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He lives in another world. I wonder how much backing he'll get from the rest of the cabinet when Labour are ensconced?
Words are cheap and who'll remember them 6 months from now.
There is so much hysterical posturing and hyperbole that (thankfully) is reducing just in time for Labour to distance themselves from it. At the bottom of the piece there is a comment from Uplift and a legal challenge made last year regarding new licenses pushing us past hypothetical limits set by diktak and flimsy pseudo-science. I don’t consider Greta Thunberg or Al Gore scientists. Opportunists and fame hunters is a better description and useful figureheads for ideologs and professional protestors.
On Friday they again took the government to court and are claiming a “win” although the media have almost all ignored it. https://www.clientearth.org/latest/news/we-re-taking-the-uk-government-over-its-net-zero-strategy/
It looks good at first sight and will help keep the donations coming in but it really is more of a technical win and the government (and Labour) will ignore it. These pressure groups are losing relevance and this will just waste money on rebuffing their demands. Government is sovereign and if a bad law is being used they can change it. The majority of the public are unaware of it anyway. Labour won’t want to be hamstrung by the highest energy prices in Europe and/or forego O&G revenue. They [Client Earth] are using the High Court selectively. When protestors break the law that is OK but the government and the O&G industry are held to higher and in this case, impossible, standards. I’ll quote this piece because from the article because it is just ludicrous. Accusing the government of not knowing the future:
“The government was also relying heavily on unproven technologies, whilst overlooking viable current solutions that would have immediate impact, including solutions recommended by the CCC.”
So the government relies on unproven technology but isn’t that exactly what the likes of Tessa Khan and Ed Miliband have been espousing for years? The 9X cheaper and total misrepresentation of the costs and subsidies given to renewables are also full of impossible promises (tidal and geo-thermal are even dearer than hydrogen) and won’t be economic before 2050. No chance.
I even think they may have shot themselves in the foot “The High Court has now told the UK government not once, but twice, that its climate strategy is not fit-for-purpose, and is therefore unlawful.”
I agree – it is totally unfit for purpose if Poverty and Energy Security are to be addressed.
The Energy Policy battle-lines are becoming clearer. Will Labour judge it expedient to further modify their policy to close the policy gap?
https://www.energyvoice.com/oilandgas/north-sea/exploration-production/552821/breaking-nsta-reveals-winners-of-latest-north-sea-licensing-round/?utm_campaign=EV%20Saturday%20Personalised%20Round%20Up%202024-05-04&utm_medium=email&utm_source=Sailthru&utm_term=Energy%20Voice%20-%20Newsletter
“According to OEUK, the large gas-focused licences have the potential to come on stream within the next five years.
OEUK argued the licences will make the UK less reliant on imported gas with greater carbon intensity.
The organisation’s chief executive David Whitehouse said the licences will help to “protect jobs” and power and heat UK homes and businesses.
Mr Whitehouse also said the country faces a choice in the upcoming general election to either build a “homegrown energy transition” or to import more energy and limit the growth of new wind, hydrogen and carbon capture industries.
The UK’s Conservative government has introduced legislation to mandate annual North Sea licensing rounds.
Meanwhile, the opposition Labour party has pledged to increase the windfall tax and block new oil and gas drilling in the North Sea.
“Our energy security, economic growth, and thousands of jobs in almost every parliamentary constituency up and down the UK are at stake,” Mr Whitehouse said.
“We all recognise that our energy mix must change, and our sector is ramping up renewables and accelerating the drive to net zero. But this journey will take time
Yeah, I'm gonna miss juststopoil and Greta. It's all part of growing up. Perhaps they've been taken off the puberty blockers?
I switched off Question Time last night when one of the panel said we intend to set up GB energy.... Jim Hacker and Sir Humprey are already in waiting..
Https://www.telegraph.co.uk/business/2024/05/03/north-sea-oil-drilling-net-zero-deadline/
"If you want to be on trend with your protesting, better opportunities now lie elsewhere."
https://www.telegraph.co.uk/news/2024/05/03/gen-z-climate-net-zero-asylum-seekers-peckham-blockade/
Well 1,051,612 shares sold at 11:58 and it didn't move the bid, so hopefully that was ML in action.
A few larger trades popping up today, ML ?
Late thought. Could 'World Peace' be at risk of being relegated?
UN's 17 Development Goals - Need updating:
1. No Poverty
2. No Hunger
.
7. Affordable Green Energy
.
13. Climate Action
I suppose it depends if you live in Burundi or Barnet. I thought Climate Action was No.1?
*World Peace is No.16
Recon with the cons doing so badly in the polls they are glad of Milliband continuing outbursts!! No doubt in the final weeks we’ll see plenty of mud slinging but Milliband will no doubt be the butt of sowing doubt in voters minds.. All to nought as Sunak is Sunk but Milliband is a UXB waiting to go off imho
There is the point that Ed is effectively siloed and "X" is dipped into from time to time but not a main source for propaganda. Ed is being carefully curated and kept away from where he might do serious damage. Maybe, just maybe, there is a body of people in Labour more interested in helping currently living people than preventing POSSIBLE future harm from climate change. Then there is the subsidy pot - how will they top that up?
*I accept climate change. Somedays its sunny and on others cloudy. Same with temperature. From my records it started 75 years ago. My grandad said it started earlier.
