Development of UKCS policy framework Page 12 Start phaseGrowth phaseMaturity phase ► British National Oil Corporation (BNOC) and British Gas Corporation (BGC) formed (1976 and 1972) ► Creation of Offshore Supplies Office to increase local content (1973) ► Government bail-out of Burmah Oil (1974/5) ► 51% of BNOC sold off (Britoil created – 1982) ► BGC privatized (1984) ► Government sells remaining stakes in Britoil and BP (1987) ► BP acquires Britoil (1988) ► Renewed focus on gas to offset predicted domestic supply shortfall ► Encouraging new entrants – Promote Licence introduced (2003) ► Focus on maximising recovery ► 1000th licence awarded (1999) ► PILOT established (2000) Growth phase: maximising production Start phase: encouraging exploration Maturity phase: maximising recovery Decline phase.
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