§ Mr. Campbell
asked the Secretary of State for Energy what recent progress has been made in participation negotiations with companies involved in North Sea oil development.
§ Dr. Mahon,
pursuant to his reply [Official Report, 9th March 1978; Vol. 945, c. 771], gave the following further information:
I have today signed a fully termed participation agreement with ICI which gives BNOC the right to take at market price up to 51 per cent. of the company's share of Ninian petroleum, including production by way of the Ninian central platform from any other field. Under voting arrangements being secured through a separate agreement with the Ninian partners, BNOC also obtains a share of the voting rights in respect of ICI's interest in Ninian.
There will be full consultations on a regular basis between Her Majesty's Government, advised by BNOC under section 3(3) of the Petroleum and Submarine Pipe-lines Act 1975, and ICI Petroleum Ltd. which is responsible for ICI's petroleum interests.
BNOC has entered, simultaneously, into a fixed-term supply agreement with ICI under which BNOC will make available selected crudes to assist in meeting ICI's needs for naphtha as chemical feedstock.
An extended summary of the agreements is being placed in the Library of the House.