§ 23. Mr. Alisonasked the Minister of Power what departure from the figures given in the National Plan for capital investment in the gas industry he expects as a result of the recent natural gas strikes in the North Sea.
§ Mr. MarshUntil more is known about the availability of gas from the North Sea, it is impossible to estimate its effect on the gas industry's future investment.
§ Mr. AlisonDoes this mean that the Minister will simply bury his head in the sand and make no provision whatever?
§ Mr. MarshI am beginning to despair of ever putting this simply. No one, anywhere, knows how much gas is in the North Sea at the moment. The most commonly used figure is comparatively a very small one and, until one does know how much is there, one cannot estimate its effect on the gas industry's future investment.
§ Mr. LubbockIs the Minister aware that, apart from the discovery of natural gas in the North Sea, the consumption of gas increased between 1964 and 1965 by 11 per cent., which is considerably higher than the rate expected by the National Plan? Is it not, therefore, likely that the capital expenditure spent in the industry will have to be revised up?
§ Mr. MarshIt is a feature which is frequently overlooked that the increased energy requirements between now and 1970 are considerable—33 million tons of coal equivalent by 1970. On the most optimistic figures, we shall not get half of that from the North Sea.
§ Mr. ShinwellDoes my right hon. Friend not realise that many people-not in the House but outside—want to know whether there is any future in natural gas because they want to put their money into the right company?