§ Mr. Wigleyasked the Secretary of State for Energy what is the estimated value of the total oil that has been extracted from oil wells in the United Kingdom or United Kingdom territorial waters for each year since production commenced.
§ Mr. Buchanan-SmithThe value of crude oil produced on the United Kingdom continental shelf since 1975, at the average prices then ruling, is shown in the following table. Only very small quantities of oil were produced in the United Kingdom before that date. The figures represent the gross value of sales of oil and take no account of production costs.
£ billion 1975 0.03 1976 0.65 1977 2.23 1978 2.81 1979 5.69 1980 8.85 1981 12.34 1982 14.43 1983 17.04 1984 20.59 *1985 14.80 * (1st 3 quarters).