§ Mr. Dell
Section 8(7) of the Oil Taxation Act provides the rule for calculating the gas equivalent of the oil allowance: 40,000 cubic feet of gas at a temperature of 15 degrees Centigrade and pressure of one atmosphere are to be counted as equivalent to one long ton of oil.
§ Mr. John Smith
I have been asked to reply:
As stated in 1975 by my hon. Friend the then Minister of State, Treasury on 21st and 23rd January 1975 during the consideration of Schedule 1 to the Oil Taxation Bill in Standing Committee D—[c. 355–82]—the determination will be based on geological and geophysical considerations.