hampden_loon2878 Posted October 24, 2014 Share Posted October 24, 2014 You also hear that its getting more expensive to extract from the north sea but does this not actually help distribute the money more evenly into the economy instead of going straight into the pockets of the oil companies? There is more of a supply chain required, therefor more jobs 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 Quote Link to comment Share on other sites More sharing options...
DYLANGT7 Posted October 28, 2014 Share Posted October 28, 2014 (edited) in response to the above, Yes i guess it would if any of the companies take the huge investment to actually convert any of the finds to actual barrels of oil, will check later on the number of new fields open in the North Sea for comparison against these OIl finds the media likes to report each week. My gripe was all the facebook warriors that seem to be Oil experts that seem to think that just because it been reported in the AP that these automatically convert to barrels of oil. todays FT article has a couple of intersting points http://www.ft.com/cms/s/0/bcbe77dc-5e96-11e4-a807-00144feabdc0.html?siteedition=uk#axzz3HRbk1YlH particularly That Mexico the 6th lagerst oil producer in the world has had to redraft next years budget due to Oil Price volatility - something many said is a scare story. The fall in the price of crude has started to hit the earnings of big energy companies, in a sign of how the oil supply glut is reverberating across the global economy. BP and BG Group both reported a fall in third-quarter earnings on Tuesday, in part due to the drop in the oil price over the period. The average selling price of oil fell $8 in the three months to the end of September compared with $110 a barrel average in the previous quarter and in the third quarter of 2013. The price slump is also hurting the economies of some of the big oil producing nations. Mexico was forced to redraft part of its 2015 budget after the price fall upended its revenue assumptions. Edited October 28, 2014 by DYLANGT7 Quote Link to comment Share on other sites More sharing options...
Orraloon Posted October 28, 2014 Share Posted October 28, 2014 Could the snp put foward plans for an oil fund in the on goin negotiations, i am surprised this has not ben suggested They have. They have asked for full control of oil revenues. They wont get it, but if they did the SG could then use the revenues to set up an oil fund if they wanted to. Quote Link to comment Share on other sites More sharing options...
hampden_loon2878 Posted October 28, 2014 Share Posted October 28, 2014 Hurricane had a bigger find a couple of months ago than the one stated on this post, just west of the schehallion, my freinds father is the tool pusher on that driller and advised me to put shares on them Quote Link to comment Share on other sites More sharing options...
caledonian1 Posted October 28, 2014 Share Posted October 28, 2014 Hurricane had a bigger find a couple of months ago than the one stated on this post, just west of the schehallion, my freinds father is the tool pusher on that driller and advised me to put shares on them I hope that you didnt buy....their share price has slumped ever since...currently less than half what it was on news of oil (and lower than it was before Lancaster was announced) They simply have no funds and do not have the resources to bring this to production themselves....like so many smaller independents they are up for sale but there are no willing buyers out there at present. Quote Link to comment Share on other sites More sharing options...
hampden_loon2878 Posted October 29, 2014 Share Posted October 29, 2014 No shares were bought by myself, as i was told dont put money in shares you cant afford to lose, my freind on the other hand has thousands of pounds now pumped into then, he also has money on excite which own the bentley field, he also tried to get me to put shares on them but i did not although he sold it very well Quote Link to comment Share on other sites More sharing options...
Goozay Posted October 29, 2014 Share Posted October 29, 2014 Oil will pay for it all ... aye right, I've heard that one before! Quote Link to comment Share on other sites More sharing options...
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