Mr. Chairman, my Lord Mayor, your Excellencies, my Lords, ladies and gentlemen.
I would like to thank Peter Walters and all in BP for inviting me and my ministerial colleagues to join in this marvellous three-way north sea ceremony to inaugurate the Magnus oilfield.
Britain has much to celebrate in its north sea achievements—and not least British petroleum whose success in winning oil resources has won international renown. [end p1] Today we are taking yet another stride forward in offshore oil development.
Building on forties' experience, Magnus has set the world new records of achievement.
It is the largest and heaviest steel platform ever installed in the North Sea, three times the height of Big Ben.
It was floated out exactly to the date agreed when the contract was signed thirty months earlier. [end p2]
It was upended and set in place in the deepest, the most northerly, and the most unfriendly waters yet developed in Europe.
It is designed to withstand winter winds of a hundred miles an hour; and winter waves a hundred feet high.
The whole jigsaw of modules which make up the platform were lifted and installed in a record one week.
And it employs at least 130 of the latest micro-processors, [end p3] notching up a whole series of technical firsts.
We warmly congratulate you on this superb endeavour.
It is right that we should draw the world's attention:
—to Britain's engineering skills, which parallel the achievements of the Brunel's and Stephenson's of another century;
— to Britain's ability to deliver right on time and not merely to budget but, in this case, below it; [end p4]
— to Britain's skills in creating and equipping offshore production islands; 80%; met from British sources; involving no less than 1400 companies.
— and, finally, to the vision and vitality of British enterprise, which have unlocked the treasures of the North Sea. [end p5]
Let us beat on our own drum a little.
We've got something to celebrate; and I'm glad you decided to do it in such style.
The market for offshore goods and services is growing. Many nations are taking a keen interest in Britain's proven ability in deep water oil and gas development.
China, for example, has awarded its first offshore exploration licence to BP and its partners. [end p6] I am very pleased that China's Minister of petroleum industry, Mr. Tang Ke, is here today to join in our celebrations and learn so directly what Britain can really do.
Let us never forget that our economy is a constantly changing, various and vital, force. As one industry ebbs, so another surges ahead; within an industry one firm falters and another gathers pace. [end p7] The offshore oil industry, which employed only a handful fifteen years ago, today provides jobs for over 100,000 people. In Britain we now read about a new offshore boom.
Magnus is one of four new oilfields coming on stream this year, and 1983 may well prove a record year for exploration. So we have further cause to rejoice today. [end p8]
But our real cause for celebration is the splendid teamwork, sheer expertise and pioneering spirit that has brought oil forth from Magnus; and the courage and endurance of those who day by day work on the platform, far out in the bleak sea.
The Nordic sagas describe St. Magnus as “the most accomplished of men in all things” ; and he gave his name to one of the most northerly cathedrals in the world, the St. Magnus cathedral at Kirkwall in Orkney. [end p9]
Now St. Magnus will be honoured in perhaps the most northern engineering feat of the world. For the Magnus platform in its triumph over hostile elements of wind and weather is as remarkable a feat in our time as the great wall of China or the Forth bridge in their time.
You will remember that for Jules Verne, to voyage thousands of leagues below the surface of the sea was a mere fantasy. [end p10] Today, you draw your riches from nearly two miles below the sea bed itself.
I am proud to inaugurate the Magnus field. Our congratulations and admiration for all that you have accomplished, for British Petroleum and for Britain.