Britoil plc was a privatised British oil company producing oil in the North Sea. It was once a constituent of the FTSE 100 Index. It was formed from privatisation of the upstream assets of the British National Oil Corporation (BNOC), a state-owned company, in 1982. It was acquired by BP in 1988, becoming a brand of it.[1]
History
The British National Oil Corporation (BNOC), a state-owned body, was originally formed in 1975 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]