HC Deb 20 June 1977 vol 933 c382W
Mr. Hooley

asked the Secretary of State for Industry (1) what is the current involvement of British Petroleum in deepsea mining ventures to exploit manganese nodules from the sea bed;

(2) if it is the policy of Her Majesty's Government to permit British Petroleum to exploit the mineral wealth on the sea bed; and what return to the Exchequer would be expected from this activity.

Mr. Cryer

British Petroleum announced last January that it had purchased a 10 per cent. share in an international consortium examining the feasibility of mining manganese nodules from the deep sea bed. The decision to acquire such an interest would have been taken in the light of normal commercial considerations and in accordance with the group's policy of seeking appropriate opportunities for expansion. Although the Government hold a substantial stake in BP it has been the continuing policy not to intervene in the administration of the company as a commercial concern. It is not possible to relate the profit from any one investment by the company to the return to the Exchequer.