Member Info for DiveCentre

Aoka Mizu has just departed Lancaster. Showing destination Belfast.

Reported in the Times today that Streeting has expressed support for NS drilling. Will be interesting to see if it gathers momentum.

I am negative because there is no positivity in this.

James instead of moaning about the negative you should

https://www.youtube.com/watch?v=5Qk9o_ZeR7s&list=RD5Qk9o_ZeR7s&start_radio=1

If memory serves me Sunak announced the windfall tax following Shells results in 2022 and calls by both Labour and the Liberals for such a tax. It was conveniently ignored by those making the calls that most of Shells profits came from their worldwide operations and therefore beyond the scope of UK taxation. Sunac and the Tories were not keen to introduce it but it was politically expedient. It was introduced at a rate of 75% and had a sunset clause which would have ended the measure in 2025.

Following the 2024 election when Labour came to power the sunset clause was abandoned and the rate increased to 78%.

It is somewhat perverse to blame the current situation on the previous government. Had the Tories not introduced the tax it is a guaranteed certainty that Labour would introduced it in some form or another following their electoral success in 2024. What has further stymied Buchan is the scope 3 emmisions test as a result of the Finch ruling in June 24. Had the Tories remained in power legislation could have been introduced to deal with this. Under Labour with Miliband in charge of energy the court ruling is a convenient way of stifling NS development.

Eskibeater

We were shafted by Maris and Chaffe who treated the shareholders like the dog faeces. Remember their intention to give away the company to the bond holders and the failed court application. Prax took advantage of their malfeasance.

Maran Nanson has arrived at Lancaster for what must be the final offload before the Aoka Mizu leaves the field. A very sad end to Robert Trice’s dream.

Is this the writing on the wall for Miliband?

https://www.telegraph.co.uk/politics/2026/05/01/starmer-immigration-oil-set-to-hand-snp-victory-scotland/

Brent is now at 115$ following reports that Trump has instructed aides to prepare to extend the ongoing blockade of Iran's ports, in an effort to squeeze the country's economy.

Hi Laser,

Are you still ship watching?

Https://www.telegraph.co.uk/business/2026/04/10/north-sea-oil-prices-hit-record-high/

“The price of cargoes of oil produced off the coast of the UK surged to nearly $147 per barrel as traders rushed to secure supplies.”

Https://www.telegraph.co.uk/world-news/2026/04/08/iran-war-latest-news-trump-us-ceasefire-strait-of-hormuz/

“Iran has stopped oil tankers passing through the Strait of Hormuz, breaching the terms of its ceasefire with the US.”

So much for Trumps bombast. All he has done is left a despotic regime in control of the gulfs oil supply.

Https://www.telegraph.co.uk/business/2026/04/08/tankers-to-avoid-strait-of-hormuz-despite-us-iran-ceasefire/

How long before the market realises there will be no return to normal. Trump may or may not have capitulated but Iran has been emboldend.

Miliband has strong support from the labour left simply because he is the only major leftwing minister in the government. Also the net zero policy has substantial support among labour MP’s. Last September Starmer asked Miliband to leave Energy and move to Housing. Miliband refused and instead of sacking him Starmer left Miliband in place. Why, because Starmer is too weak to stand up to the perceived left wing backlash. You might ask why Starmer thought Miliband would comply with his request when he knew that sacking him would be problematic. It suggests he failed to understand the extent of Miliband’s intransigence.

As recently as last week Starmer admitted that Miliband has unfettered control of his department. So what will force Starmer to take control and either sack Miliband or take control of our energy policy?

The longer this war goes on the risk to energy supply will continue. Going into the summer the demand for gas will reduce but not for oil. The cost of petrol and diesel will continue to increase and at some point there are likely to be shortages. Increased fuel costs will impact the price of all food and retail goods. Even if Hormuz was opened today there will still be a reduction in supply lasting many months if not years due to the damage to production facilities in the gulf countries. This brings the real possibility of fuel rationing along with sky high prices and the only question then is how long could this situation continue before the public demand an end to net zero policies.

Starmer: It’s up to Miliband whether we drill in North Sea

https://www.telegraph.co.uk/politics/2026/03/25/politics-latest-news-pmqs-keir-starmer-kemi-badenoch-iran/

We have a new PM

News reports indicate that war damaged gulf production infrastructure will take years to rebuild.

So like it or not Europe and the UK are going to become more dependent on American oil and gas in the coming years. If European leaders have any sense (and I am thinking particularly of Merz and Meloni) they should have a quiet word in Starmer’s ear and tell him to maximise North Sea production.

As a substantial holder I have no plans to to sell before the results.

Further evidence that Miliband is the de facto PM.

But not were is really hurts, Trump won't hit the oil instalations because cannot afford to see the oil price escalate.

How wonderful, just a shame we have nothing to sell.

Dgdg1

For the EPL to be removed both the average oil and gas prices over a six month period need to fall below specified levels. For oil the price level is $71.4 and the average price has been lower for well over six months. It is the gas price which has remained well above the threshold price of £0.54/therm that has kept the EPL in place. Even before this latest conflict the gas price was averaging £0.90 and barring some miracle there is no prospect of it falling below the treshold level before 2030. I suspect Reeves would like to abolish it now but whilst Miliband is running the government it won’t happen.