Mogulmania

Controversy over who‐gets‐what in the North Sea oil business has raged even more fiercely since an official report called for greater involvement by British industry. Russell Johnston (below) — chairman of the Scottish Liberals — wants bargaining to be done by an oil corporation, while others advocate a State holding company. Sitting uncomfortably in the middle of this political slanging match are the oil companies, speculating on tougher terms for future licences. Report by Jack McGill and Paul Novak.