§ Mr. BluntTo ask the Secretary of State for Trade and Industry (1) what assessment she has made of the importance of the A1-Ghawar oil field to the global oil market; [163400]
(2) what assessment she has made of the risks to sustaining output from the A1-Ghawar field at current levels. [163401]
§ Mr. TimmsThe A1-Ghawar oil field is estimated to have production capacity of around five million barrels of oil per day, approximately 6 per cent. of global oil production.
My Department keeps abreast of the various studies looking at the sustainability of output from A1-Ghawar, and Saudi Arabia more generally. Although production from the A1-Ghawar field may slowly decline in future years, Saudi Aramco is confident that replacements from other giant oil fields mean that oil production from Saudi Arabia can be sustained at current levels, and higher if necessary, for several decades.
§ Mr. BluntTo ask the Secretary of State for Trade and Industry what assessment she has made of short to medium term excess of oil and over-supply for oil on policy towards promoting development of more North Sea hydrocarbon resources. [163402]
§ Mr. TimmsThe imperative to maximise the economic benefit, and the consequent contribution to energy security of supply, from the UK's oil and gas reserves applies whatever the oil price. Working with PILOT, the Government-industry forum, we aim to ensure that the North Sea's oil and gas reserves are fully exploited, for example by attracting new entrant oil companies and improving the recovery from existing fields.