The act abolished the British National Oil Corporation and transferred its assets to the Agency.

The government had established the British National Oil Corporation (BNOC) in 1975 under the provisions of the Petroleum and Submarine Pipe-lines Act 1975.

However, by 1983 with falling oil prices, participation and trading in the petroleum markets ceased to be profitable for BNOC.

Its long title is: ‘An Act to provide for the establishment and functions of a body corporate to be called the Oil and Pipelines Agency, for the vesting in that Agency of the property, rights and liabilities of the British National Oil Corporation and for the subsequent dissolution of that Corporation.’ The Act comprises 8 Sections and 4 Schedules.

The appointed day for the transfer of assets from BNOC to the OPA was 1 December 1985 (Statutory Instrument S.I.