§ Mr. Heathcoat-Amoryasked the Secretary of State for Energy if he will make a statement about the sale of the British Gas Corporation's interest in the Wytch Farm oilfield.
§ Mr. Peter WalkerThe British Gas Corporation has made an agreement with the Dorset Bidding Group for the disposal of its interest in Production Licence PL089, which includes the Wytch Farm oilfield. The Dorset Bidding Group will make an initial payment of £85 million. It will make an additional payment of £130 million when production from the licence area reaches 20,000 barrels a day and BGC will retain a net production interest of 40 per cent., after deduction of tax and expenses, which becomes effective once total production has reached 25 million barrels.