HC Deb 05 March 1976 vol 906 c790W
Mr. Skeet

asked the Secretary of State for Energy what he estimates to be the market value of the former National Coal Board interests in the North Sea and what compensation or payment in lieu was or has been agreed to be paid to the NCB following the transfer of the NCB's wholly-owned subsidiary to the BNOC.

Mr. John Smith

The purchase of the shares in NCB (Exploration) Ltd. by BNOC at their face value of £50,000 was an intra public sector transfer carried out under statute; the market value of the National Coal Board's former interests did not, therefore, arise. No compensation was paid, although BNOC has repaid, subject to final settlement, the loans NCB (Exploration) Ltd. had received from the NCB.

Mr. Skeet

asked the Secretary of State for Energy if he will give a full list of the assets of the NCB which have been transferred to the BNOC.

Mr. John Smith

The assets of the NCB which have been transferred to the BNOC, by virtue of Section 13 of the Petroleum and Submarine Pipe-lines Act, are NCB (Exploration) Ltd., and its wholly owned subsidiary, L. S. Leasing Ltd. NCB (Exploration) Ltd. was a wholly owned subsidiary of NCB (Coal Products) Ltd., which is a wholly owned subsidiary of the NCB. NCB (Ex) has a share in 47 licence blocks and the consortia of which it is a member have made 14 discoveries, including Thistle, Dunlin, Statfjord, Murchison, Hutton, and Brae oilfields and the Viking gas-field.