§ Mr. David Mitchellasked the Chancellor of the Exchequer to what extent the United Kingdom balance of payments benefited, in the most recent 12-month period for which figures are available, from the production of North Sea oil.
§ Mr. Joel BarnettThe latest estimate for the value of North Sea oil production in 1978 is £2.8 billion. It is not possible to estimate the effects of North Sea oil on the current account of the balance of payments separately from the effects of North Sea gas, because much of the associated expenditure with an import content is incurred in respect of both together. The direct and identifiable contribution to the current account from the774W overall North Sea programme in 1978 is estimated to have been some £3½ billion. This estimate is on the same basis as those presented in the October 1978 issue of "Economic Progress Report", and also those given in reply to the hon. Member for Reigate (Mr. Gardiner) on 13 February.—[Vol. 962, c. 509–11.]