Mr. LauranceReed asked the Secretary of State for Trade and Industry whether he will adopt an open bidding system for the allocation of exploration and exploitation rights of United Kingdom shelf oil resources in newly designated areas.
§ Mr. RidleyAs I told my hon. Friend in reply to his Question on 16th February, we expect shortly to make an announcement which will include details of the terms and conditions on which new areas will be offered.—[Vol. 811, c. 411–12.]