HC Deb 17 May 1978 vol 950 c218W
Mr. John Moore

asked the Secretary of State for Energy what is the current average estimated extraction cost, assuming no level of profit but all outgoings covered by North Sea oil, expressed in dollars per barrel; and, from information available to him from exernal sources, what is the current equivalent figure for oil from Middle Eastern countries.

Dr. Mabon

The estimated cost of extracting oil over their productive lives from fields on the United Kingdom Continental Shelf which are in production or under development varies between $3 and $9 per barrel at 1976 prices, although it is estimated that 95 per cent. of the oil can be produced at $7 per barrel or less. This includes exploration, development and operating costs, with an allowance for the cost of funds employed. No information is available on the current equivalent figures for oil from Middle Eastern countries.