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Oil Reserves

Volume 977: debated on Monday 28 January 1980

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asked the Secretary of State for Energy assuming a 10 per cent. depletion across the board after 1982, for how many additional years he estimates oil reserves will be available on current projections.

Taking account of the various assurances which have been given limiting the scope of production cut-backs for depletion control purposes, it is estimated that the likely effect of a 10 per cent. across the board cut applied from 1982 to 1990 would be to defer production equivalent to rather under one year's consumption at current rates.