Britoil
| Company type | Public limited company |
|---|---|
| Industry | Oil and gas |
| Predecessor | British National Oil Corporation (BNOC) |
| Founded | 1975 |
| Defunct | 1988 |
| Fate | Acquired by BP |
| Headquarters | Aberdeen , United Kingdom |
| Products | Oil and gas exploration and production |
| Owner | Formerly government-owned, later majority owned by BP |
Britoil plc was a British oil enterprise that operated in the North Sea and was formerly included in the FTSE 100 Index. In 1988, it was acquired by BP, subsequently becoming one of its brand identities.
History
Established in 1975 under the name British National Oil Corporation (BNOC), it functioned as a state-owned corporation created pursuant to the Petroleum and Submarine Pipe-lines Act 1975 with the primary objective of ensuring sufficient oil supply.
By 1982, Britoil possessed major shares in several UK oil and gas fields, including Thistle (18.93%), Ninian (20.73%), Beatrice (28%), Clyde (51%), Viking gas (50%), and Andrew (100%).
The Oil and Gas (Enterprise) Act 1982 led to BNOC's division: its trading operations continued as a government entity, whereas Britoil was transformed into a limited company concentrating on exploration and production activities.
In November 1982, the government divested 51% of its Britoil shares; however, the share offering experienced significant under-subscription. The remaining government minority interest was sold in November 1985 for £434 million, while retaining a 'Golden Share' to maintain veto power over asset disposals. Due to declining global oil prices and BP acquiring a majority stake, this golden share was eventually transferred to British Petroleum in 1988.
Between 1977 and 1985, Britoil demonstrated consistent growth in both production rights and financial results, with turnover escalating from £28 million in 1977 to £968 million during the first half of 1985, accompanied by corresponding increases in post-tax profits.
In 1989, an internal cashier attempted to defraud the company of £23 million.
Key people
The roles of Chairman and Chief Executive were held by Baron Kearton (Christopher Frank Kearton) from 1975 to 1979, Ronald Utiger between 1979 and 1980, Sir Philip Shelbourne from July 1980 until 1988, and Sir Robin Duthie from 1988 to 1990.
After Britoil's separation, Lord Croham—former BNOC deputy chairman—oversaw BNOC's trading division from 1982 to 1985.
See also
External links
- Oil and gas companies of the United Kingdom
- Former BP subsidiaries
- Companies based in Aberdeen
- Companies formerly listed on the London Stock Exchange
- 1975 establishments in Scotland
- Non-renewable resource companies established in 1975
- National oil and gas companies
- Non-renewable resource companies disestablished in 1988
- 1988 disestablishments in Scotland
- Energy companies established in 1975
- British companies disestablished in 1988
- British companies established in 1975