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Oil and Pipelines Act 1985

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This is the original version (as it was originally enacted).

2General functions of Agency

(1)The Agency shall have power—

(a)to enter into agreements for the carrying out on behalf of the Crown of activities with respect to petroleum, pipelines and storage installations held by or on behalf of the Crown ;

(b)to enter into such participation agreements as the Secretary of State may determine ;

(c)to do anything required for the purpose of giving effect to agreements entered into under paragraph (a) or (b) above and to such participation agreements entered into by persons other than the Agency as the Secretary of State may determine ; and

(d)to buy, sell or otherwise deal in petroleum on its own account.

(2)The consent of the Secretary of State shall be required—

(a)for the exercise of any option or the making of any election which (in either case) entitles the Agency to take petroleum under a participation agreement; and

(b)for any exercise of the power conferred by subsection (1)(d) above.

(3)The Secretary of State, in giving a consent for the purposes of subsection (2) above, may impose such conditions as he thinks fit.

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