§ Mr. Deakinsasked the Secretary of State for Energy what were United Kingdom oil production and oil exports, respectively, in million barrels per day in 1985; what were total export earnings; and what was the value of oil exports as a proportion of total United Kingdom exports.
§ Mr. Buchanan-SmithUnited Kingdom oil production in 1985 was 2.65 million barrels per day, and exports of crude oil and petroleum products are provisionally estimated at 2 million barrels per day. The total value of exports in 1985 was £78,072 million: exports of oil and oil products accounted for £16,050 million, or 21 per cent. of this total.
§ Mr. Deakinsasked the Secretary of State for Energy what information he has as to the total cost, including interest on capital, depreciation and all overheads, of producing each barrel of United Kingdom oil in 1985.
§ Mr. Buchanan-smithThe average cost before taxation of producing oil from fields in production in 1985 was £7 per barrel, equivalent to $9 per barrel at the average exchange rate for the year. This estimate includes all relevant development and overhead costs with capital costs annuitised at 10 per cent. in real terms over field life.
Details on the 1984 costs are given in chapter 6 of the Department of Energy's 1985 Brown Book.