Petroleum and Submarine Pipe-lines Act 1975

40 The National Oil Account

(1) There shall be an account, to be called the National Oil Account (and hereafter in this section referred to as " the Account"), which subject to the following provisions of this section shall be under the control and management of the Secretary of State.

(2) There shall be paid into the Account, in addition to any sums required to be paid into it by virtue of any other provision of this Act,—

(a) all sums received by the Corporation from any source or standing to the credit of the Corporation in any bank account, except such sums as the Secretary of State specifies from time to time for the purposes of this paragraph with the approval of the Treasury;

(b) all sums which, after the coming into force of this paragraph, are received by the Secretary of State by virtue of the [1934 c. 36.] Petroleum (Production) Act 1934 or from the sale of any petroleum delivered to him under the terms of a licence granted in pursuance of that Act;

(c) all sums which are payable to the Corporation in respect of services performed by the Corporation for a Minister of the Crown or a Northern Ireland department.

(3) There shall be paid out of the Account, in addition to any sums required to be paid out of it by virtue of any other provision of this Act,—

(a) such sums as the Secretary of State considers are needed to enable the Corporation and any relevant subsidiary to defray expenditure properly chargeable to revenue or capital account;

(b) any sums which, after the coming into force of this paragraph, are payable by the Secretary of State by reference to any licence granted in pursuance of the Petroleum (Production) Act 1934 ;

(c) any sums which the Treasury direct are to be paid out of the Account to a Minister of the Crown or a Northern Ireland department in respect of the revenue accruing to the Minister or department in connection with such services as are mentioned in paragraph (c) of the preceding subsection ;

and when the Secretary of State considers and the Treasury agree that the amount standing to the credit of the Account exceeds the amount required for the purposes of the Account the Secretary of State shall pay the excess into the Consolidated Fund.

(4) It shall be the duty of the Secretary of State as respects the financial year ending on 31st March 1976 and each subsequent financial year—

(a) to prepare, in such form as he may determine with the approval of the Treasury, an account of the sums paid into and out of the Account in that year; and

(b) to send a copy of the account to the Comptroller and Auditor General not later than the end of the month of November next following that year;

and the Comptroller and Auditor General shall examine, certify and report on each account of which a copy is sent to him in pursuance of this subsection and shall lay copies of it and of his report on it before each House of Parliament.