HC Deb 28 July 1977 vol 936 c380W
Mr. Woof

asked the Secretary of State for Energy if he will make a statement on the future market prospects for North Sea crude oil.

Mr. Benn

It is likely that the world crude oil supply situation will become increasingly more difficult and that there will, as a result, be excellent opportunities for sellers of North Sea crude oil in the 1980s. It is reasonable in these circumstances for the Government to expect oil companies to keep long-term options open and not to commit substantial quantities of North Sea crude for more than two years ahead to markets either at home or abroad.