Hansard

North Sea Oil

Volume 963: debated on Thursday 22 February 1979

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Mrs. Renée Short

asked the Secretary of State for Energy what percentage of the oil currently being extracted from the North Sea is being exported; what the price per barrel is now compared with last November; and if he intends to increase the export of oil to capitalise on he shortage due to the Iranian situation.

Dr. Mabon

During 1978 about 46 per cent. of total United Kingdom Continental Shelf (UKCS) oil production was exported and about the same proportion is currently being exported.Typical term-contract prices for United Kingdom North Sea oils in the last quarter of 1978 were $14·00 per barrel fob for low-sulphur crudes of Forties type and $13·50 per barrel for medium-sulphur Flotta blend. In the first quarter of 1979 term prices for both types of crude rose by about $1·50 per barrel.My right hon. Friend set out the policy on disposal of UKCS crudes in present circumstances in the answer he gave my hon. Friend the Member for Dunbartonshire, West (Mr. Campbell) on 31 January.