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If this article is not a wake up call for the Government..............?.

https://www.bbc.co.uk/news/articles/cdxrp306q3xo

With all the writing on the wall, if Starmer and Reeves don't get their act together they are toast - when will they cotton on to the fact that the NS O&G industry is one of the only buttons they can press to grow the economy, improve balance of payments, secure jobs, companies and UK energy. One of the only other buttons is to reduce/slow down NZ and subsidies.

I am impressed by today's RNS, well done AB, the financing is greater and over a longer period than I expected and comes hot on our discussion in this BB, it has certainly reduced overall interest costs and risks going forward.

However, with this news and POO up today, I am disappointed, ENQ did not hold the 12's, we'll just have to await the demise of EPL and a deal.

I wonder if Rachel has caste an eye over the invoice for billions in renewable subsidies?

Agreed, worrying, probably because Starmer left Westminster for COP (not sure why, PofW did a better job and contributed more financially than the UK Government) and the silly mice/rats all came out to play - Lammy's performance, Rayner's possible memoir, Nandy's donation, Millibrain's afront to common sense waffle at COP and of course dear Rachel's speech about I no not but don't tell anyone income tax is going up and EV are going to be taxed.

Or it could have been Rachel's musing on a one year reduction in EPL and sounding out the NS O&G industry........... will you invest £40bn if I do this - that would be a resounding "NO!"

Waiting on the ENQ update and praying for EPL to be scrapped, failure to do so will take Liebore to a new low in my opinion.

Badenoch has upped the NS O&G stakes with pretty good timing ahead of the Budget, so now we have just about everyone apart from the Green's and Eddie baby on side for the removal of EPL and new licences.

It has taken the press and the politicians sometime to catch up with the reality and views expressed on this BB and I now think we can expect some changes, but if Reevsey tries a slight of hand like Hunty and thinks it will wash, she is mistaken and I will be throwing my toys out of my pram - maybe not, I'll probably get fined!

I liked this bit from Ed's eulogy - “I will join the Prime Minister and the Prince of Wales at the World Leaders Summit in Belem, and lead the UK’s delegation during the negotiations.” I have visions of him trampling Starmer and elbowing PofW out of the way as he strides towards nirvana and plaudits from his imaginary friends.

Still don't understand why Starmer has gone to COP unless it is to reign in Milliibrain form committing too much. If I were Starmer, I think I would be keeping an eye on Reevsey - what was that speech yesterday?! If the Chancer-ler gets it wrong this time, we are all in trouble, Reevsey will sacrificed on the political altar and Starmer will follow in May '26.

Busy month ahead, watching POO, awaiting ENQ update and reeling from the Budget...........awaiting a pronouncement on EPL and future of NS O&G.

Even an ENQ 20p party would be welcome at this stage!

This link to a short video is worth a watch:

https://www.youtube.com/watch?v=uUgdUQXWnJk

The figures quoted are worth noting.

Even a nut case could understand this briefing - I hope Rachel is monitoring this BB and Starmer does what the US Ambassador has told him to do!

Rachel needs to be decisive in the removal of EPL and if she decides to put in place a sensible way forward so be it, however, if she tinkers around the edges as Hunty did with the Energy Security Investment Mechanism she will collapse the House of Cards, as every NS O&G worker, rig and company will run for the exit!

Disappointing day for ENQ's sp, Brent is back above $65 this evening.

Perhaps we'll all be put out of our misery in the next few days, if we have to wait for the budget, it is only three weeks away. Usually there is a November ENQ update, I suspect they may delay until after the budget, but if the figures are bad.......... I remain surprised that there is not more news on the Waldorf assets, but I assume they are hanging in there for the budget as well.

Surprised Starmer has gone to COP, I was hoping he would pronounce on EPL whilst Ed was away looking for the next forest to burn at Drax - it still gets me how Drax counts as renewable and does not impact NZ - Duh!

Rachel has discovered the Holy Grail of Growth.........she only mentioned the possibility of taking a year off EPL and ENQ's MCap has increased by 25% in a week or so. The question remains, can Rachel imagine the growth if EPL were cancelled?

It is not just about the NS O&G, jobs, the economy, HMRC tax revenue, energy security - if ENQ MCap grows then shareholders will "spend baby spend"!...........and likely pay more taxes as personal allowances are frozen and CGT allowance is piddling now.

Such a paltry and insulting amendment to EPL would simply be to little to late for the NS, the minimum should be scrapping it from March 2026, and if the Government must put a $100 a barrel cap rising with inflation and above this figure 10% additional taxation as a windfall. Any more than 10% and the Government should underwrite Brent falling under $55 a barrel as a quid pro quo.

Any amendment will help ENQ but my guess ENQ will continue to invest overseas and delay and further investment decision in the NS until the end of EPL and this Liebore Parliament, unless distressed assets fall into their lap which allow further accelerated use of ENQ's tax losses.

If I were Terry Thomas, I would not be happy about being compared to Siliband, Terry Thomas was a national treasure and Siliband will probably turn out to be a stooge for the Chinese and ironically probably the most dangerous imbecile to negatively impact on the UK economy. Closely followed by Reeves, Starmer and for O&G we can include Sunak and his lap flunky Hunty as the architects of EPL.

Judging by Shanks performance the other day, he is not listening but as an ex secondary school teacher in the third sector, he is not exactly qualified on energy matters.

