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 Dennis Canavan Dennis Canavan , Stirlingshire West 12:00 am, 2nd February 1976

Will my right hon. Friend the Chancellor of the Duchy of Lancaster comment on the letter of 20th January from the Department of Energy to the London and Scottish Marine Oil Company stating that our 51 per cent. participation in the Ninian Field would still not entitle the British National Oil Corporation to take into ownership any assets, and that if the Corporation wanted 51 per cent. of the oil it would have to pay the full market price for it? Is this typical of the kind of participation that my right hon. Friend is negotiating? If so, what is the point of such a sell-out?