§ Q3. Mr. Douglasasked the Prime Minister if he will seek to make an official visit to Saudi Arabia.
§ The Prime MinisterI have no plans to make such a visit at present.
§ Mr. DouglasDoes the Prime Minister not consider it a great pity that he is not going to Saudi Arabia, because he could have had discussions with Sheik Yamani about the fact that while he is increasing his national take of oil from 25 per cent. to 51 per cent., we, at a stroke—according to the Department of Trade and Industry—have reduced the public participation in North Sea oil from 21 per cent. to 12 per cent.? This information was slipped in at the end of a debate in the Scottish Grand Committee, which was an indiscreet and unmannerly way of announcing it to the House.
§ The Prime MinisterIt is up to member countries of OPEC to decide how they want holdings of oil to be held in their own countries. What they are negotiating with the individual companies is the degree of participation and the time over which it will be worked out. We do not regard it as necessary to have a nationalised oil concern for it to serve this country. We shall get results of discoveries in the North Sea even though they are exploited by individual private companies.
§ Mr. TugendhatIs the Prime Minister aware that the rate of development of North Sea oil resources, both in terms of exploration and production, has so far, under both Labour and Conservative Governments, been even faster than it was in Saudi Arabia in the immediate post-war years? Is not this a vindication of the policy adopted by both parties?
§ The Prime MinisterYes, I believe that to be true. This is an intricate 231 and complicated matter, to which the Government have been giving detailed attention in the whole context of energy policy, because the oil and energy-producing countries are seriously considering whether to ration their production of oil to make resources last longer. The implications for the Western world, and for Britain and Europe in particular, are considerable.