§ M. Dempseyasked the Secretary of State for Energy whether he has reached any further participation agreement.
§ Mr. Benn,pursuant to the reply [Official Report, 21st December 1976; Vol. 923, c. 123], gave the following information:
I am pleased to announce that an understanding has been reached with ICI covering the basic terms for BNOC's participation in the company's interests in petroleum from the Ninian oilfield. This provides for BNOC to have access, after an initial interval to up to 51 per cent. of ICI's oil from Ninian. In return, there will be provisions for BNOC to give ICI the option to purchase at market price oil of camparable quantity and quality to that purchased by BNOC from the company for use primarily in support of ICI's United Kingdom petrochemical operations. Subject to any over-riding agreement which may be reached between BNOC and the Ninian partners collectively on participation votes, ICI will also, transfer to BNOC a portion of its voting rights in Ninian. A legal agreement to give effect to these understandings will be drawn up between the parties.