§ Sir G. Foxasked the Minister of Fuel and Power if any reliable estimate has been made of the percentage of the world's proved and potential oil reserves under British ownership or control.
§ Mr. ShinwellThere is no means of assessing potential oil reserves and estimates of proved reserves vary considerably; moreover, fresh reserves are discovered from time to time as the delimitation of existing and new oilfields progresses. Consequently, it is not possible to make any accurate estimate of world oil reserves or of their territorial distribution. On such evidence as is available I am advised that the oil reserves in British territory or operated by British interests under concessions in foreign countries probably represent between 20 per cent. and 25 per cent. of the proved world oil resources.