Anyhow, common sense eventually prevails when the weight of evidence simply can no longer be denied, however, hard one might try (at least the press are starting to do their job) .

Hang on a second, NS O&G companies have to comply with stringent environmental policies and wind turbines at sea are going to be exempt to reduce costs!!??

https://uk.news.yahoo.com/offshore-windfarm-projects-may-exempted-150417998.html

Brilliant and from a co-founder of Greenpeace!!!!!!

Send this link to your MPs, the Unions and top Civil Servants, Business leaders etc....................oh and Ed "insane" Silibrain.

Googled Petrofac's involvement with Enquest and got the following result, which suggests ENQ has a number of support contracts with Petrofac:

Petrofac holds several contracts with EnQuest for its UK North Sea assets, providing operations, maintenance, and engineering services for various platforms and fields, including the Greater Kittiwake Area and the Thistle, Heather, and Northern Producer assets. These contracts demonstrate a long-standing relationship, with Petrofac continuing to support EnQuest’s assets to maximize production and extend their lifespan. Recent agreements include a long-term extension for the Kittiwake platform in 2022 and a framework deal for engineering, procurement, construction, and commissioning (EPCC) services in 2019.

Key contracts and services

Greater Kittiwake Area: EnQuest awarded Petrofac a long-term contract extension in July 2022 to support the Kittiwake platform, which includes the Kittiwake platform, Scolty/Crathes fields, and the fixed steel jack platform. Petrofac has been involved with this asset for over 18 years, providing operational support, maintenance, and engineering services.

Thistle, Heather, and Northern Producer: In a 2014 contract valued at $630 million, Petrofac agreed to provide operations and maintenance services for these platforms, along with the EnQuest Producer FPSO (Floating Production, Storage and Offloading) vessel. This agreement extended a previous contract and was set to run for up to 10 years.

EPCC Framework Agreement: In December 2019, Petrofac secured a three-year framework deal for engineering, procurement, construction, and commissioning (EPCC) services across EnQuest's North Sea and onshore asset base.

Petrofac's role

Petrofac's services help EnQuest to enhance recovery and extend the life of its mature and mature fields.

The company provides a range of services including operations, maintenance, engineering, construction, and onshore and offshore technical support.

Recent extensions and renewals underscore the continued partnership between the two companies and Petrofac's ability to deliver safe and reliable operations.

Apparently, the UK side of the business is reasonably financial robust, but who would buy them? Miliband better at least bail out the UK part of the business until someone can so that someone can take them on or they can be re let or maybe Siliband will use some EPL revenue to pay off Petrofac's debt!!!???

This is not good news for the NS O&G industry.

It was a comment that Stevo made in an earlier post that got me thinking.

We all agree that EPL is unfair and particularly for small NS O&G independents.

The big boys have largely left the NS and the small independents are extracting the last drop from mainly ageing assets, as a consequence the cost per barrel is generally higher and then there are decommissioning liabilities and probably higher financing costs and associated hedging requirements mean that small independents often miss out on the full effect of a windfall.

It just struck me that this punitive EPL tax is so wrong and ENQ and its shareholders have been punished more than even the likes of Harbour and Serica, just fortunate our tax losses have kept us aflot

Hunbah, it's Ed here, damned good idea of yours to put wind turbines on submarines, in fact it is simply brilliant! The MoD have just got a budget rise to 5% and we can claim they are "green" as they are nuclear powered and mostly outside UK waters. I have subsidised so many wind turbines the subs will be super stealthy amongst them and although we will be able to chase the wind; in a lull, we'll still get a steady 20 knots whilst cruising around.

Hunbah, please let me know how much cable I should order from China so we can connect to the grid? The Sec.State Defence is going to love this, the cable will always be moving, so the Russians will never find it!

I must find my ukulele, I have just thought of a new verse for my blowing in the wind song......... we all live in a Green submarine.....lalala....... The "Greens" are going to love this, even Clarkson might back off.

Brent @$65.66

Given the arguments on the BB this last week, this rise in Brent should cheer the long termers and Krak, Hunbar, Malu, Rom et al in particular.

Https://www.youtube.com/watch?v=XQvuvLSYkHo

Worth a watch.

Spin, yep cancelled routine outings for Pizza and bacon butties but at least we received a buy recommendation for 50%+ on the current price. Have to say, this month has been the worst for a very long time and getting uncomfortable. I just hope that AB continues with the dividend but we'll have to waitsix months for the full year results, at least ENQ has plenty of finance and cash to weather current environment.

I am hoping Milibrain is thrashing about because he knows what is coming down the line, I just hope Reeves and Starmer have the ***** to take some action, another HUNTY slight of hand will not do, EPL needs to be called out.

"Oil majors, including Shell, BP, and TotalEnergies, are scaling back or delaying biofuel projects despite earlier commitments to ramp up production."

"Analysts warn that slower biofuel growth could undermine global decarbonisation targets, particularly for hard-to-abate industries like aviation."

Miliband on Kuessberg was careful to say "up to £300 of savings" - clearly he does not believe he will achive the promised £300.

Again on Kuessberg, Victoria Derbyshire called Miliband out on the £300 pledge, saying that he had not pledged to put prices up in the meantime by £300 to achieve the promised savings by the end of the Government's term.

Miliband is clearly deluded and his own inner circle will not tell him the truth in fear of their jobs and if they are telling him, he is not listening.