HC Deb 06 December 1972 vol 847 cc445-6W
105. Mr. Wolrige-Gordon

asked the Secretary of State for Trade and Industry what is the present estimate of cost for the investment in finding, extracting and pumping oil necessary to produce 75 million tons by 1980.

Mr. Emery

About £2,000 million.

106. Mr. Wolrige-Gordon

asked the Secretary of State for Trade and Industry what has been the total amount of money accruing to the Government from the sale of exploration licences in the North Sea to find oil.

Mr. Peter Emery

£46.7 million has been received for licences to search for and get petroleum, which includes oil and natural gas, in the United Kingdom sector of the North Sea.

Mr. Donald Stewart

asked the Secretary of State for Trade and Industry what proportion of the gross revenues to be derived by the oil companies from the natural resources they will extract from the Scottish field in 1980 he estimates will accrue by way of licences, royalties, rentals and taxation to the Exchequer; and how this figure compares with the estimated proportion to be gained by the Organisation of the Petroleum Exporting Countries States and the Norwegian Government from the same oil companies operating in their areas.

Mr. Emery

Licence terms vary from country to country in OPEC and from contract to contract in both Norway and the OPEC countries. Thus, no direct comparisons are possible. The 12½ per cent. royalty applied in the United Kingdom is typical of rates in force elsewhere. Obviously, no estimates can be made of receipts from taxation because these will vary depending on the taxation arrangements, the rates in force and the individual circumstances of the companies.

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