Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Sir Jim Ratcliffe has warned that taxing the North Sea oil and gas industry “to death" threatens future investment spent on upgrading Britain’s key pipelines.
The billionaire owner of British chemical company Ineos criticised the Government's decision last year to introduce a windfall tax on North Sea producers.
Speaking to the Financial Times, Sir Jim said the Government was playing “primitive politics” when it increased the taxes from 40pc to 65pc and then 75pc.
“Taxes are now so high that profits no longer fund future investments,” he said.
“What the country needs is energy security, which means encouraging developments in our strategic energy reserves in the North Sea. There has been no thought given to the long-term consequences of this ‘tax it to death’ move.”
David Bucknall, chief executive of Ineos’s energy division, said the company would instead welcome a “price floor” on the windfall tax, which would remove the levy if oil and gas prices fall below a certain level.
The windfall tax was introduced by the Government to help support British households, who faced surging energy bills because of higher wholesale oil and gas prices after Vladimir Putin's invasion of Ukraine.
However, gas prices have fallen dramatically since last summer.
Sir Jim's comments follow warnings from energy majors, including Shell and Total, that the levy risks harming investment in Britain.
Earlier this year, Harbour Energy claimed earlier that windfall tax had all but wiped out its profits.
The North Sea’s biggest oil producer said it was looking to grow its business outside of Britain. Chief executive Linda Cook said higher tax rates have “disproportionately impacted” UK-focused drillers.
Harbour added that it had cut its spending plans for the UK for the year, with some opportunities “delayed or no longer being progressed”.
It won't happen unless JOG get another farm out .....Ithaca can do it on there own That's the bottom line !
Eh....Cambo 70% owned by Ithaca. BP fleeing the North sea yet are extending there projects West of Shetland...Why
cause oil is in abundance.
Bull****.... They are only guessing how much Cambo has to develop causevits a monster.
Clair still pumping Clair Ridge extension and also another in the pipe line
North sea but a mill pond environment West of Shetland is the issue with development. Big Profit Big Oil Cash is King !
DiveCenter
Different set of rules for the West Coast ie time lines for developing licenses etc
Atlantic Ocean different animal to the tame North Sea ! North Sea
Correction.....Cambo is in the west coast of Shetland no where near North Sea.
How ever you do have your water depths correct all be it production wise Buchan but a puddle...Cambo more like Loch Ness !
He knows it......He also lives a moan !
Correct!
Cuckoo !
Platypus first
I would believe TC long before your own patronising attitude to Parkmead !
Mrc mrc
statement from Tom proves you wrong yet again
Parkmead has worked closely with its joint-venture partners on the fast-track development of the LDS-01 gas discovery. The initial performance and recent reservoir modelling of the well are very encouraging, and we are achieving higher than expected flow rates of both dry gas and gas condensate.
£1
Dr Nick Richardson, NSTA Head of Exploration and New Ventures, said:
“We have seen a strong response from industry to the Round, which has exceeded application levels compared to previous rounds.
We will now be working hard to analyse the applications with a view to awarding the first licences from the second quarter of 2023.”
There's still the 33rd of licenses to be announced.Platypus reinstated and much much more opportunities.
ST thoughts over the last few months have been working back to front.
Shouldn't be a problem to source it's only half the length of your tongue !
Nailed on !
Why try to explain......When you first came to this board you came across as having low intelligence,Now you appear to have turned your intellect round..
I wouldn't give you a nod in the desert .Goodbye !
Ulterior motive or what.
Which company in this world turn away massive profits to concentrate on long reach wells.