§ Mr. Donald Stewartasked the Secretary of State for Trade and Industry what he estimates to be the annual value of the oil to be extracted from Scottish waters.
§ Mr. EmeryProduction of oil from the British Continental Shelf is unlikely to start before the end of 1974. Production levels and the price of oil thereafter cannot be accurately forecast. On the assumption that production from the United Kingdom sector of the Continental Shelf reaches 75 million tons by 1980 the total value at current prices would be about £700 million. This estimate must be considered against the necessary investment and cost of finding, extracting and pumping the oil and is distinct from an estimate of net revenue.