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Imagine the screaming media if independence day was actually 2 months away. And imagine how stupid they'd look when things were completely fine after. All we can do is imagine...

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2nd hand information but I was discussing this with my cousin last week who works for a steel pipe supplier to the O & G industry and he was saying that it costs circa $35/barrel simply to extract it from the North Sea so if it's being sold for $32.50 we have a serious problem.

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Yeah Saudi's posted the largest deficit in their history, i put it up in another thread somewhere. The big squeeze still ongoing.

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Word out of Angola from ex-colleagues is that things have gone badly tits up. But it was an appallingly run country with zero Plan B, and most of Plan A involved lining the pockets of the kleptocracy.

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2nd hand information but I was discussing this with my cousin last week who works for a steel pipe supplier to the O & G industry and he was saying that it costs circa $35/barrel simply to extract it from the North Sea so if it's being sold for $32.50 we have a serious problem.

Depends on the operator/field etc. Apprently some organisations were geared up for a mimimum of c.US$80 barrel oil in order to be profitable.

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Yeah Saudi's posted the largest deficit in their history, i put it up in another thread somewhere. The big squeeze still ongoing.

Aye, a massive 15% of GDP which is about 3 times the deficit to GDP ratio of the UK. I think most economists reckon about 3% of GDP is quite sustainable. It will be interesting to see how long the Saudis can sustain this.

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Heard a quote on the radio earlier:-

"The Stone Age didn't end due to a lack of stone. We are nearing the end of the oil age".

Indeed.

Lucky that we invested all that oil money into a rainy day fund really.

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Aye thats roughly what iv been told 30 dollars a barrel and the northsea breaks even

2nd hand information but I was discussing this with my cousin last week who works for a steel pipe supplier to the O & G industry and he was saying that it costs circa $35/barrel simply to extract it from the North Sea so if it's being sold for $32.50 we have a serious problem.

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2nd hand information but I was discussing this with my cousin last week who works for a steel pipe supplier to the O & G industry and he was saying that it costs circa $35/barrel simply to extract it from the North Sea so if it's being sold for $32.50 we have a serious problem.

Not so high lifting costs on many platforms, for example the forties lifting costs are around $11-$18 per barrel.

Bp for some reason has a reputation for having higher lifting cost. Maybe it is to do with having a lot of management/supervision for each asset. Who knows.

I may also add that the UK Government was taking around 81% in total tax on each barrel lifted until recently where they cut the tax by around 10% I think.

Edited by antidote

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One Aberdonian I know reckons the city will end up like Detroit. Bit gloomy but that is their mood.

I don't think Aberdeen will ever produce great techno.

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If i were the UK government i would be looking at the possibility of nationalising some fields who's owners come into difficulties,on one hand the will get a cut price deal on the fields and the other it will "damage" the independence movement as the uk will own the oil...

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One Aberdonian I know reckons the city will end up like Detroit. Bit gloomy but that is their mood.

at least we might get some tunes from them

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