HC Deb 09 August 1972 vol 842 c460W
Mr. Skeet

asked the Chancellor of the Exchequer what saving would be made on the balance of payments of the United Kingdom by British oilfields in the United Kingdom sector of the Continental Shelf producing 1,500,000 barrels and 2,000,000 barrels, respectively, by 1980.

Mr. Higgins

It is impossible to make an estimate with any accuracy, because of the many variables involved, but the saving to the current account could be expected to be several hundreds of millions of pounds a year.