§ Mr. Marlow
asked the Prime Minister if it is her policy that the control, pricing and allocation of North Sea oil is and will remain a matter for the United Kingdom Government alone.
§ The Prime Minister
I confirm that the development and exploitation of our North Sea oil and gas resources is and will remain a matter solely for the United Kingdom Government, except that, under agreements with our International Energy 351W Agency and European Economic Community partners, we will take part in sharing arrangements in any serious oil supply shortage.
It is not our policy to control either the pricing or disposal of our North Sea oil, although the Government expect companies exporting North Sea crude to give priority to countries belonging to the IEA and the EEC.