§ Dr. Michael Clarkasked the Secretary of State for Energy whether the system of licensing oil and gas exploration operates at a net cost to public funds; and if he will give the most recently available figures.
§ Mr. Buchanan-SmithThere is no net cost to public funds. Estimated costs of administration of the licensing system were of the order of £3.9 million in 1985–86. These costs were far exceeded by licence proceeds, principally royalty, which alone amounted to about £2 billion in 1985–86.