British National Oil Corporation

The British National Oil Corporation (BNOC) was a government-owned entity established in 1976 to manage and oversee the UK's oil and gas assets, primarily in the North Sea. Its role included developing domestic oil production, encouraging exploration, and ensuring national energy security. BNOC also acted as a strategic partner for private oil companies and could intervene in the market to stabilize prices. The corporation was dissolved in 1982, with its assets transferred to other government agencies and private firms, as part of a broader move towards deregulation and reducing government involvement in the industry.