§ 44. Mr. Edwin Wainwrightasked the Minister for Energy how much of the £1,000 million investment in North Sea oil and gas exploration by the end of 1973 is investment belonging to British nationalised industries.
§ Mr. EmeryThe National Coal Board's and British Gas Corporation's share of currently licensed territory is approxi-10W mately 8 per cent. Their share of the £1,000 million expenditure to the end of 1973 is approximately £100 million.
§ Mr. Swainasked the Minister for Energy whether the EEC will have any control over the pricing or distribution of North Sea oil.
§ Mr. EmeryThe terms and conditions under which companies operate on the British section of the Continental Shelf are the responsibility of the British Government.
§ Mr. Swainasked the Minister for Energy whether Her Majesty's Government will have any further control over the international oil companies when they have fulfilled their obligations under the original agreements and agreed the terms.
§ Mr. Patrick JenkinMy right hon. and noble Friend the Secretary of State is currently examining all aspects of licensing policy.
§ Mr. Swainasked the Minister for Energy what arrangements have been made between Her Majesty's Government and the international oil companies about the sharing of profits from North Sea oil.
§ Mr. EmeryLicensees are required to pay rental and royalty of 12½ per cent. of the wellhead value of the oil. They are also subject to corporation tax. My right hon. and noble Friend the Secretary of State is currently examining all aspects of licensing policy and the financial benefits that accrue.
§ Mr. Swainasked the Minister for Energy to what extent the system of royalty payments will be considered when final agreements are reached between Her Majesty's Government and the oil companies.
§ Mr. Patrick JenkinAll aspects of licensing terms are currently under review.