§ The Earl of LAUDERDALEMy Lords, I beg leave to ask the Question which stands in my name on the Order Paper.
§ The Question was as follows:
§ To ask Her Majesty's Government whether it is proposed that BNOC shall enjoy an option to purchase crude oil from producers on the United Kingdom Continental Shelf at "market" prices as stated in agreements concluded hitherto or at "fair" prices as proposed in the recent letter to licence applicants circulated by the Department of Energy.
§ Lord STRABOLGIMy Lords, Her Majesty's Government would expect market price to be the fair price for BNOC's purchases of oil from its partners in participation agreements.
§ The Earl of LAUDERDALEMy Lords, may I thank the noble Lord for that reply, which was even better than I had been led to expect? It is a pleasure to give the noble Lord genuine thanks from the bottom of my heart.