Salmond and Sturgeon Want the English Fish for More Fat Subsidies

Generali

HAMISH_MCTAVISH wrote: »

Holy Cow!

A new field producing 10,000 barrels a day.

Crikey.

Well that changes everything....

We "only" need to find another 2000 oil fields like that to replace the 2 million barrels a day of production lost since 2005 alone.:rotfl:

That's revenue of $370,000 a day (before costs of c. $600,000 a day).

HAMISH_MCTAVISH

Generali wrote: »

That's revenue of $370,000 a day (before costs of c. $600,000 a day).

Amazing.

So with taxation being dependant on profits (and that field is losing money), and tax incentives in place to spur on new exploration (which the oil company will doubtless use to offset profits from other fields), that new field has actually reduced oil revenue to the government by a fair bit.

Maybe Shakey can do the maths for us....:D

Rainbowgirl84

HAMISH_MCTAVISH wrote: »

Amazing.

So with taxation being dependant on profits (and that field is losing money), and tax incentives in place to spur on new exploration (which the oil company will doubtless use to offset profits from other fields), that new field has actually reduced oil revenue to the government by a fair bit.

Maybe Shakey can do the maths for us....:D

Perhaps you should redo yours?....:D

Mistermeaner

Blah blah blah newly engaged and energized youth polls twitter blah blah blah

HAMISH_MCTAVISH

The SNP’s economic case is draining away

With the oil price at its current low, an independent Scotland would face a fiscal “chasm”

The Office for Budget Responsibility and the Institute of Fiscal Studies both reckoned in April last year that North Sea revenues would come in at around £600m-700m a year.

The IFS estimated as a result that Scotland would run a budget deficit in 2015-16 of 8.6 per cent of GDP: the equivalent of a financing black hole of £7.6bn...

A rise of roughly 23p on the basic rate of income tax.

http://www.prospectmagazine.co.uk/blogs/george-magnus/the-snps-economic-case-is-draining-away-saudi-arabia-iran-middle-east-european-union-referendum

tberry6686

HAMISH_MCTAVISH wrote: »

Holy Cow!

A new field producing 10,000 barrels a day.

Crikey.

Well that changes everything....

We "only" need to find another 2000 oil fields like that to replace the 2 million barrels a day of production lost since 2005 alone.:rotfl:

For those that know little about the oil industry
A 10,000 bbl a day field in the UK is very small fry. It's quite common for single wells to be producing more than that per day in the North Sea

Thrugelmir

Shakethedisease wrote: »

In other words... OMG production has gone back up. Saudi and Iran and making things look 'volatile' prices up and down over the last few days. So better start shoehorning in 'dwindling supplies' and 'last few drops' back into the narrative...just in case.

Don't underestimate the real antagonism between Saudi Arabia and Iran. The Saudis will maintain low prices to hurt Iran. Heading for $20 a barrel at this rate.

Generali

Thrugelmir wrote: »

Don't underestimate the real antagonism between Saudi Arabia and Iran. The Saudis will maintain low prices to hurt Iran. Heading for $20 a barrel at this rate.

IIRC, the Saudis remain profitable all the way down to $6/bbl (not that they have the power to push prices that low).

What will be interesting is when shale oil companies in the US go bust and their assets are bought up at a fraction of their value. At that point, they will be able to get oil out of the ground for little more than the operational costs.

The oil squeeze has a way further to go yet and with it any chance of the SNP making any kind of coherent economic case for independence. Of course the bluster and spin will remain but ultimately it's just BS.

Shakethedisease

HAMISH_MCTAVISH wrote: »

Holy Cow!

A new field producing 10,000 barrels a day.

Crikey.

Well that changes everything....

We "only" need to find another 2000 oil fields like that to replace the 2 million barrels a day of production lost since 2005 alone.:rotfl:

Aww Hamish, don't make the mistake of thinking I posted that up for anything other than to counter your 'dwindling supplies' shoehorn. It was SO predictable from you.

There will never be enough oil in the world for you for there to be a valid independent Scotland. We both know that. However it IS time like you point out yourself ( dwindling supplies etc ).. to start the ball rolling in exploring alternative methods of energy production.

We also both know, that will never happen while Scotland is in the union.

Shakethedisease

HAMISH_MCTAVISH wrote: »

http://www.prospectmagazine.co.uk/blogs/george-magnus/the-snps-economic-case-is-draining-away-saudi-arabia-iran-middle-east-european-union-referendum

I love the way you do that all the time... completely out of context and without comparison with the UK's 'fiscal chasm'. Here, have a 'wee' graphic back.

Scottish 'Debt Mountain' is a Molehill

http://www.pieria.co.uk/articles/scottish_debt_mountain_is_a_molehill