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"Dick, When will you be visiting the island?".................
.......not sure, Didas. Maybe when I'm scattered (in the form of ashes) on the golden sands of St Brelade's Bay, close to Fishermen's Chapel. I won't be on my own because two of my close personal friends (both with 4 legs) will be making the journey with me and we shall evermore patrol the sands at leisure, come rain or shine and light or dark.
There'll be no more fretting about the incalculable damage that's being willfully caused to our country by a dishonest bunch of politicians who'll do anything to secure votes, because votes bring money and (in some cases) power. The herd (which includes us) is there to be exploited. This is not conspiracy theory, it's fact - as amply demonstrated last week when the Conservative MP for wherever walked across the floor to join Labour, as this gave him the best chance of being re-elected on 4 July. That Stoma welcomed him with open arms speaks volumes.
Anyway, here's to the forthcoming scattering I say - preferably not until JOG and fossil fuels generally have "done a Lazarus" so at least I have something half decent to leave to loved ones who'll need everything they can get to help them survive the massive wealth confiscation that is a racing certainty when the UK's idiots vote in a party they know nothing about except that the key people came from Corbyn's camp. Talk about turkey's voting for Christmas
dyor
JC - the Labour Party isn't investing in oil and gas - it's doing the opposite. It is closing down the North Sea, because its politicians are ignoremi who know nothing about how the industry works; oil & gas are discovered and extracted, how long it takes develop alternatives, what energy security really means..........or anything else. All it is focused on is raising short term cash by stealing it from those who invest in unfashionable fossil fuels. It also thinks it will win votes, because a big percentage of the UK population has an IQ level in the 50-70 range (dimwits who'll believe anything they think will might them more money from people who go to work and might even have some savings). The latter will very quickly be tapped by Stoma, Rover Reeves (the chancellor whose legs touch all the way up from her ankles) and the ginger amazonian who left school with more children than GCSEs.
When I saw Stoma being interviewed by someone who challenged him on banning new production licences, he responded by saying he understood the need for fossil fuels as part of the transition to net zero by 2050, which is why he wasn't withdrawing any existing licences. The disingenuous dimwit clearly thinks that once a well is drilled, it carries on producing forever. Britain is now reliant on someone with sense in the Civil Service (from the Treasury perhaps?) to correct his stupidity, if our country isn't to be brought to a halt in the disturbingly near future. When it was pointed out to him that (i) Britain is only 17th in the list of countries with measurable emissions (ii) it has actually reduced its carbon footprint by 50% in the last 25 years (iii) it has consistently been No.1 in the list of "reducers" and (iv) it is responsible for less than 1% of total worldwide emissions.....he responded by say Britain owes it to the world to set the example. My take on this comment is that it's ok to ruin your country economically and wreck the living standards of all its citizens, as long as it's in a virtue signalling cause unproven by science or logic.
Today's latest Labour liar doing the rounds declared that British Energy (which Labour is saying it will set up with money from "windfall tax" on UKCS producers - what windfalls does he speak of?) will make Britain "energy secure" by 2030. Utter b.ollox. He also declared that it is now cheaper to produce renewable energy than existing means. Really?
Labour doesn't bode well for Britain, least of all for UKCS producers. Sunakhunt and Stoma have been flogging the wrong horse. The ones who made money out of the feared O&G shortage (which never materialised) following Ukrain, were the retail energy suppliers. Centrica's profits were multiple times higher after than before. Were those profits taxed at usurers' rates? Nah - that would have cost the masses more.
I don't think JOG is a lost cause. But it has to think smart. CC or similar comes to mind - not that I like the idea
jmofwiw
dyor
Listening to BBC breakfast interview with Labour strategist on energy and requirement for investing in domestic energy security- irrespective of your politics that sounds positive for JOG. We need oil and gas for years to come as we transition to renewables. His words and I agree.
Dick, When will you be visiting the island?
Is it likely we will have the FDP approval by the end s month?
SNP talk about something other than independence and flip to pro new oil & gas! Sometimes I think politicians have not a scintilla of integrity and tell the electorate what they think they want to hear :-)
They even condemn the relentless financial milking of the sector by the main parties. ".....wake up! wake up! You'll be late for work".
Hi Rollo - re: " The allowances that we are all concerned about are not a tax "
Agreed - but they are what RR may choose to regard as " a tax loophole " - the closing of which has the same effect as a tax rise.
CHF - The allowances that we are all concerned about are not a tax so when we get a clue is anyone’s guess. However RR is making plans on 78% WFT revenue to support GBE and surely is aware that any significant changes to allowances will seriously impact on WFT income expectations. Given the statement that there will be no budget for 10 weeks (or whatever) post election then I presume we’ll have to wait a bit longer.
Re Milario - " so O&G will be around for a good while yet but the taxing part is the key."
But Labour are announcing taxes they will NOT put up - so those not mentioned had better watch out because new gov. will be desperate for more money
It's going to be interesting to see Labour's plans/details on tax rates/epl rates/any extra windfall tax balanced against securing and encouraging future investment and participation in transition projects to green/renewables from established O&G companies.
Starmer said today exisitng licenses will be honoured and the taps arent being turned off anytime soon so O&G will be around for a good while yet but the taxing part is the key.
Apologies Nubi - I got confused and called you Didas. Put it down to age.....
