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National Oil Account

Volume 940: debated on Wednesday 30 November 1977

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asked the Secretary of State for Energy (1) if he will indicate the total funds lying in the account of the National Oil Account at the latest date for which figures are available and give a list of all substantial payments made out of the account;(2) if he will give the total receipts of the National Oil Account in the last 12 months, giving details of amounts of integral payments from royalties, licence fees and rentals;(3) if he will indicate what funds have been advanced to the British National Oil Corporation from the National Oil Account received from the National Loans Fund in excess of the £328 million set forth in the 1976 accounts.

Pursuant to Section 40(4) of the Petroleum and Submarine Pipelines Act 1975, details of the sums paid into and out of the National Oil Account (NOA) in any financial year ending 31st March are given in the NOA account which is laid before each House of Parliament each year.