New Oil Find Announced - Anything Goes - Other topics not covered elsewhere - Tartan Army Message Board Jump to content

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If anyone is surprised at some of the post referendum news stories then they are off their heads. UKIP winning seats, prime minister turning devo for Scotland talks into talks about England, powers likely to be nothing great despite the promise and surprise surprise there's more oil.

Anyone who voted no deserves UKIP and more austerity. cnuts

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BP reveal the truth in their nice new giant billboard ad on the approach to the terminal at Edin Airport.

"In the North Sea, life begins at 50. After half a century we're still discovering more vital resources for the UK."

Any updates from Sir Ian?

Is that next to the ''This is home'' ad from RBS with Edinburgh Castle in the background.

Zip up the back, we certainly do.

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Problem is, in genral an "Oil find" means nothing - theres a massive disconnect (in time and propability) of turning an Oil Find into an Oil Fund, especially in the North Sea.

We could have an Oil find like this everyday for another ten years and it still wouldnt make it profitable for anyone to actually build the infrastructure to extract it and create any tax revenue for us.

At current Brent Oil prices, if we could get all the provable oil out the North Sea and then decommision all the assets to the required standard we would still be faced with a massive loss of billions.

Problem is the more oil finds we have (even if they arent turned into extracted oil) helps to keep the price below the magic $100 a barrell (or whatever is s these days) the industry needs to actuallymake a profit on the stuff.

Hence a Oil Find means very little

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