Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
AIMOilKing,
Very good point on "ahead of a financially realistic plan for net zero and workable renewable source and associated infrastructure is in place"?
I would love to see any detail from any party on this.
It really does seem to just be "build it and they will come".
No detail, no numbers, no clue, no hope.
This is exactly the sort of clueless shambles that leads strife/riots/civil unrest/wars.
The assault on living standards will be terrible. I just don't think Joe Public appreciates this.
Apart from a very fortunate and wealthy small % of the population who maybe have an A EPC house, electric cars, ASHP/GSHP, their own turbine etc, the current net zero trajectory is a disaster for the public.
There may be a MASSIVE u-turn, but given the Petajoules of hot air emitted on the subject, it's unlikely.
I actually considered an electric car this year. The recent announcement from Toyota on solid state battery developments has put me off until they arrive. Of range could be double or weight reduced by several hundred kilos, then why but now? Affordable electric cars remain an issue, as does the cost of insuring.
Our diesel estate can do over 600 miles on a tank, is plenty fast and re fill in three minutes. I also work on it myself so it's pretty cheap to keep moving and it's ~5 years old.
We also had a second word burner installed recently and continue to renovate our home to hopefully EPC B levels, so net zero may not be that big a problem, in that regard we are very fortunate.
But for tens of millions in the UK alone, net zero may be the biggest policy failure since the GFC, if not 70s Britain?
Good points.
I saw a video of RedEd recently talking about UK's carbon free energy by 2030. Maybe it was from a link on here?
He and anyone who thinks the same is totally deluded, I have no idea how they can possibly state this. It's on levels of delusion of £350m/week for the NHS....
It does feel like we're going in to full rundown mode. I wonder if that's the plan so it can be nationalised? Or Sir Jim can appear and sort it all out?
Worrying times....and I'm starting to sound like KO!!
I wonder what or who is driving the NSTA now?
Gone are the days of MER....
This date of electrification is of huge concern.
Tie-backs have generally been a route for extending the life of older assets. Heather/Thistle/Dons/GKA being good examples of this.
But, these assets generally just tick over and aren't generally suitable (CAPEX-wise ) for electrification, it's just doesn't make financial sense. They could be upgraded, but I suspect the transportation tariff on a third party tie back would be unpalatable and kill the tie-back.
As a lot of future UKCS production "growth" would likely be tie-backs, I wonder what the net effect of this will be?
Doesn't sound particularly rosey. :-(
I wonder what
Don't be too down.
We've had a couple of time where the 60p party looked close, scuppered by the great COVID deception and the the great EPL farce.
A good barometer of stocks is the types of comments they attract.
We have lost all the cretins such as Neil Shannon, LSE2000, AMU and all the other brainvacuums that used to (dis)grace this board with their presence.
On a behavioural investing basis, surely that is at least a hold, if not a buy signal?
Cheers
Easily the most annoying things on the road now are the super hatches with the farty-pop-pop-bang-fart exhausts.
Generally driven by annoying youngsters, tearing around your local high street at 80mph whilst local plod are busy hassling some middle aged woman for a twitter crime.
I think I'll start selling home made stinger systems.
Romaron,
Rumours around town are that RH has a non-UK citizen better half. Perhaps she struggled with a UK visa? I'd expect not given our general generous policy to welcoming visitors long term but who knows?
But to summaries the RH/AB history;
(RH a founder of UWG and ultimately on the Acteon board after they acquired UWG. Don't think AB was involved there)
RH and AB Worked together at Petrofac, with RH founding Petrofac Malaysia
RH went on to form Nio Petroleum in Malaysia which ENQ acquired in late 2012.
RH then joined ENQ as international GM before becoming the Head of Capital projects, effectively Kraken PD. This was a great appointment after the Alma debacle.
Richard then bounced around and we had Neil McCulloch, Bob Davenport and other looking after the UKCS.
I did think that a COO plus and MD/GM for each basin was excessive. Maybe AB saw another cost saving opportunity? RH being the serial entrepreneur probably saw an opportunity elsewhere and they had a chat and that's what has happened.
Remember ENQ offshored some functions to Dubai, which I never saw the value in, so they (read AB) loves a minor cost saving.
Hopefully you've not heard anything that could be interpreted as nefarious beyond that?
Hopefully onwards and upwards!
On the back of that, I saw a post I think last weeekend, which questioned AB's ethical virtue in rather abrupt terms.
The post disappeared but it did make me think.
Why have any institutional investors not called for his head on the back of such dismal performance?
I personally hope that it's a sale and not a merger.
I initially bought mid 2015 but added during covid with the net result of too much of my portfolio is in EQ.
Would be nice to see a "return" after that time, not rolled up in to another entity generally unloved by the market, legislators and the public at large.
Unless the acquiring/merging company was paying out a fat dividend. That would be good.
Holy crapola, I would love to see a breakdown of those figures.
I had an argument recently with a rather unhinged colleague of a mate. I estimated that to upgrade the UK housing stock to too insulation and heat pumps the bill would be in excess of £500B.
I was called an idiot, a climate denier and an oil apologist. So much irony in all of those names.
But, said demented idiot insisted that heat pumps were £5k each and sheets of polystyrene for exterior insulation were not that expensive so no way it was more than £10k a house and anyone "rich" ie earning more than fifty grand should be subsidising the poor.
