Britoil
Encyclopedia
Britoil was originally a privatised British oil company operating in the North Sea
. It was once a constituent of the FTSE 100 Index
.
The business of BNOC was transferred to the new Company Britoil in August 1982. Shares in the Company were then issued on the London Stock Exchange
in two stages in 1982 and 1985.
The Company was bought by British Petroleum
in 1988.
North Sea
In the southwest, beyond the Straits of Dover, the North Sea becomes the English Channel connecting to the Atlantic Ocean. In the east, it connects to the Baltic Sea via the Skagerrak and Kattegat, narrow straits that separate Denmark from Norway and Sweden respectively...
. It was once a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
.
History
The Company was originally formed in 1975 as the British National Oil Corporation (BNOC), a nationalised body, under the Petroleum & Submarine Pipe-lines Act 1975. Its objective was to maintain adequate oil supply levels.The business of BNOC was transferred to the new Company Britoil in August 1982. Shares in the Company were then issued on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in two stages in 1982 and 1985.
The Company was bought by British Petroleum
BP
BP p.l.c. is a global oil and gas company headquartered in London, United Kingdom. It is the third-largest energy company and fourth-largest company in the world measured by revenues and one of the six oil and gas "supermajors"...
in 1988.