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Oil Reserves

Volume 983: debated on Monday 28 April 1980

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asked the Secretary of State for Energy what is his estimate of the statistical likely recoverable reserve of oil (a) discovered but not yet exploited and (b) exploitable but not yet discovered, in terms of years' supply at current rates of use.

Subject to a very wide margin of error, recoverable oil reserves on the United Kingdom continental shelf in existing discoveries yet to be exploited—ie discoveries not yet under development—are equivalent to around 7 years of United Kingdom oil consumption at current rates. Similarly, recoverable reserves in future discoveries are believed to be around 15 years' consumption at current rates.