§ 5. Mr. Chapmanasked the Secretary of State for Energy by what amounts his predictions of United Kingdom total recoverable oil reserves have varied in the last five years; and what is the latest figure.
§ Mr. GrayThe estimated range of recoverable oil reserves has varied from between 3,000 million and 4,500 million tonnes in 1977 to between 2,100 million and 4,300 million tonnes in 1982. At 1 January 1982 the estimated total remaining recoverable reserves were between 1,750 million tonnes and 3,950 million tonnes.
§ Mr. ChapmanAs that answer presumably confirms that we are using up our oil supplies at a greater rate than we are discovering new recoverable reserves, will my right hon. Friend confirm that it essential that the utmost encouragement should be offered companies to drill in new fields? In the light of my right hon. Friend's replies to supplementary questions just now, will he confirm that the incentives are greater today than they were, say, four or five years ago?
§ Mr. GrayThere is little doubt that the incentives to explore for gas are greater today than they were four or five years ago. As a result of the Oil and Gas (Enterprise) Act, companies are now being encouraged to explore for gas in a way that was not previously possible. I remind my hon. Friend, in addition, that the seventh and eigth rounds, especially the eighth, will offer considerable acreage to this end.