Conoco And Gulf Oil Enter Agreement With British On North Sea Oil Production
A Continental Oil Company spokesman has announced the signing of a participation agreement with the British Government concerning oil production licenses in the North Sea and called the arrangement a "mutually beneficial one." Jack Reynolds, chairman of Continental Oil Company, Ltd., said the agreement will be a continuation of Conoco's "long and excellent relationship with the British Government." Conoco, Gulf Oil and the British National Oil Corporation each has had a one-third interest in the licenses, with Conoco the operator.
Under the new agreement, Conoco and Gulf each has transferred to BNOC a percentage of their title to the licenses, increasing BNOC's share of the license title from one-third to 51 percent. Existing arrangements covering capital investments, ownership ownership of produced oil and decision-making, under which the three parties have equal voting rights and obligations, have not been modified. Thus, Mr. Reynolds emphasized, Conoco's economic interest remains unchanged.
Also, BNOC has the option to buy from Conoco and Gulf, at market prices, a share of their oil production from the license areas sufficient to increase BNOC's total share of oil at each location from one-third to 51 percent (excluding royalty oil).
All past and future oil discoveries under existing licenses will be subject to the agreement, and no further participation in these licenses with respect to oil is to be sought by the Government, Mr. Reynolds said.
Natural gas production from the Viking Field in the southern sector of the North Sea is not affected by the agreement.
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Content
- Floats Ships Off Building Platform Into Drydock page: 6
- MarAd Approves Title XI To Finance $23.2-Million Barge/Towboat Program page: 8
- Bethlehem Appoints R. Newcomb Treasurer Shipbuilding Operations page: 8
- Schedule And Papers— SNAME Spring Meeting In Philadelphia, Pa. page: 10
- Russians Buy Oil Barriers From U.S. page: 12
- Todd To Build Six Guided Missile Frigates For Navy At Base Price Of $295 Million page: 13
- Marketing Expert Joins Oil Mop As Executive VP page: 14
- GAO Wants To Know Why Navy Is Not Using Commercial Tugboats page: 20
- Vancouver Shipyards Moves 457-Foot Ferry To Launching Position On Film Of Water page: 23
- Northern New England Section Of ASNE Elects Officers For 1976 page: 24
- Three-Year Navy Salvage Contract Awarded To Crowley page: 25
- Samson Ocean Systems Names R.H. Blanchette Regional Manager page: 25
- Evergreen Marine Corp. Announces New Ships And Plans New Services page: 27
- American Club Elects Officers And Admits Central Gulf Lines page: 27
- Navy Awards Bath Iron $224-Million Contract For Five Missile Frigates page: 28
- N.Y. SNAME To Hold Tanker Symposium At Kings Pt. April 23 page: 32
- Connecticut Company To Represent Swedish C-P Propeller Firm page: 33
- AWO Elects Geary Chairman Of Board —Directors Named page: 34
- Dual Keel-Layings Mark Submarine Tender Construction At Lockheed Shipbuilding And Construction Company page: 36
- Canadian Yards Building For Export page: 37
- 2nd International Symposium On Ship Operation Automation Set For Washington In August page: 37
- Tubbs And FitzGerald Named Vice Presidents At Donhaiser Marine page: 39
- Halter Marine Delivers Crewboat For Service In Arabian Gulf page: 41
- First Swedish-Owned Oil Rig Commissioned At Bethlehem-Beaumont page: 42
- Far East Levingston Names Lovie & Co. U.S. Representative page: 43
- Shipbuilders Council Elects Officers page: 43
- Halter Marine Names A.J. Rizzo Director Of Public Relations page: 44
- McDevitt Named President Of Three Maritime Firms page: 44
- SNAME Los Angeles Section Hears Of Conversion Of Existing Schooner Hull To Brig Pilgrim page: 45
- SNAME San Diego Section Hears Discussion Of Engineers' Tasks page: 46
- DeLaval IMO Pump Division Publishes Illustrated Bulletin On Pumps For Gas Turbines page: 48
- SNAME Philadelphia Section Discusses The Why And How Of Offshore Oil/Gas Drilling page: 48
- ARCO Installs Unit To Evaluate MARISAT page: 49
- Kawasaki-Built Ore Carrier Develops 18 Knots On Trials page: 50
- R.T. Greene Forms New Marine Company page: 50
- Conoco And Gulf Oil Enter Agreement With British On North Sea Oil Production page: 51