Member Info for MPO818

Expected some today with the weak share price.

Having set out her plans to destroy the North Sea Oil and Gas sector:

Todays FT reports - Reeves has said she wants to create a "Canadian style" model with massive retirement funds investing in British equities and infrastructure.

With reports that successful British companies plan to flee the UK - what can possibly go wrong.

Some more reading

https://www.telegraph.co.uk/business/2024/10/07/ed-milibands-latest-net-zero-wheeze-is-a-load-of-hot-air/

Https://www.reuters.com/business/energy/bp-drops-oil-output-target-strategy-reset-sources-say-2024-10-07/

Moving away from the UK

In a letter sent last week to Rachel Reeves, the Chancellor, chief executives of 10 major auto manufacturers, including Volkswagen and Ford, pointed out that flawed EV targets meant that sales of diesel cars were rising again.

It might be November or it might be December, but we are very close to the point where diesel sales overtake EVs.

Outside of a lavishly rewarded public sector elite, no one in Labour’s Britain has any spare cash anymore. Diesels are typically both cheaper to buy and to run than either the petrol or electric equivalent.

At this rate, very soon we may well be burning coal to keep warm during the winter, once we figure out the heat pumps don’t work, and we don’t have any gas because we closed down all the fields in the North Sea. It is an insane way to run a major developed economy.

Thanks DU, I am encouraged by your posts and by the views of JIM333, however I remain fuming over the way Labour (and the tories before them) remain deaf and blind to the messages being put forward by the industry and experts. Huge profits are NOT being made by the sector. Our energy bills remain high despite energy prices being lower than before the Russian invasion of the Ukraine - Why? - In my view, because we are paying the price for the UK regulator allowing financial weak operators into the market, over 30 went bust and we are paying for it now. Plus being charged for this "renewables dream"

RANT OVER - back to the hot water bottle.

Https://on.ft.com/3XWhFLW

Interesting - Oil described as "the worlds most essential commodity" which can have a significant impact of inflation.

Yet we have a government (and the previous one) that seems determined to destroy an industry that has generated billions for the UK economy and has the potential to continue to do so for years to come - crazy.

I don't begin to understand these "Carbon Capture" projects, £22bn sounds a bit like HS2 to me. The Greens consider it as a delaying tactic on fossil fuels. I'm at a loss as to whether this impacts the governments policy for the North Sea oil industry.

Perhaps someone can shed some light on this.

This says it all

https://x.com/clairecoutinho/status/1841421815152853405?s=46&t=uz3in5yMdDdYvqnOjeh9vg

Https://www.bloomberg.com/news/articles/2024-10-02/totalenergies-says-uk-oil-tax-will-hurt-investment-operations?utm_source=website&utm_medium=share&utm_campaign=emai

AFC Energy is in a growth phase and looking to continue to scale up its manufacturing capabilities to meet increased demand for its unique hydrogen fuel cells. The net proceeds of the Placing and Subscription will be utilised to capitalise on the Company's existing commercial routes to market for its H-Power generators (specifically the roll out of initial orders from Speedy Hydrogen Solutions and, when placed, orders from TAMGO) and to support commercial development.

HAVE WE BEEN HAD OFF HERE?

Chips

80p end of year

You never actually mention which year - probably you will get it right one day, maybe after this Labour government.

Dividend was in my account at ii by 9am 29/9/24, highly recommend the platform.

Yep , only 194m shares in issue, this will fly one day. ATB

You mean it might get back to it's 10p issue price - ALBA sold it retaining 50% that has reduced every time GROC has raised and it is going to need a few more to achieve anything. For me if it was that good a prospect, someone with some money would have either done a JV or just bought it outright, it's value is peanuts. Lifestyle company springs to mind.

Considering a temporary increase in corporation tax of 8.5% and an 8% tax on share buy backs.

Reeves has ruled out increases in corporation tax, but the buy backs may well become a target.

Speaking in New York telling the world how the UK is a leader in Climate Change and he said how expensive it is all going to be and has said the UK will give financial aid to those who cannot afford it.

He has mentioned how billions lying in pension funds will be used to create huge investment in the UK.

Thank goodness they cannot get their hands on my pension - probably more news in tomorrows papers and the October budget.

When will the sector wake up and commence legal proceedings against the government (or the authority selling licences) to recover the capital costs incurred should the fiscal environment make project completely uneconomical. JOG has invested millions, and is/was poised to benefit from future production which is now in jeopardy due to the fiscal changes imposed by the licence sellers (Government). NEO and Serica must be equally aggrieved, having paid JOG millions to join the project and more millions within the last few months driving the project forward. The same goes for the Rosebank and Jackdaw projects.

"The legal challenge to the Rosebank and Jackdaw projects"

Campaigners argue the government should have taken into account the emissions generated by consumers burning oil and gas from fields, for example in cars, boilers and power stations. These are known as Scope 3.

Surely these emissions will arise whether the oil or gas is delivered by North Sea projects or whether the oil or gas is imported from USA. Russia, China or Timbuktu. What am I missing, this challenge (allowed by Government) will cost taxpayers millions and increase their "black hole"

Also wet and miserable in the north west today. Just read a story on Bloomberg of OPEC's intention to up production in December to no longer stimulate the price of oil. Their goal is to reduce the price of oil and increase their market share, this may well lead to the oil price going below the price at which WFT cuts off.

I just wonder if these have been paused to stop attention on them ahead of next month budget. The sector must be a Labour Party target.