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Production efficiency (PE) has risen for a fourth consecutive year, in 2016 it reached 73%, driving increased production in the United Kingdom Continental Shelf (UKCS)

Decommissioning cost estimates continue to fall and have reduced by a further 4% in 2021

The purpose of this annual report is to provide an estimate of the UKCS’s remaining recoverable petroleum resources. The Authority estimates that there remains in the range 10 to 20 billion barrels or more of oil equivalent (boe), including discovered and undiscovered petroleum resources

Table: Government Revenues from Oil and Gas Production by financial year (cash not accruals basis)

Historical Government Revenues from UK Oil and Gas Production (cash not accruals basis)

UK Government Receipts and Repayments of Upstream Oil and Gas Tax (not including Royalty)

A lack of certainty and transparency around the timing of projects has been a persistent source of frustration for many service companies.