§ Mr. Dempsey
asked the Secretary of State for Energy whether he has reached any further participation agreement.439W
§ Dr. J. Dickson Mahon,
pursuant to his reply [Official Report, 1976; Vol. 923, c. 123], gave the following further information:
An exchange of letters has taken place between the Government, BNOC and Deminex (UK) Exploration and Production Ltd., and Deminex Oil and Gas (UK) Ltd., both subsidiaries of Deminex-Deutsche Erdoelversorgungsgesellschaft MBH, Essen, Federal German Republic, recording certain points of principle that have been agreed in connection with participation by BNOC in Deminex's interest in the Thistle Field area. The parties are agreed that BNOC should have the right to take at market price up to 51 per cent. of Deminex's pertoleum from the Thistle area after a build-up period, and that BNOC should have additional voting rights under the relevant operating agreements. It is the intention of the parties to conclude a full legal agreement as soon as practicable.