§ 7. Mr. Hall-Davisasked the Minister of Power how many wells have been drilled in the North Sea since 1st January, 1968; how many of these were extension or proving of existing fields and how many were new exploration; how many new exploration wells have produced positive results; and how many of these are likely to prove capable of commercial development.
§ Mr. FreesonSeventy-three wells have been completed since 1st January, 1968. Ten were drilled to prove earlier finds and 30 were new explorations. The remainder were production wells. Two exploration wells discovered gas, but further drilling will be required to prove their commercial value.
§ Mr. Hall-DavisWill the Minister now publish a revised estimate of total reserves?
§ Mr. FreesonWe have no reason to do so.
§ Mr. EadieIs my hon. Friend aware that the vast capital expenditure involved in all of this is now being challenged? Is he aware of an article which appeared in the Financial Times to this effect? Is he also aware that quite a lot of other indigenous resources are available to us in this country, and will he examine this whole question and the vast capital expenditure involved from the point of view of the economy in general?
§ Mr. FreesonIt is implicit in the White Paper on Fuel Policy that there will be a continuing study and revision as and when required of any estimates and figuring in that document As for the rate of absorption in relation to the capital investment programme of the industry, we have no reason to revise our ideas at this stage.