I appreciated your offer
That good hearted bloke in shorts must have been saving hard to help out poor jog holders like you, no wonder he couldn’t afford a decent pair of trousers.
How do you know I’ve been practicing my flying skill?? So I can keep up when jog share price takes off. Might even visit your beloved homeland for a complimentary cappuccino from your good hearted friend…
"Did you stay long? You flew?".............
I flew - and it didn't cost me a penny because I managed to borrow my ex-wife (Hecate Upham's) broomstick.
I stayed in a Salvation Army hostel for people who have fallen on hard times - no way could I have afforded the L'Horizon. I was walking along the promenade in front of that hotel when the bloke in shorts (who must have felt sorry for me) asked me if I wanted to join him for a coffee. As a matter of fact he also offered to buy me a croissant (at least I think that's what he called it??) but as I had no idea what he meant, I told him I'd be happy with just a coffee, as long as he didn't mind me puffing away at the Montecristo No.4 I'd just lit because the 10am curfew had passed and I was in a good mood because it was such a nice day.
Is there anything else I can help you with?
:-)
Room 1234? Marvelous view.
Looks like a nice hotel. Did you stay long? You flew?
This is like an episode of Bergerac lol.
Didas - if you want, contact me via email: altereagle51@gmail.com
For security reasons, I'll reply asking you to post a code on here to make sure it's you. Discretion assured if you don't use an "incognito" email address.
He's done so many times, Didas. He bought the coffee on Sunday!! I've been in since the outset via my 1% holding in TRAP (on which I was 95% down). I bought most of my holding in JOG early on
Next time over DU will get Andrew to take you out
"DU: Next time you are over, contact me. I think you were in St Brelade's Bay, either Beau Rivage or Hotel L'Horizon?".................
..............L'Horizon, Inspector Clouseau........
Will do, but a next visit will very much depend on my health - might try to make it over in the autumn if I can hold the beast at bay.
PS. An obvious choice for the industry is to allow full offset of tax to invest in green energy infrastructure. I guess this is why JOG are investigating windfarms off Jersey. However much we hate windfarms, investing JOGs entire gross profit into a green asset that is well understood, would likely create huge value for investors. Hundreds of millions of dollars creating an asset that has a much greater investor universe.
Also we still have the tax losses to make use of, as DU mentioned.
However miserable things are the is huge potential still in JOG.
Unfortunately I tend to agree Itsriskythat, and also note that Darren Jones said something similar in interviews yesterday.
However, the word on the street with those connected more closely to JOG/ Neo is that the project will survive 78% EPL, and removal of EPL investment allowance.
It would be delayed only by the removal of the capital allowance. This has not been mentioned by Labour since it was chucked around months ago without the recent hard communication by the OEUK. The capital allowance is used by every business in the UK, and its removal might even be a legal problem for the government. Also all the North Sea CEOs have been hinting that Labour have softened a little. I think a confident guess is that this is the softening.
Yes these policies deal a death blow to the North Sea. But not to JOG.
The bull case for oil long term I think is getting stronger - demand isn't dropping much in the West, and the developing world is ravenous for it - the majority of the world cares more about escaping poverty than climate change. Also I think it's reasonable to see a good chance of EPL being removed at some point over the next few years.
GLA. A fine story DU.
DU: Next time you are over, contact me. I think you were in St Brelade's Bay, either Beau Rivage or Hotel L'Horizon?
Labour to submit its budget to the OBR before summer and have fiscal event after September to fund Labour’s flagship policies.
https://www.theguardian.com/politics/article/2024/may/28/labour-has-no-tax-surprises-in-election-campaign-rachel-reeves-says
Reeves ruled out a snap budget or fiscal statement should Labour win the election. Saying she was committed to receiving forecasts from the Office for Budget Responsibility before any such event. Saying “The OBR requires 10 weeks’ notice to provide an independent forecast ahead of a budget and I’ve been really clear that I would not deliver a fiscal event without an OBR forecast,” she said. That timeframe would mean no budget until mid-September. There is nothing in our plans that requires any further increases in taxes, I have confidence in that. Voters can have confidence,” she told Sky News. “We put out the limited tax increases that a Labour government will introduce and people could be confident that we will not be going further than that … There are no further increases in tax that we are planning or that we need to fill any black holes.” Labour has already said it will fund its pledges with measures including a windfall tax on oil and gas firms, adding VAT to private school fees, taxing private equity bonuses, and a further tightening of the non-domicile tax system.
My very reluctant conclusion is that the extra tax revenue from extending the EPL is already baked in to the calculations that Labour will submit to the OBR soon after being elected. Some expected figures for Labour spending and extra tax revenue which might be submitted to the OBR are on page 7
https://public.conservatives.com/publicweb/Labour-tax-rises.pdf
The expected extra tax revenue from extending the EPL is on page 19.
I think it is looking certain that Labour must go ahead with raising extra tax from the EPL in order to fund decarbonising the power grid by 2030 which is a flagship Labour policy and would be unfunded without increasing the EPL.
I can't see anything persuading Rachel Reeves to do otherwise as she appears not to listen to sensible arguments for having an energy transition from oil and gas to renewables which preserves energy security.
Hello Dick - " We closed the loophole after discussing the matter for some time. "
And now your objecting to others doing the same.