Skip to main content

Energy Prices

Volume 450: debated on Monday 16 October 2006

To ask the Secretary of State for Trade and Industry if he will estimate the value of (a) oil and (b) gas reserves in the UK continental shelf at (i) budget forecast and (ii) world prices. (93129)

[holding answer 12 October 2006]: While the Department of Trade and Industry publishes estimates of remaining UK continental shelf oil and gas reserves on its Oil and Gas website (at http://www.og.dti.gov.uk/informationybb_updates/chapters/reserves_index.htm), the Department does not produce estimates of the value of these reserves. The Office for National Statistics does publish such estimates (most recently at http://www.statistics.gov.uk/cci/nugget.asp? id=149), with total reserves at the end of 2004 valued by them at £108 billion.