HC Deb 11 November 1974 vol 881 cc21-2W
Mr. Skeet

asked the Secretary of State for Energy what he estimates it will cost public funds in taking a 51 per cent. interest in the following fields in the North Sea; Alwyn, Andrew, Argyll, Auk, Beryl, Brent, Claymore, Cormorant, Dunlin, Forties, Heather, Hutton, Josephine, Lamond, Magnus, Maureen, Montrose, Ninian, Piper and Thistle; and how he proposes to finance the above acquisitions.

Mr. John Smith

This will depend on the outcome of negotiations to which we shall be inviting the oil companies.

Mr. Skeet

asked the Secretary of State for Energy what he estimates have been the total costs that have been incurred in exploration and development to date by the various participating companies and groups that have proprietary rights in the following fields: Alwyn, Andrew, Argyll, Auk, Beryl, Brent, Claymore, Cormorant, Dunlin, Forties, Heather, Hutton, Josephine, Lamond, Magnus, Maureen, Montrose, Ninian, Piper and Thistle, respectively.

Mr. John Smith

This information is not available at present in the form requested and is in any case a matter for the companies concerned.

Mr. Skeet

asked the Secretary of State for Energy if he will abandon State participation in existing North Sea oil licences in exchange for the acquisition by the State of between 75 and 80 per cent. of the profits derived therefrom.

Mr. John Smith

No. I would refer the hon. Member to my right hon. Friend's speech in the debate on the Address.—[Vol. 880, c. 816.]

Mr. Skeet

asked the Secretary of State for Energy how he proposes to find the money required to fund State participation in commercial fields in the North Sea.

Mr. John Smith

The amount, timing and method of any payments in this connection will depend on the outcome of negotiations to which we shall be inviting the companies. This will be one of the factors to be considered in deciding how the financial requirements of the public sector as a whole are to be met over the next few years.

Back to