North Sea tax receipts to post losses

The UK Office for Budget Responsibility (OBR) predicts that North Sea oil tax receipts will post losses of up to £1.2bn/y between 2016 and 2021 because of repayments to loss-making operators. Projections made by the OBR found the industry made a £100mn loss for the public purse in the current financial year, the first in more than four decades, due to the oil price collapse.