Member Info for Dumbly

https://www.thetimes.co.uk/article/3b08339c-d3c5-11ed-b5c3-54651fc826e9?shareToken=a07acebc9d32af62ebf17ade3433120e

oops, that's from The Telegraph

https://www.telegraph.co.uk/business/2023/04/05/north-sea-operator-blames-windfall-tax-as-it-axes-350-jobs/

Re the EPL/floor the Minister said taxation was.... "a matter for the Chancellor", but added he will work with his colleagues at the Treasury "to ensure we do have a framework which incentivises investment and facilitates the transition." and "I speak quite regularly to oil, gas and renewables companies and I make sure that the messages I pick up are shared with colleagues so that we have the right business environment to align with public interest objectives".

https://www.energyvoice.com/oilandgas/494977/energy-minister-hosts-candid-sector-discussions-during-aberdeen-visit/

Herman, don't forget to reduce the price per barrel received for the hedging costs and, maybe, add something in for Kraken premium.

Easter break could be a good week to slip out a low-key announcement of mods to the EPL. Following the OPEC+ cuts the essential need for energy security could be underlined.
But… can such a change just be announced by the government?

"Ministers’ original idea had been to announce plans for technologies such as carbon capture and storage in the UK’s oil and gas capital. As per the occasion’s rebranding, there was to have been a nod towards the here and now as well as the future. A softening of the windfall tax on fossil fuel production was to have been included — possibly accompanied by a decision to go ahead with Rosebank, the North Sea’s biggest undeveloped oil field.

But the government is still haggling over the windfall tax with operators such as Norway’s Equinor and London-listed Ithaca, Rosebank’s owners. The timing slipped. So energy secretary Grant Shapps ended up delivering his fearless pledge to stop Vladimir Putin holding us to “energy ransom” again from a Battle of Britain bunker just off the A40."

The fact that the oil and gas windfall tax is being redrawn less than a year after it came in shows how flawed it was in the first place.
https://www.thetimes.co.uk/article/never-mind-inflation-reduction-we-need-a-tax-simplification-act-xrfz9jhk8

mrc, or… when you don’t see it you’ll believe it :)

And a counter article: https://dailysceptic.org/2023/03/30/net-zero-is-coming-apart-before-our-very-eyes/ If what it says about “Net Zero Watch says its recent Energy Department FOI “revealed that offshore wind farms and other generators are under no obligation whatsoever to take up their CfD options”, then the “9 times cheaper quote” is even more ridiculous. Maybe Dr Simon Evans at Carbon Brief would find it harder to avoid questions from The Daily Sceptic?

Also worth looking at: https://dailysceptic.org/2023/01/20/green-movement-is-not-about-planetary-crisis-but-a-crisis-of-meaning-for-the-affluent/. It does feel like the “Green Movement is Not About Planetary Crisis, “But a Crisis of Meaning for the Affluent””. The politicians/scientists/economists need to educate from a position of facts not ideology. Probably too risky a strategy for a mainstream politician to adopt although it would certainly differentiate and a popular backlash appears to be emerging against “ the climate extremists and their virtue signal” and “when the electorate twigs that it is their holiday, their car and their beef steak that is under threat, they can cut up rough”.

Where to begin…
It would not surprise me if this guy was disappointed no EPL floor was announced. Then he could have added something like anyone who invests in hydrocarbons is actually a human blood drinking lizard in disguise.
https://www.theguardian.com/commentisfree/2023/mar/29/uk-green-day-fossil-fuel-dirty-money-sunak-renewables?utm_source=cbnewsletter&utm_medium=email&utm_term=2023-03-30&utm_campaign=Daily+Briefing+30+03+2023&fbclid=IwAR1UozLu6WxSljYiU943q5qidsQBJvFQnVXLptS1zmWRJNWgFqcTH8OGCZA

Just saw that Starmer is now saying a proper NS levy could fund a council tax freeze. This EPL appears to be miraculous as seems it can fund anything and everything . Why not make it 175% and backdate it to 1950 and then it can pay off the government debt and give all a wage whilst not working.

Correction: Sunak introduced the EPL (to try save Big Dog), but in his role as Chancellor, and Hunt increased and extended it (to save the economy and the Tory party).

Today’s announcement is about ramping up renewables and dampening down fossil fuel use.

Maybe they did not want to divert attention, and give Miliband & co the possibility to make “Fossil-fuel Thursday” type jabs?

As Hunt introduced the EPL, and as Chancellor, it would be for him to announce any changes. Maybe something next week?

Therapist, is delusion a suitable treatment for the pain?

https://www.gov.uk/government/news/shapps-sets-out-plans-to-drive-multi-billion-pound-investment-in-energy-revolution

Thanks, Stevo. It was my understanding, from something you posted before I think, that Enquest has no choice but to follow the same reporting method as used by Harbour. Agree with your concerns about the consequences if no EPL floor.

Jan, this is why your statement "Enquest 2022 results will be very very profitable", which I interpreted to mean the net profit Enquest reports, may not be correct.

Interesting to hear it being reported tomorrow's presentation could now be called "Powering up Britain". Read into that what you will.

Jan, if Enquest 's 2022 profit was $10million that would be a whopping 25% more than Harbour's, but I would still not call that a very very profitable 2022 result for Enquest.

Jan, for the EPL will Enquest use the same accounting method as Harbour? And, if they do, would Enquest's 2022 results be very very profitable?

It would be a "crazy" choice, but maybe the way for the UK to feel better about itself and pay it's share for "climate justice" is to stop producing hydrocarbons and let other producers supply India and China:
https://oilprice.com/Energy/Energy-General/Cheap-Oil-Is-Fueling-Economic-Development-In-Asia.html
The US certainly is not prepared for now to reduce HC production:
https://www.cbsnews.com/news/biden-approves-willow-project-oil-drilling-alaska/

These scientists may say "two wrongs don't make a right" and that the UK should take the lead, but they are not in charge of ensuring the UK population maintain, or at least don't go too far back, regarding their standard of living. It is hard to help others if you're struggling too much yourself.