Guidance

Statutory market values for oil

Find out statutory market values for disposal of category 1 oil from a UK field, which has not been sold at arm's length.

Documents

Details

If you’re a participator in a UK oil field, you must use these defined market value rates if you dispose of:

  • crude oil
  • liquefied petroleum gases (LPGs)
  • condensate

Each taxable crude blend has a separate market value. There’s 2 types of crude oil for valuation purposes.

Do not use these rates for arm’s length sales.

Category 1 oil

These are the crude oils valued using Price Reporting Agency data.

The crudes for category 1 are:

  • Brent
  • Ekofisk
  • Flotta
  • Forties
  • Statfjord

This publication shows category 1 values from 2015 to 2018. Earlier years are on the National Archives website.

Category 2 oil

All other blends (including LPGs and condensates) are classed as category 2.

Category 2 oils are valued using deal data supplied to the Large Business (LB) Oil and Gas Sector in Petroleum Revenue Tax Returns.

The valuation methods used are similar to the way each particular blend is sold at arm’s length, and are agreed with industry.

Published 8 November 2014
Last updated 14 May 2018 + show all updates
  1. The daily values for all Category 1 crude oils for April 2018 have been added.
  2. The daily values for all Category 1 crude oils for March 2018 have been added.
  3. The daily values for all Category 1 crude oils for February 2018 have been added.
  4. The daily values for all Category 1 crude oils for January 2018 have been added.
  5. The daily values for all category 1 crude oils for December 2017 have been added.
  6. The daily values for all category 1 crude oils for November 2017 have been added.
  7. The daily values for all Category 1 crude oils for October 2017 have been added.
  8. The daily values for all Category 1 crude oils for September 2017 have been added.
  9. The daily values for all Category 1 crude oils for August 2017 have been added.
  10. The daily values for all Category 1 crude oils for July 2017 have been added.
  11. The daily values for all Category 1 crude oils for June 2017 have been added.
  12. The daily values for all Category 1 crude oils for May 2017 have been added.
  13. The daily values for all Category 1 crude oils for April 2017 have been added.
  14. The daily values for all Category 1 crude oils for February 2017 and March 2017 have been added.
  15. The daily values for all Category 1 crude oils for January 2017 have been added.
  16. The daily values for all Category 1 crude oils for December 2016 have been added.
  17. The daily values for all Category 1 crude oils for November 2016 have been added.
  18. The daily values for all Category 1 crude oils for October 2016 have been added.
  19. The daily values for all Category 1 crude oils for September 2016 have been added.
  20. The daily values for all Category 1 crude oils for August 2016 have been added.
  21. The daily values for all Category 1 crude oils for July 2016 have been added.
  22. The daily values for all Category 1 crude oils for June 2016 have been added.
  23. The daily values for all Category 1 crude oils for May 2016 have been added.
  24. The daily values for all Category 1 crude oils for April 2016 have been updated.
  25. The daily values for all Category 1 crude oils for March 2016 have been updated and published.
  26. The daily values for all Category 1 crude oils for February 2016 have been added.
  27. The daily values for all Category 1 crude oils for January 2016 have been added.
  28. The daily values for all Category 1 crude oils for December 2015 have been added.
  29. The daily values for all Category 1 crude oils for November 2015 have been added.
  30. The daily values for all Category 1 crude oils for October 2015 have been added.
  31. The daily values for all Category 1 crude oils for September 2015 have been added.
  32. The daily values for all Category 1 crude oils for August 2015 have been updated.
  33. The daily values for all Category 1 crude oils for July 2015 have been updated.
  34. The daily values for all Category 1 crude oils for June 2015 have been updated.
  35. The daily values for all Category 1 crude oils for May 2015 have been updated and published.
  36. The daily values for all category 1 crude oils for April 2015 have been updated and published on the GOV.UK website.
  37. The daily values for all Category 1 crude oils for March 2015 have been updated and published.
  38. The daily values for all Category 1 crude oils for February 2015 have been updated and published
  39. Large Business Service oil and gas market values for category 1 crudes for 2015 have been added to this page.
  40. Large Business Service oil and gas market values for category 1 crudes for December 2014 have been added to this page.
  41. First published.