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Voicing an opinion as she did,is not interference I asked you to point out interference, there is no way that she can interfere on any decisions concerning north sea oil, I will
reiterate North sea oil is the sole responsibility of the UK gov.
Hey LTT,
I actually saw Shell pulling out of Cambo as a positive for us. It’s pretty clear to me that the UK and US are not making oil companies feel very welcme.
To this end I wonder if places like the Falklands which are pretty much off the radar and have a much more welcoming business environments together with lower tax rates might suddenly become highly desirable. The dynamics have changed.
A billion barrels with no political interference and some of the lowest tax rates in the work might suddenly look like a no brainier.
Companies aren’t stupid. If you make life unpleasant enough and create too much regulation, don’t be surprised if they seek out more ‘friendly’ places to do business.
Buzz pray do tell me what interference to which you refer Nicola Sturgeon .
Wood Mackenzie report January 2020...
North Sea to remain global hotspot in 2020
Output and exploration to rise as M&A takes centre stage
09 January 2020
Fudd the north sea investment is dead with most of the majors selling assets. Too much tax and too much politcal inteference from Nicola Sturgeon.
Buzz you said "Nicola Sturgeon probably "killed" it off.
How could she have killed it off if she has no say?
Try sticking to the facts instead wildly theorising about the future
Fudd, you know perfectly well Nicola Sturgeon will be holding a Scottish independance vote shortly which she will probably win.
Nicola Sturgeon probably killed off Cambo. Lets hope the FIG take note os Shell's move.
Buzz Nicola Sturgeon has no say, UK gov controls oilfields.
Shell, which has faced widespread criticism over its 30% stake in Cambo, said it now believed the economic case for investment was "not strong enough".
So shell is not expecting $100 oil then ?
Wood Mackenzie were warning years ago of lack of investment in new oil fields. It has only got worse with the pandemic.
Opec do not have the spare capacity they say they do. Soon crude is going t be in very short supply and Sea Lion will become very attractive. I believe it will get developed just can't gaurantee RKH will be around to see it!
Totally political vote now that the SNP are in bed with the greens.A lot of these green targets are pie in the sky nonsense that can never in a hundred years be reached.What will come first, a complete climate melt down or a complete and utter energy shortage due to pulling out of oil before a realistic alternative is in place and that only alternative is nuclear!
Nicola Sturgeon probably killed off Cambo. Lets hope the FIG take note os Shell's move.
Hope you are right Much, was a bit concerned hearing about about Cambo, 170m barrel development being knocked on the head in UK waters, with loads of services and suppliers on the doorstep, doesn’t bode well for SL.
However have read a little about Siccar Energy and they are backed by some big energy players and have access to RBL so they will get it sorted I believe, even without Shell. Shell are still committed to the NS, they just didn’t seem to like this project anymore, so must be more to it than the Greens putting them off. I read it’s in 1000m water depth so not as easy or cost effective drilling as SL and I read somewhere Shell were concerned about potential delays and the economics of the project. Suppose there must so be concerns about the NS and taxes as the UKGov wants to appear more green they could start raising taxes further in the future to appease the greens saying profits are going into the energy transition! All the more reason to run the ruler over the project and walk away if it’s none core. Hmmmh I wonder if Harbour might drop into Shells spot!
Anyway, what we need is OM result. Sam said they run the numbers through different oil price scenarios so can’t see us getting the full $275m dollars but even our $30m of back costs would be great after the lawyers fees, but secretly I am hoping for more. $125m after lawyers fees would do us nicely, a re-rate back to 25p in a blink then we can start to play ball! Wishful thinking I know, but the alternative is a fund raise in 1st Q 2022 and it won’t be pretty!
LTT
Predictions are most useful when they anticipate change. If you predict that something will stay the same and it doesn’t change, that prediction is unlikely to earn you much money or wow clients with your predictive abilities. However, predicting change can be very profitable for investors, while timing hedging strategies can be a welcome boost to both producers and manufacturers.
Third, was there a forecaster that you could have followed that would have led to a better overall result than taking the consensus? Of those 26 institutions that contributed prices for at least 14 of the 19 forecast periods and during the key turning points in the market identified above, three forecasters achieved a better than average result than the consensus when looking over a period of six months. These were: JP Morgan (26% forecast error, 4 correct calls); Comerica Bank (25%, 2) and The Conference Board (25%, 3). The most accurate institution achieved a two-percentage point improvement on the consensus, but still had an average six-month forecasting error of well over 20%. The research sample also includes Goldman Sachs, often famed for its supposed commodity prediction ability. How did they do? They were an average of 36% off with one correct call.
With shell turning it’s back on the 170m barrel North Sea field and oil now expected to hit $125 in the next few years, I just wonder whether Sealion might get the attention of someone with cash and an appetite for development?
https://oilprice.com/Energy/Energy-General/Oil-Prices-Projected-To-Hit-125-In-2022.html
For once, being off the map and away from the crazy green agenda of western governments might be to our advantage.
Every dog has it’s day…… perhaps ours is about to happen?