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North Sea Investment

Volume 12: debated on Monday 9 November 1981

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asked the Secretary of State for Energy if he is satisfied that sufficient money is being invested in oilfields in the North Sea; and if he will make a statement.

Orders totalling some £2·4 billion were placed in connection with United Kingdom oil and gas production in 1980, and we believe that orders are being maintained at this level. In addition, a further £375 million was invested by the industry in oil exploration. I have every confidence that the oil industry will continue to invest at the level necessary to ensure full economic recovery of our North Sea oil reserves.