§ 34. Mr. Canavanasked the Chancellor of the Duchy of Lancaster what further progress he has made in his negotiations with the oil companies on participation.
§ 36. Mr. Skeetasked the Chancellor of the Duchy of Lancaster whether any international major oil company or a United Kingdom subsidiary has agreed to the Government's proposals for 51 per cent. State participation in North Sea commercial oilfields; and which of them he is currently negotiating.
§ 37. Mr. Skinnerasked the Chancellor of the Duchy of Lancaster whether he is satisfied with the progress of the negotiations with the various North Sea oil companies.
§ Mr. LeverWe are having detailed discussions on participation with over 20 companies, large and small, British and foreign. Five of these—BP, Burmah, Deminex, Tricentrol and Blackfriars—have now agreed in principle to 51 per 201W cent. Government participation in their commercial North Sea oilfields.
§ 35. Mr. Gowasked the Chancellor of the Duchy of Lancaster what is his latest estimate of the cost of the Government acquiring 51 per cent. stake in North Sea oil.
§ Mr. LeverThe participation negotiations are on the basis that there should be no net cost to the nation over time. Any cash deficit in one year will be balanced by a cash surplus in other years when we recover our capital with appropriate remuneration. Until the negotiations are completed, I cannot estimate the pattern of cash flow, but I am anxious to minimise the imbalances.