§ 23. Mr. Aitken
asked the Secretary of State for Energy what percentage of Great Britain's North Sea Oil production is currently being exported; and if he will make a statement.
§ 25. Mr. Dewar
asked the Secretary of State for Energy what percentage of the current oil yield from the North Sea is being exported; and if he can estimate the financial gain which results to the United Kingdom from the export of each barrel of such oil after offsetting the cost of importing a compensating barrel of foreign crude.
§ Mr. Gray
About 49 per cent. of North Sea crude produced so far this year has been exported. There are technical as well as financial reasons why it is in the United Kingdom interest to export some North Sea oil and import other 11W crudes. For this reason, and because of the recent leapfrogging of crude prices it is difficult to calculate the financial gain, but the Department estimates on the basis of prices of imported and indigenous crudes, that in the last three months it has been in the range 40–80p per barrel.