CC - it is a myth that Legend blocks or filters other posters and he has been coughs out on his a number of times. He claims to filter only when he has no answer to a factual question - a bit sad really !
Oil tycoon Algy Cluff is calling on the Government to create a sovereign wealth fund to save the North Sea industry and invest in a gas supply for the country after Brexit.
Cluff, who founded and runs Cluff Natural Resources, wants the Government to take charge and invest in the face of the weakened oil price.
He wants the Government-launched Oil and Gas Authority to be able to take equity stakes in companies that want to explore to fund them like an investment or sovereign wealth fund.
Norway’s government created an investment fund to re-invest the money it raised from the North Sea oil boom.
The fund has become the largest state-owned fund in the world valued at more than £660billion with investments in 9,050 companies.
Cluff added: ‘George Osborne has done nothing to encourage those who want to explore for oil and gas in the North Sea. RELATED ARTICLES
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Helge Lund, Chief Executive officer of exploration firm BG Group, who is starting a month early today, a week after it took a multibillion-pound hit from the plunge in oil prices. Mr Lund, who is joining after a decade at Norwegian energy giant Statoil, takes charge after the group sidestepped the threat of a shareholder revolt in the wake of an outcry over his pay package. PRESS ASSOCIATION Photo. Issue date: Monday February 9, 2015. See PA story CITY BG. Photo credit should read: Ole Jorgen Bratland/Statoil/PA Wire NOTE TO EDITORS: This handout photo may only be used in for editorial reporting purposes for the contemporaneous illustration of events, things or the people in the image or facts mentioned in the caption. Reuse of the picture may require further permission from the copyright holder. £15.2m for just eleven months work! Fury erupts over... Transport Select Committee slams government for failing to...
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'He has assisted the major oil companies who have just sold out to private equity firms who have no interest in exploration or investing in the North Sea.
‘We don’t want handouts. But there could be options such as a rebate on the cost of exploration such as they have done in Norway.
Oil will stay in the $30-$50 channel for a very very long time, we have heavy oil, which is good for plastics etc, unfortunately the chemical companies are cutting their losses on Polyethylene & other things which will impact heavily on oil. Also Diesel car sales in UK have decreased by a margin .
China has reversed its policy on lending from 2014 so now we are seeing the fruits of this, China's borrowing went from 1 Triilion to 28 Triilion , the new administration decided to go back to the old ways & have stopped this hence the world slow down. An average wage in China is £3000-£4000 & they have had to deal with Inflation & a overheating property market...all this just as A. Fairclough made his dramatic exit from AGM to China...very asute & finger on the button thinking eh BoD?! The OGA is a minnow in the grand scale of things, there is disaster in Brazil, the Fed are an irrelevance to all this & like us (UK) are bystanders to all this. China ,has torn up the Rule book & have decided to go back to the old ways , look after there own infrastructure, huge railway developments across China to Europe, that we are no longer a part of well done Boris , who can deal with them as foreign secratary Lol. Reminds me of a guy who just robbed you of all your money , then asking you for advice whereto invest it ... PS all spelling & grammer mistakes are purely to prove this is not a CutNpaste...;-)
From Xcite- We have also found the Oil and Gas Authority ("OGA") to be supportive, having identified Quad 9, including the Bentley field, as a strategic priority, and during 2015 we successfully completed a detailed technical review with the OGA of the first phase of the Bentley development. This was an extensive process, which took several months to complete and was an important achievement for the Company, as we believe it further reduced the risk and uncertainty of the first phase development concept for us and for any potential development and funding partners. In February 2016, we received an extension to the Bentley licence until 30 June 2017.
And more importantly, this- During the latter half of the year, we successfully completed a technical review of the first phase of the Bentley field development with the Oil & Gas Authority ("OGA"), to ensure that aspects of the plan meet OGA's policy objectives to maximise the economic benefit to the UK of its oil and gas resources. This was an extensive and detailed process and is an important achievement for the Company, as it further reduced risk and uncertainty around the First Phase Development project for us and potential funding partners. The OGA has identified the Bentley Field development as a priority and we found their approach to be supportive and pragmatic; we look forward to continuing our good relationship with them as we progress towards Field Development Plan approval. The industry needs to adapt and develop new, innovative ways to re-vitalise the UK North Sea, and we see OGA as a key part of supporting and facilitating such initiatives.
The key word innovative used again here- These proposals will require a partner to join the development group and the Company believes its ability to offer a funding package to potential partners is an innovative structure which potentially mitigates the capital constrained environment in which the oil and gas industry is currently operating.
Like I said. Not long now before the OGA become a GovCo.
My view is If there is bad news, can we have the bad news, because once we have the bad news we can decide what to do about it? You can pretend it’s alright – useless. Rupert stop treating us like children !
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