§ 21. Mr. Chapmanasked the Secretary of State for Energy what is his latest estimate of total recoverable 14 reserves of oil in the United Kingdom land and waters; how much of this was discovered in the last five years: and how much oil has been recovered in the same period.
§ Mr. Buchanan-SmithThe latest estimate of total recoverable reserves of oil on the United Kingdom continental shelf is 2,000 million tonnes, of which 80 million tonnes were discovered in the past five years. Five hundred and fourteen million tonnes of oil were recovered over the same period.
§ Mr. ChapmanIs my right hon. Friend disappointed that only 80 million tonnes have been discovered in the past five years? In view of that, do the Government accept that our reserves will now fast run out, or is it still hoped that there are plenty of other reserves waiting to be discovered under our land or in our waters?
§ Mr. Buchanan-SmithOur reserves will not fast run out because the reserve figure is based on reserves that are proven and probable. It excludes possible reserves, of which there are large quantities, and also much greater reserves that are still to be found. It is significant that in the past year, as in the first year of exploration for oil and gas, we are still making one discovery for every five wells drilled.