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National Oil Account

Volume 959: debated on Wednesday 29 November 1978

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asked the Secretary of State for Energy if he will seek to amend the Petroleum and Submarine Pipe-lines Act 1975 so as to make the payment of petroleum royalties, licence fees and rentals to the revenue rather than to the national oil account, and thus conform to the established practice that gas royalties are payable to the Treasury.

No. In accordance with section 40(2) of the Petroleum and Submarine Pipe-lines Act, royalties on gas, like the other payments mentioned in the question have been paid into the national oil account since 1st January 1976.