HC Deb 22 December 1976 vol 923 c210W
Mr. Skeet

asked the Secretary of State for Energy what is his estimate of the total cost required both to bring discovered North Sea fields into production and to explore for and exploit new resources of oil and natural gas assuming a 10 to 15 year programme and an average inflation rate of 10 per cent.

Dr. John A. Cunningham

No estimate is available based on the assumptions mentioned by the hon. Member of the total expenditure upon exploration and development of the United Kingdom oil and natural gas resources in the North Sea. However, on the working assumption of a long term United Kingdom and world rate of inflation of about 8 per cent per annum employed in the calculation of the balance of payments effects of North Sea oil and gas published in the Treasury's Economic Progress Report for July 1976, the total expenditure associated with the programme between 1972 and 1985 will be about £23 billion at current prices.

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