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Mr. Gould
asked the Chancellor of the Exchequer what benefit to the balance of payments from North Sea oil is expected in the current year.
Mr. Joel Barnett
Estimates of the direct contribution of North Sea oil and gas to the United Kingdom balance of payments were published in the Treasury's Economic Progress Report for October 1978. The contribution in 1978 of oil and gas valued at the price of the nearest comparable imported fuel was estimated to be as follows:
| £ billion 1977 prices | |
| Oil and gas sold | 5·0 |
| Less | |
| Imports of goods and services directly for the progamme | 1·1 |
| Less | |
| Interest, profits and dividends due overseas | 0·8 |
| Net contribution to the current account | 3·2 |
| Net effect on capital account | 1·1 |
| Net effect on balance for official financing | 4·3 |
Note: Components do not add to total because they have been rounded separately.