Norway Results Expose Ongoing Poor Stewardship of UK/Scottish Oil and Gas Resources

The UK’s OGA has recently launched the UK’s 31st licensing round.

But the relative ongoing performance of the Norwegian and UK oil and gas sectors’ contribution to their respective government’s finances still raises serious cause for concern.

The UK Office for Budget Responsibility is projecting tax receipts of £0.9 billion for fiscal year 2018/2019.

Norway’s Ministry of Finance is projecting £21 billion (NOK 224 billion) for 2018, an aggregate of operator taxation, direct investment net cash flow, Equinor dividends and environmental taxes/area fees.

Norway’s sovereign wealth fund now stands at GBP800 billion while the UK’s stand at zero, and this is the most striking measure of the relative performances of these governments when it comes to the management of their oil and gas industries.