Find statutory market values for disposal of category 1 oil from a UK field, which has not been sold at arm's length.
If you’re a participator in a UK oil field, you must use these defined market value rates if you dispose of:
Each taxable crude blend has a separate market value. There are 2 types of crude oil for valuation purposes.
Do not use these rates for arm’s length sales.
These are the crude oils valued using Price Reporting Agency data.
The crudes for category 1 are:
This publication shows category 1 values from 2024 to 2026. Earlier years are on the National Archives website.
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.