@jings100 No i dont think it is nonsense at all buy probably quite realistic. To make oil develpment "commercial" you need a host of factors, stable tax regime and legal framework are as key as access to viable infrastructure. Look at the Falklands where companies are struggeling to commercialise the one discovery to date. Oil prices are under pressure and likely to remain so as shale oil and gas in the US have mad e it virtually self sufficeint withdrawing demand off the global market even the games in the Ukraine are nt having an impact on price which ought to be telling.a YES vote will inevevitably increase Scotland's dependence on a stale and rising oil income stream. Son screaming "nationalisation" by Mr Salmond is counter productive as Hugo Chavez is finding in Venezuela. The costs of extraction in the North sea are very high and very much so for new finds add regulatory uncertainty the rate of decline already seen could accellerate rather than slow. Even with a NO vote much needs to be done by Governments to improve the NS's continuing atractiveness versus commercial opportunities elsewhere.
Take it you think Sir Ian Woods February report is total nonsense . He was quite specific about reserves which he seems to have changed his opinions about , makes you wonder why . The government seemed delighted with it at the time .
well caught holding my shorts up this morning...was expecting abit of a sell off yesturday afternoon, will hold for afew more pennies and consider adjusting my trade to a hedge after todays fun ship ouch
@sean as a petroleum engineer I am afraid I doont share your optimistic view of remaining North Sea oil rserves. The North Sea is now classified as a "mature" province with out put on decline production is now a quarter of what it was just 14 years ago and will continue to fall at a steady rate over the decades ahead as failing agaeing infrasructure be comes increasingly uneconomic to service. New fields are remote and difficult to access as infrastructure is not present therefore making it expensive to extract and as such gives very little scope for a higher tax take.Oil revenue projections by the SNP's leader are unrealistic sadly even if the votre was NO it is reality afgter 40 years of production. It is one of the key reasons why shale gas must be persued if we ar going to keep out of Vladimir's clutches.
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