Oil Companies (Government Participation Proposals)

Part of Oral Answers to Questions — Prices and Consumer Protection – in the House of Commons at 12:00 am on 2nd February 1976.

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Photo of Peter Viggers Peter Viggers , Gosport 12:00 am, 2nd February 1976

Is the right hon. Gentleman aware that the equity offer today of £76 million for North Sea oil development shows that where the proposition is sound it is possible to raise funds without Government assistance? Is he further aware that he must be regarded as Father Christmas by a number of oil companies that might otherwise have difficulty in raising funds? Will he tell us clearly the amount that the British taxpayer will have to pay for the policy of participation by the time he has finished dealing with the "Riccardos" of the oil industry?