British National Oil Corporation

HC Deb 13 May 1975 vol 892 cc80-1W

Mr. Grimond

asked the Secretary of State for Energy what salaries he proposes to offer the chairman and members of the BNOC.

Mr. Varley

The salaries of the Chairman and members of the BNOC are currently under consideration, and I cannot, therefore, yet say what they will be.

Mr. Grimond

asked the Secretary of State for Energy on what terms it is proposed that the National Coal Board's operations in the North Sea oilfields should be taken over by BNOC.

Mr. John Smith

The proposed transfer provision is set out in Clause 13 of the Petroleum and Submarine Pipe-lines Bill.

Mr. Skeet

asked the Secretary of State for Energy (1) what are the projected revenues of the National Oil Account in the years consecutively from 1975 to 1982; and if he will itemise those revenues by sources in the years mentioned;

(2) what is the anticipated expenditure both on capital and revenue account likely to be incurred by the BNOC for the year 1975 and consecutively to 1982.

Mr. Varley

The revenues flowing into the National Oil Account and the future expenditure of the British National Oil Corporation cannot be forecast at this stage, since they depend on a wide variety of unknown circumstances, including the outcome of present participation negotiations, the extent of BNOC's future commitments in further offshore discoveries, and the growth of BNOC's downstream activities.