The period from 1957-1988 was transformative for the international
oil industry. As the home to two major oil companies, BP and Shell,
as well as the possessor of large quantities of oil and gas in its
territorial waters, the United Kingdom was at the heart of this
transition. While famous for its liberal policy towards oil and gas
production, both before and after the discovery of North Sea oil
and gas, this period actually saw the United Kingdom respond to
shifts in power from the major oil companies to the oil-producing
states, many of them in OPEC, by building up its competency
regarding oil matters. This took the form of efforts to influence
the activities of BP and Shell abroad as well as in creation of a
state-run oil company, the British National Oil Corporation, in an
attempt to exercise greater state control over oil and gas
production and distribution. The failure of these efforts was
driven in part by internal divisions within Whitehall, the efforts
of the oil companies themselves, and ultimately the political will
of the Conservative Party under Margaret Thatcher to get the state
out of the business of oil and gas.
General
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