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North Sea Oil

Volume 957: debated on Tuesday 7 November 1978

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asked the Chancellor of the Exchequer what benefit to the balance of payments from North Sea oil is expected in the current year.

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 sold5·0
Imports of goods and services directly for the progamme1·1
Interest, profits and dividends due overseas0·8
Net contribution to the current account3·2
Net effect on capital account1·1
Net effect on balance for official financing4·3

Note: Components do not add to total because they have been rounded separately.