Aberdeen mortgage market begins to stabilise in second quarter

damanpunk

I love how oil is spoken about as if its one big lake under the sea. Different wells will run out at different points, old technology will be upgraded with new in order to extract more reserves, low producing fields will become more viable with rising energy prices, decommisioning will last for 10-20 years minimum after its gone....

Worried? Not me...well not just yet anyway...

damanpunk

Good post Donald and not far off what I think myself, like you say keep riding the gravy train while its there. Btw, no shock there about Shell, sounds similar (albeit a tad more severe!) to what BP did a few years back... I can only speak for what I saw in BP but there was definately alot of pointless posts that were just a drain on finances....

IveSeenTheLight

donaldtramp wrote: »

I'd dispute that there is more to Aberdeen than the Oil. I don't see it.
I see no other viable industry in the NE that can carry the size of population up here.

It's been shown before the percentages that are directly involved in oil in Aberdeenshire and its relatively low.

I know that non direct work would also be affected, but I think you might be surprised to find out how much of the work offshore is carried out by non Aberdeenshire residents.

donaldtramp

It's been shown before the percentages that are directly involved in oil in Aberdeenshire and its relatively low.

I've also posted links that show just how dependant Aberdeen is on oil in another thread(I'll have a look). When you take out the retired, under 18 and the benefit class Oil jobs are very important as a percentage of the employed in Aberdeen/Aberdeenshire.
There are a few twitchy contractors I know who work at Shell.
Shell needs a good shakeout. I am surprised they make any cash out of the North Sea at all judging by the meetings about meetings they have and management by committee .
I still wonder what half the folk do up at their offices.

Anyhow, I don't think we'll have anything to worry about for a while yet;)

IveSeenTheLight

donaldtramp wrote: »

I've also posted links that show just how dependant Aberdeen is on oil in another thread(I'll have a look). When you take out the retired, under 18 and the benefit class Oil jobs are very important as a percentage of the employed in Aberdeen/Aberdeenshire.
There are a few twitchy contractors I know who work at Shell.
Shell needs a good shakeout. I am surprised they make any cash out of the North Sea at all judging by the meetings about meetings they have and management by committee .
I still wonder what half the folk do up at their offices.

Anyhow, I don't think we'll have anything to worry about for a while yet;)

I know people in Shell and am aware of the situation there.

What you keep focussing on is that there is a dependence on North Sea Oil. You say you don't understand any cash out of the North Sea, but let me re-itterate once more.

Most oil related companies working out of Aberdeen support the global oil market, not just the North Sea.

There is a movement to try and increase locally overseas the experience, but I can tell you as someone who lives in Malaysia (an previously worked on projects with local personal in Angola, Nigeria, Egypt and India), training up local Engineers, the different cultures do greatly affect this and in my opinion, it will be a long time (possibly decades) before the local communities there would be anywhere near self sufficient.

Until this happens, there is likely to still be a hige demand on the experience of people gained from working in Aberdeen, even without North Sea Oil.

And as you say, there is still probably at least 20 years of production in the North Sea, without taking into effect decommissioning, renewable energies etc

malkie76

They said there was 20 years left about 20 years ago - I don't think anyone really knows when the oil and gas will run out in the north sea stores.

Removal of the oil industry would have a disasterous effect on the local economy - to think otherwise is foolish. The tourist industry is dead (despite whatever Mr Kodona might tell you), and while the the fishing industry isn't dead it's nothing to what it once was.

Donald's golf course can't support everyone, and finally the football are terrible.