OBR pushes up North Sea revenue projections to £1billion
ByMark Lammey
The Buzzard field is one of the UK North Sea's top producers.
A new report predicts UK oil and gas revenues will be £400million higher every year from now until 2023 – in the latest sign that the North Sea is on the mend.
In its fiscal and economic outlook, the Office for Budget Responsibility (OBR) said its revenue forecast had been revised upwards due to higher oil prices, increased production and lower costs.
The Oil and Gas Authority recently lifted its long-term forecast for North Sea production by 2.8billion barrels of oil equivalent to 11.7billion barrels.
