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I don't always agree with your comments Romaron . but you are always worth reading. Chapeau.
Sad to report that Stuart Kirk, head of responsible investing at HSBC was arrested by the Gazpacho police in the middle of the night. Last heard update is that he being retrained at a deradicalisation unit on one of the offshore rigs due for decommissioning. In his absence the role is being overseen by the nine year old daughter of an activiswt randomly chosen on the basis that it is "about all our futures" whatever that means. Kim Jong Un has offered sanctuary for those who cannot handle the totalitarianism of the climate debate.
"Who controls the past controls the future. Who controls the present controls the past."
Don't believe what you read.
https://www.theguardian.com/business/2022/may/22/hsbc-suspends-head-of-responsible-investing-who-called-climate-warnings-shrill
You missed the best article SIPP on page 23 by Oliver Shah titled "Corporate virtue signalling is ripe for ridicule"
He rips into the ESG scam saying "I have previously recommended replacing ESG with CDP - common sense, decency and pragmatism. But that would disenfranchise the parasitic industry of advisers that has grown up arounds ESG, so it is unlikely to happen".
Elon Musk tweeted "ESG is a scam, it has been weaponised by phoney social justice warriors".
The dogmatic way ESG is applied by the high priests of finance is leading to a groundswell of discontent. They created an industry based on grants and hand outs. All they can do is ask for more. There have been gains made but with the amount of money they have siphoned out of the system you'd have thought they'd have more to show for it?
The head of responsible investing at HSBC Asset management, Stuart Kirk, may be looking for a new job. Unexpectedly at a conference last week he said that throughout his career there had "always been some nutjob telling me about the end of the world". He save even more venom for Mark Carney with "Unsubstantiated, shrill, partisan, self-serving, apocalyptic warnings are ALWAYS wrong".
Of course it created an inferno and his bosses prostated themselves at the feet of the moronic, self-appointed high priests of the movement to save the planet and enrich themselves. I've always thought there's an element of the medieval practise of buying indulgences when companies support climate change on a 'just in case' basis.
I will enjoy seeing these do-gooders squirm for lack of answers and progress. What are they good at? Extracting money with the threat of divine intervention. It is time for the financial world to show respect towards the O&G industry because they are f***ed without us. I remember AB at an AGM being asked if there was a possibility of EnQuest helping service companies who were struggling at the time and stuck with uneconomic contracts. He remarked that when the situation was reversed they hadn't been willing to cut any slack witth EnQuest. I think he will be fully aware of our negotiating position. I'm pretty sure that activity in the NS is continuing apace.
Open for business.
The link provided by Therapist yesterday to CeraPhi's 18th May announcement relating to Government? funding for work on carbon footprint reduction on Magnus was prescient. The front page article into today's Sunday Times alludes to a clash between Johnson and Sunak over a windfall tax. Both know North Sea oil has a perpetual windfall tax onit already with Corporation Tax on profits at 40%. A deal is being done with the majors for a windfall tax to be avoided if they establish significant projects for carbon reduction, carbon capture etc. Across the bottom half of the whole of pages 10 and 11 is an advert by BP listing Wind, Hydrogen, 0il & Gas, Carbon Capture, EVs, Sustainable fuel and Solar. There is a picture of their Clair Ridge platform West of Shetland. They talk of promoting energy security reducing operational emissions etc. They plan to invest "up to £18 billion here. They say "we are all in" In away the Magnus deal with the additional payment $1bn is a joint venture. If the 250 million barrels of moveable oil are thought by their Geologist, largely recoverable, with SVT for the hydrogen production our 340km of pipeline and our empty wells for carbon capture a joint venture deal is in the offing in my view. The very pretty elephant in the room is our tax loses. The $1bn payment to BP is in reality $600m as the deal was rightly structured with Enquest paying the Corporation Tax of $400m to set against the tax losses. Does BP regret the sale of Magnus and or SVT? I suspect it does. My hunch is that the BP Board, their geologists and their accountants are pouring over the geological surveys and accounts. There will either be a JV or perhaps a buyout.