Tax revenues in North Sea oil and gas increase by nearly 700%
£1.5 billion of tax was paid in September alone
Tax revenues from North Sea oil and gas have increased by 692% to almost £8 billion in the first nine months of 2022.
That's according to figures from Aberdeen and Grampian Chamber of Commerce, which show that £1 billion was paid in tax between January and September in 2021.
A windfall tax for the energy sector was introduced in May, which brought in a 25% surcharge on extraordinary profits from energy companies.
Chancellor Jeremy Hunt is understood to be considering raising this further in order to improve the UK's fiscal position.
The chamber of commerce analysed tax receipt data from between January and September this year, finding that offshore companies paid £7.9 billion in tax.
Ryan Crighton, policy director at the chamber of commerce, said: "North Sea companies are contributing enormously to the financial help being offered to businesses and families, while at the same time working tirelessly to increase the UK's domestic energy production to keep the lights on this winter.
"The suggestion that their reward for this should be a second windfall tax is, frankly, outrageous.
"The case for a windfall tax on excess profits in the energy sector was always that the extra revenue wasn't planned for and was a consequence of the war in Ukraine.
"However, that same conflict has sent inflation soaring in the UK, which in turn has driven up interest rates and therefore the cost of our mortgages.
"So, you could make the exact same case for a windfall on bank profits."