"He also noted that changes were also coming regarding the Supplementary Petroleum Tax and observed that while he was “very happy” that the price of oil was over US $50 per barrel, noted that some oil companies were “very unhappy” as their profit margin decreased at $50 per barrel.
“The way the SPT works is that it kicks in immediately at $50 so you have a situation where a company generally the smaller to medium sized company, can be profitable at $49 but as oil crosses $50 and goes into $52 and 53 and 55, the company has told us that they actually make less money between $50 and $60,” Imbert said, adding, “that means we now getting supplementary petroleum tax (SPT), which we don’t get when oil is less than $50.” “We are going to deal with that, we are going to address the way in which the SPT kicks in to make it a profit based tax rather than a volume or revenue based tax so that there would be a more equitable increase in the equity and this should encouraged some of our local companies to engage in greater production and in exploration,” he said. "
.....I'm looking forward to catching up with the bb tonight. Lots of posts to go through so I've decided to place some of the bashers on filter temporarily. Anyone bashing currently during all this positivity really should get their head examined. Any suggestions for immediate filter......just to speed up my evenings reading ?
I don't have much in there ,I try to build on it as its a long term play. I pretty much take my time and trade it to gain more shares.. By trading I mean that there could be months between trades . It could be massive but it could be nothing as no one might buy it. I read some stuff last night and not sure if it was HUR or 88e but it related to radioactive oil play on one of their finds , no one as far as I can see has ever mentioned this and TBH one of them is going down but I was drinking lol
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