§ 22. Mr. Gordon Wilsonasked the Secretary of State for Energy what changes in depletion policy are in prospect as a result of recent decisions by oil companies operating in the North Sea to deploy profits which would otherwise be prone to petroleum revenue tax towards opening up new fields.
§ Dr. MabonWe do not envisage any change in depletion policy as a result of oil companies reinvesting their profits in new developments. It was always expected that part of the profits should be used in this way.
§ 24. Mr. Biffenasked the Secretary of State for Energy if he will make a statement on the North Sea oil and gas depletion policies of the Government.
§ Mr. BennThe Government's priority has been to encourage a rapid build-up of oil production, which is expected to make Britain self-sufficient in 1980. It was for that reason that assurances about existing licences were given in 1974. These, of course, stand, but for the future our policies will be directed at maximising the benefit to the nation of the North Sea oil and gas resources, as set out in the Green Paper on energy policy. Many of these factors are still very uncertain and our immediate concern is with preserving flexibility as far as practicable.