Petroleum and Submarine Pipe-lines Act 1975 (repealed 15/02/1999)

Miscellaneous U.K.

40 The National Oil Account. U.K.

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(2) There shall be paid into the Account, in addition to any sums required to be paid into it by virtue of any other provision of this Act—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

(b) all sums which, after the coming into force of this paragraph, are received by the Secretary of State by virtue of the M1 Petroleum (Production) Act 1934 or from the sale of any petroleum delivered to him under the terms of a licence granted in pursuance of that Act;

(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

(3) There shall be paid out of the Account, in addition to any sums required to be paid out of it by virtue of any other provision of this Act,—

(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

(b) any sums which, after the coming into force of this paragraph, are payable by the Secretary of State by reference to any licence granted in pursuance of the M2 Petroleum (Production) Act 1934;

(c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F3

(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

Textual Amendments

F1 S. 40(1)(4) repealed by Oil and Gas (Enterprise) Act 1982 (c. 23, SIF 86), ss. 8(3)–(5), 37, Sch. 4

F2 S. 40(2)(a)(c), (3)(a)(c) repealed by Oil and Gas (Enterprise) Act 1982 (c. 23, SIF 86), ss. 4(1)(6), 37, Sch. 4

F3 Words repealed by Oil and Gas (Enterprise) Act 1982 (c. 23, SIF 86), s. 8(3)–(5)

Modifications etc. (not altering text)

C1 S. 40(2)(b) amended (for references to the National Oil Account there are substituted references to the Consolidated Fund) by Oil and Gas (Enterprise) Act 1982 (c. 23, SIF 86), s. 8(2)–(5)

C2 S. 40(3)(b) amended (for references to the National Oil Account there are substituted references to money provided by Parliament) by Oil and Gas (Enterprise) Act 1982 (c. 23, SIF 86), s. 8(2)–(5)

Marginal Citations

M1 1934 c. 36(86).

M2 1934 c. 36(86).

41 Payments to petroleum licence holders etc. from the Account. U.K.

(1)(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F4

(3) Where any person has paid to the Secretary of State a sum by way of royalty under the terms of a licence granted in pursuance of the Petroleum (Production) Act 1934, the Secretary of State may with the approval of the Treasury repay to him the whole or a part of that sum if the Secretary of State considers it expedient to do so for the purpose of facilitating or maintaining the development of the petroleum resources of the United Kingdom; and any repayment and right to a repayment in pursuance of this subsection shall be disregarded for the purposes of income tax, corporation tax and petroleum revenue tax.

(4) Any sums required for making payments in pursuance of the preceding subsection . . . F5 shall be paid by the Secretary of State out of [F6 money provided by Parliament.]

Textual Amendments

F4 S. 41(1)(2) repealed by Oil and Gas (Enterprise) Act 1982 (c. 23, SIF 86), ss 30(2), 37, Sch. 4

F5 Words repealed by Oil and Gas (Enterprise) Act 1982 (c. 23, SIF 86), ss. 30(2), 37, Sch. 4

F6 Words substituted by Oil and Gas (Enterprise) Act 1982 (c. 23, SIF 86), s. 8(2)(5)

Modifications etc. (not altering text)

C3 S. 41(3) modified by Oil and Gas (Enterprise) Act 1982 (c. 23, SIF 86), s. 30(1)

42 Loans etc. to promote development of United Kingdom petroleum resources. U.K.

(1) Where it appears to the Secretary of State expedient to do so for the purpose of facilitating or maintaining the development of the petroleum resources of the United Kingdom, he may with the approval of the Treasury—

(a) make loans to an oil company on terms determined by him; or

(b) guarantee on such terms the repayment of the principal of and the payment of interest on loans made to an oil company by another person.

(2) Any sums required by the Secretary of State for the purposes of the preceding subsection shall be defrayed out of money provided by Parliament; but the aggregate amount for the time being outstanding in respect of the principal of loans made in pursuance of that subsection shall not exceed £50 million and the aggregate amount of the principal sums in respect of which guarantees in pursuance of that subsection are for the time being in force and of the payments on account of principal sums which have been made by the Secretary of State under such guarantees and not recovered by him shall not exceed a further £600 million.

(3) Immediately after a loan is made or a guarantee is given in pursuance of subsection (1) of this section, the Secretary of State shall lay a statement relating to it before each House of Parliament; and where any sum is issued for fulfilling a guarantee so given the Secretary of State shall, as soon as possible after the end of each financial year (beginning with that in which the sum is issued and ending with that in which all liability in respect of the principal of the sum and in respect of interest thereon is finally discharged), lay before each House of Parliament a statement relating to that sum.

(4) In subsection (1) of this section “oil company” means a body corporate which, in the opinion of the Secretary of State, has as its principal object—

(a) the production or refining of petroleum or the production and refining of petroleum; or

(b) the supplying of petroleum in a case where any of its other objects is one of those mentioned in the preceding paragraph.

43 Payments in respect of Burmah Oil Co. Ltd. U.K.

(1) The Secretary of State may, out of money provided by Parliament, pay to the Bank of England (hereafter in this section referred to as “the Bank”) such sums, not exceeding in the aggregate £350 million, as may be needed, in pursuance of arrangements made between the Secretary of State and the Bank, for the purpose of making good any losses sustained by the Bank in consequence of guarantees given by the Bank in respect of loans to the Burmah Oil Company Limited or any of that Company’s subsidiaries or in consequence of loans made by the Bank to that Company or any of its subsidiaries.

44 Extension of Mineral Workings (Offshore Installations) Act 1971. U.K.

(1)—(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F7

(5) It is hereby declared that the powers to make regulations conferred by section 6 of the said Act of 1971 include power to make regulations—

(a) providing for an inspector appointed in pursuance of that section to enter upon any premises or vessel used or intended to be used in connection with an offshore installation within the meaning of that Act and to inspect the premises or vessel and anything on the premises or vessel which is used or intended to be used as aforesaid; and

(b) requiring the payment of fees in connection with any examination or test required by regulations under that section and of fees for the issue of certificates in pursuance of regulations under that section.

Textual Amendments

F7 S. 44(1)–(4) repealed by Oil and Gas (Enterprise) Act 1982 (c 23, SIF 86), s. 37, Sch. 3 para. 30, Sch. 4