§ 2.53 p.m.
§ Lord BALOGHMy Lords, I beg leave to ask the second Question which stands in my name on the Order Paper.
§ The Question was as follows:
§ To ask Her Majesty's Government what is the latest estimate of the tonnage of the reserves of the Forties Field.
The Earl of GOWRIEMy Lords, the operators' estimate of recoverable reserves from the Forties Field are given in the 1979 report to Parliament by the Secretary of State for Energy—commonly known as the Brown Book. I have recently placed a copy in the Library of the House. Taking production from the Field to the end of May 1979 into account, the recoverable reserve remaining is estimated at 176.5 million tonnes.
§ Lord BALOGHMy Lords, does the noble Earl realise that those figures mean that the value of a share in BP is between £15 and £20 according to this country—that is, anything between 50 and 100 per cent. above the quoted price on the Stock Exchange? Will he note that we should not sell at such depreciated prices?
The Earl of GOWRIEMy Lords, I shall certainly take note of the point which the noble Lord has in mind. However, as my right honourable friend the Chancellor said at the time of his Budget pronouncement, it would, of course, be for him to make the decision when any sales were made; and I am sure that he would be very sensitive as regards the timing of any decision that he made.
§ The Earl of LAUDERDALEMy Lords, will my noble friend confirm to the House whether or not it is true that the figure given for the remaining recoverable reserves of the Forties Field is about 75 per cent. of what there was when it was first found?
The Earl of GOWRIEMy Lords, I think that my noble friend is right, but I really need notice of the matter and might have to give confirmation after doing some research.