§ 9. Mr. Eldon Griffithsasked the Minister of Power how much foreign exchange he has already received from United States and other foreign oil companies who have purchased licences to drill for oil and gas in the North Sea; and by how much he anticipates the British balance of payments will benefit from such operations by foreign oil companies in 1965.
§ Mr. Frederick Lee£1.4 million has already been received from such companies for licence and other fees. It is estimated that a further £1.6 million was invested by them during 1964 on exploration work. In 1965 their investment may amount to some £15 million, most of which will benefit the British balance of payments.
§ 47. Mr. Hector Hughesasked the Minister of Power if he will give details of the limits in time and topography which he places in the licences he gives to persons and firms to drill for oil and gas in the North Sea.
§ Mr. Frederick LeeProduction licences run for an initial period of six years with an option to continue for a further 40 years on not more than half the original area. The area covered is specified in each licence and is published in theLondon Gazette.
§ 54. Mr. Hector Hughesasked the Minister of Power, in view of the fact that the drilling for oil and gas under the North Sea is being undertaken in an area which is not private property, and under licence from the British Government, if he will take steps to set up a public body controlled by the Government, based on Aberdeen, to control and exploit for the public benefit any oil or gas which may result from the present explorations in the North Sea.
§ Mr. John MorrisNo.
§ Mr. James Johnsonasked the Minister of Power when he will make a statement upon the progress of exploration for oil and gas deposits under the bed of the North Sea.
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§ Mr. Frederick LeeOne well is now being drilled and I expect several others will be started this year.