HC Deb 22 January 1975 vol 884 cc370-1W
Mr. Skeet

asked the Secretary of State for Energy if the Burmah Oil Company requires the consent of the Government under the terms of the recent settlement for the sale of any part of its holdings in subsidiaries or associated companies in the United Kingdom or abroad.

Mr. John Smith

The Government will be consulted prior to the disposal of any substantial assets.

Mr. Skeet

asked the Secretary of State for Energy how he calculates that the Burmah Oil Company will have the same profitability from a 49 per cent. share of output as previously anticipated from a 100 per cent. ownership, providing the company accepts 51 per cent. Government participation in its interests in the Thistle and Ninian fields, as he recently stated.

Mr. John Smith

The terms under which the Government acquire a 51 per cent. interest in Burmah's commercial oilfields are a matter for negotiation with the company.

Mr. Rost

asked the Secretary of State for Energy if he will confirm that the terms he is negotiating for a 51 per cent. participation in the North Sea interests of Burmah Oil will be no less favourable to existing shareholders than the terms for participation being negotiated by him with other oil companies.

Mr. John Smith

As my right hon. Friend said in his statement to the House on 15th January, the terms under which the Government acquire a 51 per cent. interest in Burmah's commercial oilfields will be negotiated between our Department and the company.

Mr. Rost

asked the Secretary of State for Energy when he expects to make a statement outlining the terms on which he proposes to acquire a 51 per cent. interest in the North Sea investment of Burmah Oil.

Mr. John Smith

This will depend upon the outcome of the negotiations between my Department and the company.

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