OBR: UK Oil, Gas Revenue Forecasts to 2023 Revised Up
A new economic outlook report by the Office for Budget Responsibility (OBR) has revised up UK oil and gas revenues by an average of $559 million (GBP 400 million) a year to 2022-23.
UK oil and gas revenues are now expected to come in at $1.5 billion (GBP 1.1 billion) in 2017-18, $1.2 billion (GBP 0.9 billion) in 2018-19, $1.1 billion (GBP 0.8 billion) in 2019-2020, $1.3 billion (GBP 1 billion) in 2020-2021, $1.1 billion (GBP 0.8 billion) in 2021-22 and $1.2 billion (GBP 0.9 billion) in 2022-23.
Higher sterling oil and gas prices in the near term and higher oil and gas production were listed as some of the factors for the revised revenue forecasts.
Established in 2010, the OBR provides independent and authoritative analysis of the UK’s public finances.
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