Member Info for romaron

Well today's RNS has already cratered that headline. Sweet 14 and falling is today's [headline]. If we aren't drilling Kraken then it is bad news for Bressay/Bentley and the UK. Sweet 14 doesn't have the same ring about it and is anyway in Gary Glitter territory.
Mind you the way we've been treated we might use some of that legislation to argue our case. We have been well and truly f*cked without our consent. I am left wondering, in this 'new age' of woke politics, where the next 'money tree' will be found? I would advise people not to get old or ill.
I expected a grim statement from EnQuest because anything positive is likely to attract political piranhas who feed off 'obscene profits' and we have the smiling hangman's Spring Budget in 26 days. I hope the industry has collected facts and data to argue their case because presently the term "energy security" is an empty phrase.
Plenty of whingeing today on here but understandable as we have nowhere else to go to express our anger and frustration. Meanwhile, both parties should pay attention to Dickens. “Annual income twenty pounds, annual expenditure nineteen nineteen and six , result happiness.
Annual income five pounds (due to less oil tax revenues), annual expenditure twenty two pounds ought and six (inflation adjusted), result misery”.
Before anybody says my sums don't make sense I would just say Ed Miliband thinks they're fine. Five pounds is really twenty five pounds because costs are now negative and anyway it's the Tories fault.

Actually I'm doing some historical research and windmills were being used in the UK in the 12th Century. I'm trying to establish why they moved away from them to coal and steam because they definitely had wind in those times and I'm pretty confident it was FREE. I think though in those days coal wasn't 9X more expensive and in fact you got cheaper and more accessible energy with steam power. Now, with the reverse alchemy of the renewable industry you can wish a number that even Vivienne Westwood (RIP) would be happy with. It has totally transformed the economics of the industry. I hope that helps.

Pathetic today. Even the algos are spending more on power than they can possibly earn betweem 21.00 and 21.05. Hardly worth switching them on.

No special reason but came across this while browsing. Based on market cap.

https://www2.deloitte.com/uk/en/pages/energy-and-resources/articles/uk-upstream-independents.html

I'd like to see a list of oil and another for gas. If BB ever happens we will be eligible for the Champions League.

I disagree. You don't have to 'suck it up'. The mood is being fed by lies and a misunderstanding of the industry. We become immune to headlines like 'obscene profits' when the attack is actually on the word 'profits'. To the worker's cooperative mentality all profits are 'obscene'.
I have sent 2 letters today by recorded delivery to my MP and Sadiq Khan. They will have to answer within 20 days. They will obfuscate but I will post their reply. They are making mistakes and losing their wiggle room. I may sound like a broken record but the "9X cheaper" quote will bite them in the ****. There are other areas and collusion is everywhere except it seems in rebuffing the half-truths and lies about renewables. Where's my cheaper electricity?

*excellent post Dumbly, I am having some success with my direct action. If enough did it the narrative would change.

Sweet 16: The key North Sea projects due to come onstream before 2027

Analytics and consulting firm GlobalData has amassed a list of the key projects due to begin flowing during that timeframe, as well as estimates on total production capacity.
All in all, 94 oil and gas projects are expected to commence operations in the UK before 2027, the vast majority of which (61) will be upstream.

Rosebank, Cambo, Seagull, Penguins, Bentley and it sister Bressay, Jackdaw, Mariner East, Tolmount East, Verbier, Victory, and minor ones Tain, Southwark, Pierce, Senna, Platypus

Bentley
EnQuest (LON: ENQ) acquired operatorship of Bentley, as well as its sister site Bressay, in 2021 – both oilfields lie around 85 miles south-east of Shetland in the Northern North Sea.

Source: Energy Voice today

*I'm sure that GlobalData has a motive or been asked for this information. Little is unintentional.

Fair enough Juan but volume today was pathetic and has been for some time. A positive update could change all that and I still think this is a good time to move from whingeing to decision time. The company will not give false hope and has always dampened excitement. AB is not a David Lenigas.
We need two things to happen. An olive branch to the industry which I expect because politicians always revert to self-interest eventually.
And we need to wait for the update and make a concerted approach to the company before the AGM.
There are always a lot of moving parts but we'll have a couple of months to gain representation.

