extended application of the Offshore Petroleum Development (Scotland) Act 1975, prosecutions, Interpretation of Part IV PART V Miscellaneous and General Sections 29 to 38 – Northern Ireland and Isle of Man shares of petroleum revenue, payments to petroleum production licence holders, participation agreements, regulations, orders etc., Stamp duty, Trustee Investments Act 1961, financial provisions, general interpretation, amendments and repeals, short title, commencement and extent Schedules Schedule 1 – Provisions to transfer property, rights and liabilities Schedule 2 – Petroleum Production Licences Schedule 3 – Minor and Consequential Amendments Schedule 4 – Repeals Consequences of the Act The upstream oil exploration and production side of the British National Oil Corporation was transferred to Britoil, a limited liability company. Britoil was floated on the stock market in November 1982 and again in August 1985. At one stage it was of the fourth largest oil and gas producer in the North Sea. Britoil was sold to BP in 1988. From 1983, with a falling oil price, participation and trading ceased to be profitable for BNOC and the organisation was formally wound up on 27 March 1986. The British Gas Corporation remained an integrated company, and its natural instinct was to discourage new entrants in the gas market from competing against it. Furthermore, BGC had contracted to take all the gas available from UK continental shelf gas fields. Further legislation would be needed to fully open the gas supply industry to competition, this was enacted by the Gas Act 1986. Later enactments The British gas industry was privatised in 1986 under the provisions of the Gas Act 1986. The Act abolished the British Gas Corporation and established British Gas plc. The 1986 Act also established a licensing regime, a Gas Consumers’ Council, and a regulator for the industry called the Office of Gas Supply (OFGAS). The Oil and Pipelines Act 1985 repealed Part 1 (Sections 1–7) of the 1982 Act and formally abolished the British National Oil Corporation and transferred its property, rights and liabilities to the Oil and Pipelines Agency. Sections 12 to 17 of the 1982 Act were repealed by the 1986 Act. The whole of the 1992 Act except sections 24, 26, 31, 37 and 38 and, in Schedule 3, paragraphs 1, 3, 4, 8 (so far as relating to sections 3 and 9 of the Mineral Workings (Offshore Installations) Act 1971), 11, 34, 37 and 39, was repealed by the