OIL INDUSTRY (GOVERNMENT PARTICIPATION)

HC Deb 29 October 1975 vol 898 cc491-2W

47. Mr. Rost

asked the Chancellor of the Duchy of Lancaster if he will report progress on his negotiations to acquire 51 per cent. of North Sea oil interests.

48. Mr. Canavan

asked the Chancellor of the Duchy of Lancaster when he now hopes to complete his negotiations with the oil companies on participation.

49. Mr. Gow

asked the Chancellor of the Duchy of Lancaster if he will make a statement about the progress of his discussions with the oil companies about the Government's decision to acquire a 51 per cent. stake in North Sea oil.

Mr. Lever

Negotiations with a number of the licensees are making progress and seven companies have now agreed to participation in principle. The seven are BP, Burmah, Deminex, Tricentrol, Blackfriars Oil, London and Scottish Marine Oil, and Scottish Canadian Oil and Transportation; the last two of these have announced proposals to merge.