This in today's Times from a Leader: "So far, the cupboard has been far from overflowing on policy. Sir Keir's penal instincts were again in evidence in one of his few solid offers, the removal of tax exemptions benefitting private schools. Braver, given continuing energy insecurity in the wake of the invasion of Ukraine, is his commitment to fossil-free electricity by 2030. But, aside from green investment, Labour remains coy on spending, castigating Rishi Sunak's government for economic mismanagement while refusing to be drawn on specifics."

That is the first time I've seen this (I may be wrong). These articles are not without input from the parties. I detect a small walking back of some statements. Fossil fee electricity is already here, or as close to, most days. It is an easy promise/target. It isn't the usual lazy headline/soundbite chosen by the more excitable press and activists.
In his New Year speech, Starmer pointedly said "renewables are 9X cheaper than IMPORTED fossil fuels".
This is an outright lie and it will be a useful bargaining tool that they have allowed the Labour party to be dictated to and led by unproven slogans created by activist groups. The next few months will be the most important for LTHs of EnQuest.

*The resignation of Nicola Sturgeon could be a catalyst for a change of narrative regarding O&G.

Jocks, is there any group in Scotland that is prepared to take on the Greens and juststopoil from spreading lies that would accept an English member?

So far we have at least 3 Scotsmen on this board and there's more I'm sure. I couldn't care less what party or creed you align with as long as you're unequivocally for the transition and understand it relies on fossil fuels for the foreseeable. Most decisions it seems are London based so I'd rather hand energy to the Scots who understand it better imo. At least we might get a shake up and some grown-up talk about the future of UK energy.
I was listening to LBC earlier and I heard that although CARE in Scotland is FREE the catch is that is hard to receive. I imagine it relates more to the elderly and this is what angers me. They want to create a better society but close down the ability to pay for this 'better society'. I think they should ask the recipients their views and let them have a say in how the money is collected and spent.
I grew up in smog, prepayment meters and parents running out of money at the end of the week. We're hardly living in a 3rd world country but some of the guff politicians and activists talk is risible and self-indulgent.
Jim Ratcliffe said it all when giving his views on energy "They listened to Vivienne Westwood and a few noisy bloody demonstators about shale."

*my father was actually born in a part of London known as Ratcliffe. I hope it's an omen.

Hi Zippy - I may have got you and Scooby mixed up. I know you're Scottish, I'm not so sure about Scooby now. I know mrc is Scottish too and it's good to have you aboard because of the strong Scottish influence on the O&G industry. My first reaction was that though not totally unexpected the repercussions could be game changing longer term.
There is still a lot of revenue left in the North Sea and both countries have problems with health and education without mentioning defence and the parlous state of our military.
I'm fairly apolitical though I did join the Labour party last night but that is more to give me a scintilla of credibility when I write to them. I'm assuming they will be next in power and 9X Ed is a very dangerous individual to our investments. They are currently the party spreading most lies and half-truths. The Tories have just f*cked up big time over Brexit and choosing a selfish buffoon to lead them (BJ) . The O&G industry isn't even a shuttle**** between them any longer. It is a scapegoat for both to abuse. If you were the CEO of an O&G company would you have any faith in either English party?

So Scooby - does Scotland move Left or Right? My tuppence worth is that in English eyes you are all unreconstructed Lefties anyway but I think it's more the accent. I'm hoping Scottish pragmatism will win the day and pressure to keep oil for the transition will win out. I mean if the English don't want it you might as well take it! Makes sense to me to earn from it as an essential for a managed transition and that abused phrase "energy security". The English want to import oil from our "friends" abroad or go back to an agrarian society.

Biden yesterday. Talking his book.

Today "UAE Says More worried About Oil Supply Than Demand For Next Year (Bloomberg). Also talking his book.

Build It And They Will Come - also taking my book as our various trolls do too.

I liked this "As it stands, government policy risks eroding the business case for several of RWE's UK projects, he warns.

“You have got a great investment environment here in the UK. Why are you starting to risk it for no real reason?”

"Only £3bn of RWE's £15bn British investment plans have reached FID."