The Shell CEO said yesterday that it "has no plans to list in New York, preferring to focus on its share buyback scheme to increase value" shows that he is playing a longer game. They have established the political point that Shell can be replanted in New York and that would be a tectonic shock to the UK stock market. He has also ignored the chatter. Yes, O&G companies are valued more highly in the US but why not hoover up cheap shares here instead and then possibly move? There are other lines of communication between Shell and the future Labour government. They don't have to bend over and kowtow to a hostile UK government. Both sides know this. In fact the EPL was merely a pinprick to Shell and BP.
if you disagree with anything coming from the left you are branded as a far right extremist and that tars you with being a ****** now, they've done a good job with this propaganda campaign is working
bit like the knife crime victims moaning about their kids being killed but when stop and search was bought in they jumped up and down calling it ******.
red ed going down the same route and will blame someone else for the blackouts and the mega expensive electricity when the subsidies run out.
my god we need to get back to some sort of normality and common sense in this country before these politicians and university lecturers and the media really frack it up.
I’m under the impression that Ed Milliband’s rhetoric is increasing becoming more extreme, as he see’s the continuing attacks on his Net Zero fantasy land hitting home. This will hopefully just help to widen the distance between himself and those with more moderate views, the likes of Rachel Reeves would seem to hold. At least Labours manifesto will show where the real power lies in this particular arena, and I’d be surprised if it’s not wearing a skirt !
It 's about the real oil!
"At some point over the next 18 months, oil analysts will have to change US shale oil into US shale NGL oil. Oil weighting in US shale oil producers is dropping at an alarming rate as Permian players become gassier and gassier. This is not a surprise to anyone who's tracked some of the best producers in the Permian. Diamondback Energy (FANG) is a great example of this, with oil weighting dropping from 74% in 2017 to 59% in 2023. The trend going forward will be a further decline in oil weighting, while both the NGL and natural gas components increase."
"This is an alarming trend and something everyone needs to pay attention to....The world is not ready for what's to come if US shale oil production peaks. The Permian Basin single-handedly rescued the world from a structural oil supply deficit....
From 2025 to 2030, the theme will be centered around the lack of production growth outside of OPEC, and what happens to global oil demand at $XXX oil price. We are entering a new paradigm, and this alarming trend is not gaining enough attention."
https://seekingalpha.com/article/4688683-an-alarming-trend-is-developing-in-us-shale-oil-production
Miliband in his X posts starts to refer to “the anti-net zero zealots”.
Net Zero looks more and more like a religion, with Miliband as one of its Fundamentalist High Priests. This religion now has its heretics, infidels, and non-believers and they are called “anti-net zero zealots”.
For now Miliband is given space with the judgement his net impact on attracting/keeping voters is positive, plus he and his supporters in the party have to be kept sweet. The 2 tests, tho, will be what is in Labour’s Manifesto, and how Starmer and Reeves behave when the reality of Office sets in.
Https://twitter.com/Ed_Miliband/status/1785987704217288756
I'm sure Rachel Reeves appreciates Ed's intervention. The guy is clueless. As most people go for bias confirmation (guilty) I'm thinking they tolerate his antics because they do appeal to a section of voters who will not change whatever the facts and the majority of Labour supporters don't follow him are pretty much unaware or uninterested in what he is spouting. Ed is useful only for this. He has a noisy and shouty base of ideologically driven supporters who also have votes.
Once in power their support is not needed. In fact it could become a problem and the Tory opposition will start by attacking Labour’s weaknesses. A simple tactic would be to move Ed from the cabinet. I don’t know if Keir is ruthless enough to do this but I’m sure Rachel is. She has support from the Labour right (Liz Kendall, Wes Streeting, Shabana Mahmood etc. with the guiding hand of Morgan McSweeney)
I’m not hearing the same level of outrage and daft statements from the grown-ups in Labour. Ed is looking isolated. They all support the party-line and why not as it looks like as long as they do nothing they’ll be in power before long.
*I'm sure Shell will explain global economics to Rachel. Ed has never understood them.
It would make sense to do something more than they are doing now, RNS'ing to say they've bought a couple of hundred k shares is just a waste of money and has apparently had the opposite effect on the SP, I appreciate oil is lower as well but that will swing round soon enough. I honestly thought they were going to go for it with the buyback.
Any more details on the Golden Eagle sale?
What I don't understand is....why don't ML just sit on the bid all day long, adjusting up or down, as necessary. Hoovering up all sells until they've acquired 74m shares (or there abouts) .
Maybe VoiceOfReason will know ?
Tigar, I’m vaguely aware of two restrictions on buybacks. Sek referred to one relating to SP increase over a period (5 days?), I remember this was called out on HBR when their program was interrupted, and I recall a rule which requires an independent purchase at a higher price ahead of the buyout order, but I've no idea how it operates in practice. (Looking at the chart it’s possible the first rule kicked in yesterday)
I can't imagine a trader is staring at the screen, with finger over a buy button, waiting for the right conditions to occur - I'd guess an algo is at play, following the rules, with limits set.
Or perhaps algos are the modern-day equivalent of an 80's super model and don't get out of their box for less than $15m.
Or the trader has just had their ar*e kicked for forgetting to plug the algo in yesterday.
Whichever, I think we can agree that buybacks will weigh to the upside. From the limited number of buybacks I've observed they do tend to start off slow and increase volumes later. As an engineer I can imagine an algo being tuned to the market to maintain orderly transactions and given its head over time.
Bottom line interest here will/should fade in this activity.
I don't think they will and the remaining cash will be passed on to the second stage
like I said they could have bought a fair chunk yesterday but chose not to.
Do they want a cheaper price or are they trying their luck by not paying more than 16.2p
They could damage the SP if not careful and would Enquest be happy with a lower mcap but a higher number of cancelled shares ?
Londoner7
I stand corrected, they must just be keeping us guessing.