North Sea Blow Out on wikipedia.org
I think it was called North Sea Blow Out, I stand to be corrected if someone else knows its exact name. I remember it coming out about 1978-79 as a mate got one for his birthday (also advertised on TV quite extensively too as I recall) and it consisted of a blue plastic collapsible oil rig with a blue balloon or something of an inflatable nature attached to a pump inside it. I'm not too sure of whether there was an actual plot to the game other than watching the oil rig "explode", we just spent most of the time trying to destroy the balloon inside by over inflating the thing inside. Fun for about 15 minutes if nothing else.