Britoil plc was originally a privatised British oil company operating in the North Sea. It was once a constituent of the FTSE 100 Index. The company was acquired by BP in 1988, becoming a brand of it.[1]
The company was originally formed in 1975 as the British National Oil Corporation (BNOC), a nationalised body, under the provisions of the Petroleum & Submarine Pipe-lines Act 1975.[2] Its objective was to maintain adequate oil supply levels.[3]
Britoil's interest in UK oil and gas fields in 1982 was as follows.[4]
Britoil interest in UK oil and gas fields in 1982
Field
Britoil interest per cent
Thistle
18.93
Dunlin
9.77
Ninian
20.73
Statfjord
5.30
Murchison
27.92
Beatrice
28.00
South Brae
30.00
Hutton
20.00
Clyde
51.00
Viking (gas)
50.00
As a result of the Oil and Gas (Enterprise) Act 1982, BNOC was split to enable the trading sector of the company BNOC to remain nationalised whilst the oil exploration and production sector, Britoil, was a limited liability company.[5]
In November 1982, 51% of Governmental shares in Britoil were sold off, however was substantially under-subscribed. The resultant losses were carried by underwriters. The remaining Government minority shareholding in Britoil was sold in November 1985 for £434 million, ensuring it kept a ‘Golden Share’ in order to veto any outsourcing attempts.[5] The collapse in world oil prices globally, combined with the possession of Britoil’s majority share by BP meant that the golden share was sold to British Petroleum [6] in 1988.[7]
Britoil’s Production entitlement and financial summary was as follows:[4][8]
Year
Production entitlement
Turnover, £ million
Profit (loss) before tax, £ million
Profit (loss) after tax, £ million
Oil, 1000 bbl/d
Gas, million cubic feet/day
1977
–
311
28
(43)
(31)
1978
10
257
54
(35)
(26)
1979
64
215
267
69
33
1980
85
229
506
256
67
1981
117
164
832
435
73
1982
1088
660
103
1983
1252
586
143
1984
1549
688
169
1985 (6 months)
968
365
91
In the same year, the company had been subject of an attempted £23 million fraud by one of its own cashiers.[9]
Key people
Chairman and Chief Executive: Baron Kearton (Christopher Frank Kearton) (1975–79), Ronald Utiger (1979–1980), Sir Philip Shelbourne (July 1980 – 1988),[10] Sir Robin Duthie (1988–90).
After the splitting off of Britoil Lord Croham,[10] the deputy chairman of BNOC, became chairman of BNOC’s trading activities (1982–85).
britoil, originally, privatised, british, company, operating, north, once, constituent, ftse, index, company, acquired, 1988, becoming, brand, plctypeplcindustrypetroleumfounded1975defunct1988, years, 1988, fateacquired, 1988, headquartersglasgow, scotland, pe. Britoil plc was originally a privatised British oil company operating in the North Sea It was once a constituent of the FTSE 100 Index The company was acquired by BP in 1988 becoming a brand of it 1 Britoil plcTypePLCIndustryPetroleumFounded1975Defunct1988 35 years ago 1988 FateAcquired by BP in 1988 1 HeadquartersGlasgow Scotland U K Key peopleSir Philip Shelbourne Former Chairman David Walker Former CEO ProductsGasoline motor oils Contents 1 History 1 1 Key people 2 See also 3 References 4 External linksHistory EditThe company was originally formed in 1975 as the British National Oil Corporation BNOC a nationalised body under the provisions of the Petroleum amp Submarine Pipe lines Act 1975 2 Its objective was to maintain adequate oil supply levels 3 Britoil s interest in UK oil and gas fields in 1982 was as follows 4 Britoil interest in UK oil and gas fields in 1982 Field Britoil interest per centThistle 18 93Dunlin 9 77Ninian 20 73Statfjord 5 30Murchison 27 92Beatrice 28 00South Brae 30 00Hutton 20 00Clyde 51 00Viking gas 50 00As a result of the Oil and Gas Enterprise Act 1982 BNOC was split to enable the trading sector of the company BNOC to remain nationalised whilst the oil exploration and production sector Britoil was a limited liability company 5 In November 1982 51 of Governmental shares in Britoil were sold off however was substantially under subscribed The resultant losses were carried by underwriters The remaining Government minority shareholding in Britoil was sold in November 1985 for 434 million ensuring it kept a Golden Share in order to veto any outsourcing attempts 5 The collapse in world oil prices globally combined with the possession of Britoil s majority share by BP meant that the golden share was sold to British Petroleum 6 in 1988 7 Britoil s Production entitlement and financial summary was as follows 4 8 Year Production entitlement Turnover million Profit loss before tax million Profit loss after tax millionOil 1000 bbl d Gas million cubic feet day1977 311 28 43 31 1978 10 257 54 35 26 1979 64 215 267 69 331980 85 229 506 256 671981 117 164 832 435 731982 1088 660 1031983 1252 586 1431984 1549 688 1691985 6 months 968 365 91In the same year the company had been subject of an attempted 23 million fraud by one of its own cashiers 9 Key people Edit Chairman and Chief Executive Baron Kearton Christopher Frank Kearton 1975 79 Ronald Utiger 1979 1980 Sir Philip Shelbourne July 1980 1988 10 Sir Robin Duthie 1988 90 After the splitting off of Britoil Lord Croham 10 the deputy chairman of BNOC became chairman of BNOC s trading activities 1982 85 See also EditList of oil exploration and production companiesReferences Edit a b Britain Drops a Barrier To B P Bid for Britoil on The New York Times 5 Feb 1988 World National Oil Company Statutes BNOC fades out a b Britoil plc offer for sale The Times 12 November 1982 a b House of Commons Privatisation Research Paper PDF 2014 Parker David 1997 The Impact of Privatisation Ownership and Corporate Performance in the UK Psychology Press ISBN 0415142334 British Government to Yield Its Golden Share of Britoil Britoil plc offer for sale The Times 1 August 1985 Cashier admits 23m fraud bid at Britoil Herald Scotland Retrieved 1 April 2020 a b Britoil chairman named The Times 29 June 1982 p 15 External links EditWorksmart info on Britoil plc Catalogue of Clive Jenkins papers re Britoil held at the Modern Records Centre University of Warwick This article about a natural gas or petroleum related company is a stub You can help Wikipedia by expanding it vte This corporation or company article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Britoil amp oldid 1090347872, wikipedia, wiki, book, books, library,