§ Mr. Skeetasked the Secretary of State for Energy how many North sea oil and gas finds await development; and if he will estimate the recoverable reserves involved and the range in capital cost for development expressed in United States $ per barrel.
§ Mr. GrayEight oilfields and one gas field are at present under development; additionally the development of a gas field as a gas storage project has been approved in principle. The estimated recoverable reserves are 295 million tonnes of oil and 6.5 trillion cubic feet of gas, which includes associated gas from oilfields under development.
My Department is discussing the plans for a number of possible future developments with operators. Further prospects are under appraisal by the oil companies, but it is not possible to predict when they will be brought forward as projects for development.
The average cost of producing oil from fields under development at the end of 1981 was forecast to be $13 per barrel in the annual report to Parliament on the "Development of the oil and gas resources of the United Kingdom—1982".