Would love to see the breakdown of the £127.7k!!! What type/age/size of properties were these??
We're currently renovating our farm house and as the wife (who is very skilful) and I are doing everything but gas and plaster, it's costing about ~£1.5k per room. Stripping all walls, reframing, DPC, re wiring, re plumbing, insulating, secondary layer of thin PIR to avoid thermal bridging, floor/ceiling insulation and any relevant air flow work, plaster boarding and plastering.
Our labour is obviously free, but I would love to see the material costs involved in those figures.
Example, by shopping around, we found 100mm celotex GA4100 for £42inc vat last year. Most other places it was £60-£100. Wonder if they have to buy from preferred suppliers for specially curated prices?
We also just had a number of windows replaced by a local specialist, with U values under 0.9 and they were not excessively expensive.
The mind boggles on how almost £128k could be spent on a retrofit?!!
It's a good point Tigar, you'd have to expect Amjad and Salman to be looking at every possibility of how to reduce the tax burden and make the company more attractive to investors.
If that means listing elsewhere and some clever way to pay less tax then go for it. UK gov is such a shambles then they can get f'ked.
Amjad must be wondering what his decade of £400k of donations has got him??!
Https://www.bbc.co.uk/news/uk-scotland-66013963
Interesting article and reasonably knowledgeable for a change.
The 4th and 3rd last paragraphs are unusually enlightening;
"Asked how energy bills are supposed to be falling by 2030, as it claims they will, Labour's answer is that renewable energy is already cheaper than gas-fired power stations.
But that's for turbines already installed, and the comparison is with gas at recent high prices. For decades to come, bills are going to be paying off the capital costs of many more turbines required, and the wiring to get offshore wind power to customers - itself a logistical and political challenge. Supply chains are stretched, and the industry warns that costs are rising".
Unusually prudent journalistic language and hopefully a sign of changing attitudes.
Unfortunate it was effectively a footnote in a BBC news -> Scotland article.
Every little helps!
(For once) maybe the unions can be a source of good on this situation?
Labour relies heavily on them for funding and the GMB and others have been very critical of any fiscal regime that reduces jobs in this area.
In this case are investors and unions aligned in a "the enemy of my enemy is my friend" situation?
Hopefully the Unions can exert some strong influence here and protect jobs of their members and others and secure the correct view from Labour to make it all happen.
looks like a temporary ****ting of the bed based on the downgrade actions of fitch.
with a 17m barrel draw, oil should be up up up!
Hi Romaron,
Yes, the Noggies are world leaders in offshore electrification; https://www.equinor.com/energy/electrification-of-platforms
Highlights are;
--------------------------
Oil and gas installations on the NCS emit approximately 13 million tonnes of CO2 equivalents
Over 160 gas turbines used for power generation on the platforms as well as flaring account for 84.6% of total CO2 emissions from the Norwegian continental shelf
In 2018, petroleum activities on the Norwegian continental shelf accounted for 28% of Norway's total greenhouse gas emissions
Operators on the Norwegian continental shelf pay tax on emissions. In addition to climate quotas, which are around NOK 250 per tonne, operators must also pay a separate fee of approx. 500 kroner per tonne. This means that in practice it costs about NOK 750 for every tonne of emissions
Electrification is an investment in both the climate and the sustainable future of the oil industry
Electrification of the Norwegian continental shelf is an expensive but profitable climate measure
Our Johan Sverdrup field has CO2 emissions of just 0.67 kg per barrel, compared with an average of 9 kg, thanks to electrification.
-----------------------
0.67kg/boe is excellent, and that's from Johan Sverdrup where they're producing I think about 750,000boepd!
On a side note KO, 41% increase in UK insurance - that industry needs a windfall tax!! 😂
Fingers and toes are crossed Dumbly/KO.
The most sensible think would be the banding basis that has been proposed, instead of the nonsense slab that is currently applied.
It could/should be sold as "when windfalls are made, taxes increase accordingly" but still allowing companies to make enough money to reinvest AND invest in the energy transition.
Too many people seem think the government is the best steward of money for Investment. Unless you're Norwegian or in some of the Arab states that's simply not true and a (regulated) market is far more efficient.
Of course I'd love a return to CT + ring fence, but that's not going to happen.
The biggest risk just now is what exactly Labour's proper windfall tax looks like. They have only shrieks this empty slogan with no detail.
A proper windfall tax would be banded, so as to only tax windfalls, but we all know that's not what RedEd means. He's a risk to national security and national brain power, never had to exist in the real world, classic Marxist and a chip off the old block.
Waiting with bated breath....
And remember that per penny of dividend will cost ENQ £18.8m - assuming all shares would have dividend rights?
I'd hope that 2p or more would be possible, it would certainly boost the share price and lower the yield but be a welcome SP boost for LTHs!
For us Scots, it can go towards the ASHP we shall have foist upon us by the Scot gov loonies
I think the powerful power unit on the FPSO itself may be a liability these days.
The steam boilers could burn crude or MGO if I remember correctly.
To get past the climate change checkpoint I'd imagine you'd need to have clean gas turbines or electrification these days.
A sale of the FPSO to another basin seems most likely, or perhaps a topside upgrade to change the power source?
Hi Romaron,
That cost, what exactly does that entail?
Is that a Victorian terrace with upgraded insulation, windows, heating system and heat pump to make carbon neutral or some such?
Eye watering figures!