§ Mr. Skeetasked the Secretary of State for Trade and Industry what is his present assessment of the trend of crude oil prices and the anticipated production from the United Kingdom North Sea in 1975 and for every succeeding year to 1980, together with an estimate of the annual accruals to the balance of payments.
§ Mr. Tom BoardmanIn view of recent events I cannot at present assess the trend of crude oil prices in 1975 through to 1980. Although there have been unforeseen technical problems and delays in the installation of production facilities, every effort is being made to overcome them and I still expect production from the United Kingdom sector of the North Sea to be 70 million to 100 million tons. I cannot accurately assess the timing of the build-up to this level. The contribution to the balance of payments, which will be very substantial, will depend in part on the level of crude oil prices.