FID - any new reader or younger ones here might be unaware of this old fashioned term. It used to be quite common and stood for 'Final Investment Decision'. It is the time you do your business or get off the pan. The time where contracts are signed and big orders made. I do like a bit of history.

Some gems in there Dumbly: "At the time, Greenpeace said that Shell had funnelled billions back into shareholder pockets"
Er, isn't that what business is supposed to do? It might surprise Greenpeace that companies either close or leave these shores if it is not possible.

“Companies operating within the UK already face a 75 per cent windfall tax on profits made in UK waters – the highest for any industry. That means the UK government is actually the biggest beneficiary of the high prices generated by the Ukraine conflict.”

“The key point here is that multinationals like Shell and BP are not single companies but groups, with multiple overseas subsidiaries. Most of their profits are made in other countries which is also where those profits are taxed. The UK cannot then impose a second tax just because the group has its headquarters in the UK. If we did, they would all leave,” added Tholen.

-------------

I like Mike Tholen of OEUK. I will write to him and I suggest others do too.

"‘Our sector is suffering’: OEUK boss reflects on first weeks in post" Well Deidrie Mitchie's replacement David Whitehouse would say that wouldn't he but it is hardly accidental when they mention names. In the Energy Voice article further down is this:

It comes as EnQuest said the North Sea is no longer its growth area, while Harbour Energy has blamed the windfall tax for Aberdeen job cuts.

“Under these circumstances, it’s hard to envisage a successful transition. We need to fix that,” he continued [I assume DW].

My point is that is this the journalist building on AB's quote to CNBC where he was alleged to have said off camera on future growth "it was the NS, now possibly Asia"
https://www.cnbc.com/video/2023/01/17/the-uk-is-fiscally-unstable-says-enquest-ceo.html
It was in the first seconds but AB never denied it. He also never confirmed it.
-----------------

Some of you youngsters have a better memory than me. Can anybody remember EnQuest saying "the North Sea is no longer a growth area" elsewhere?

"LONDON, February 10 (Reuters) - U.S. gas prices remain stuck at some of the lowest levels for 30 years (after adjusting for inflation) in a signal to dial back new well drilling and maximise combustion by power producers."

That helps puts a cap on LNG so maybe the energy security for electricity is out of the ICU and the last remaining excuse for the EPL. It now just looks spiteful and a warning to businesses to stay away from the UK. Of course LNG is dirtier and more expensive than using NS gas but that won't worry the climate activists. As long as the US plays nicely along with the Middle East it all seems hunky-dory (the last time the US helped us out after WW2 it only took 56 years for us to pay them back). Looks like the politicians want to destroy the O&G business and hand competitive advantage to others.

*any sign of energy bills getting closer to 9X cheaper?

WTI in contango until July. I like that.

Why bother mrc. Send it green - I did within a few days of its arrival. They've got the A sorted but struggling with the I. Utterly pointless drivel with a constant deramp bias.

Agree with all of that mrc. SVT is real estate with potential whilst your comment about board meetings and people in the right geography means that the day-to-day stuff is often prosaic and you shouldn't read too much into it.
AB is too wily to be trapped by a comment or proposal however tempting it is. I think the company is aware of shareholder's feelings and requirements.

Build it and they will come.

correction - "isn't it about time the renewable industry had the stabilisers taken away from them." Bit of a cliché but there is a certain ring to "level playing field". I'm fed up with kicking uphill against the wind.

"Westminster’s intervention in the electricity market risks “mothballing a series of multi-billion pound” green energy projects, a major investor has warned.

Community Windpower says the “US and EU are doing all they can” to attract renewables spend, while the UK is “doing all it can to deter it” by imposing the electricity generator levy (EGL)." m Energy Voice today.

Talk about cake and eat it. They are raking it in with 9X the profit according to the Shadow Secretary of State for Climate Change and Net Zero but don't want to pay higher tax on it. Isn't it about time the renewable industry removed the stabilisers?

Hi Pelle - I'm too old and lack the flexibility to pretend that renewables are our future. We don't own SVT anyway. We're part of a consortium. So we have a TINY commitment to Hydrogen and that's how it should be. Follow BP and Shell with tokenism whilst others waste a fortune on dreams.

*some even claim that renewables are 9X cheaper than fossil fuels. Stanley should put that on his placard.