  5. OK ALL YESSERS YET
    ANOTHER LYING PROGRAMME FROM TAX PAID TELE bbc

    TELLING SCOTS WE ARE TOO WEE AND POOR

    NO FRIGGIN WONDER THESE BAR-STEWARDS ARE FEED THEIR CAPITALIST CRONIES WITH SCOTLANDS MONEY

    LETS TELL THE WESTMINSTER TAME LAPDOG bbc Scotland
    WE WILL CLOSE DOWN THIS CORRUPT CHANNEL
    AND HAVE NEW HONEST STAFF BROUGHT IN

    Like

  6. Decommissioning is tax free. The Oil exploration and production has contributed £Billions to the London S/E economy. From 1970 to 2021. In jobs and other activities. Any ‘rebate’ is a drop in a pan. A complete fallacy. Instead of printing this rubbish they should publish the McCrone Report. Oil heading to $90 a barrel.

    Oil tax 20% corporation tax. 10% supplementary. The Oil and production industry has been taxed at 80% when prices were high. $120 a barrel. The UK government took 50% of production. 20% corporation tax and 10% supplementary.. (80%.) £Billions. Thatcher wasted the lot fuelling unemployment. Interest rates at 17% and inflation 15%. Unemployment in NI 20% (the Troubles). Unemployment in Scotland 15%. The only place unemployment was below 10% was London S/E. The bankers fund the Tory Party.

    Like

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