§ Mr. Milneasked the Minister of Power if he will indicate the financial benefit to the nation of the use of natural gas from the North Sea and the estimated saving in energy costs over the next 10 years.
§ Mr. MarshThe total financial benefit cannot be quantified, but is likely to be substantial and will include savings in foreign exchange. The net saving to the gas industry alone from conversion to natural gas is estimated to be of the order of £330–£380 million over a 10-year period.
The benefits of North Sea gas will not only be financial: to the extent that it replaces oil it will improve security of supplies.
§ Mr. Whitakerasked the Minister of Power what plans he has for the public sector to benefit from, and control, the North Sea gasfield; and whether he will establish a National Hydrocarbons Corporation.
§ Mr. MarshProduction of gas in the North Sea is already subject to regulalation under the terms of the licences, which also provide for royalties and other payments by licensees. The Gas Council and the National Coal Board have approximately a 6 per cent. interest in70W the licences so far issued. I have no plans at present for establishing a National Hydrocarbons Corporation. Such a proposal would require careful and detailed examination.
§ Mr. Whitakerasked the Minister of Power whether he expects to be able to announce the price for North Sea gas before the House adjourns.
Mr. Edward M. Taylorasked the Minister of Power what representations he has received in favour of nationalising the North Sea gas operations.