BNOC GOES MARKET-RELATED

In the wake of the British Government's decision to abolish the British National Oil Corporation (BNOC), BNOC has moved swiftly to cut its losses and put the price it pays for its 51% participation share of UK North Sea production on a market-related basis. In a telex to its suppliers last week BNOC confirmed that it proposes to apply the $28.65/B "official" price retroactively for March. But as of 1 April, and for the winding-down period until 1 July,...