Friday, October 26th 2012 - 20:25 UTC

Falklands estimates oil earnings at 25% of gross value of the resource extracted

The Falkland Islands Government (FIG) is likely to earn somewhere in the region of 25 to 30% of the gross value of the oil resource spread over an expected field life of 25 years, it was stated at a public meeting in the capital Stanley earlier this week.

MLA Edwards: FIG revenue from oil includes 9% royalty and 26% corporate tax on profits

Member of the Legislative Assembly (MLA) Roger Edwards said: “The principal sources of revenue to FIG are a 9% royalty on the market value of each barrel of oil sold, and 26% corporation tax on the profits derived from sales. In common with any business, there are certain costs which are allowable in assessing taxable profit.

“The final tax take therefore depends on the allowable costs claimed by operators in the course of exploration and exploitation of the resource.”

The actual total taken in any given year will depend on numerous variables including the prevailing oil price and the rate of production, both of which will vary over the anticipated field life of at least 25 years.

Also during a discussion relating to the oil industry MLAs noted that the nine per cent royalty was set some years ago.

They said it was considered very reasonable by the oil industry and was set at a consistent rate in order to attract the industry to an area that had at the time no proven oil resource. (PN)
 

Published in: Economy, Falkland Islands.
Tags: Falkland Islands, FIG, oil revenue, Roger Edwards.

34 comments Feed

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1 Think (#) Oct 26th, 2012 - 08:42 pm Report abuse
They haven't even shot the bear and they are already selling the fur!
Those Poms!
2 toooldtodieyoung (#) Oct 26th, 2012 - 08:55 pm Report abuse
oh think, Think!!!!

So much good news coming from the Falklands!!! you don't know which way to run!!!

I know you can't stand it!!!!

Must.......insult!!
Must.........try................and..............bring....... them........down!!!!!
Must............disagree....no.....matter......what....I....sound....like!!!
Got.......to....try.....and....confuse.....everyone.......even........me!!!!

LOL
3 Feathers McGraw (#) Oct 26th, 2012 - 10:37 pm Report abuse
@1 Much better than stealing somebody else's bear and then trying to sell the fur off that, don't you Think?
4 Beef (#) Oct 26th, 2012 - 10:44 pm Report abuse
Think - have you no concept of financial planning or full economic costing?
5 Lord Ton (#) Oct 26th, 2012 - 11:32 pm Report abuse
Maybe they know something you don't old 'un :-)
6 Conor J (#) Oct 26th, 2012 - 11:48 pm Report abuse
@1
Ah poor think and poor Argieland, are you upset that 3000 Brits in the south atlantic are becoming the richer then everyone else in South America?

'Dont cry for me Argentina!'
7 Steveu (#) Oct 27th, 2012 - 12:08 am Report abuse
@3 LOL - good point
8 CJvR (#) Oct 27th, 2012 - 02:39 am Report abuse
#1 & 3 - actually more like planning to steal the bear once it is shot, borrowing with the hypothetical bear as collateral - and then spending the entire loan while waiting on the bear to be shot. Then default and get the cart intended to haul away the bear after the heist impounded.
9 Think (#) Oct 27th, 2012 - 06:28 am Report abuse
(5) Lord Ton

You say:
Maybe they know something you don't old 'un :-)

I say:
They certainly know how to talk...., young one :-)
How's the shoulder.... and the blog?
10 briton the arse (#) Oct 27th, 2012 - 06:45 pm Report abuse
@6 Conor Isolde
not enough monies to build a decent hotel, no good restaurants, no airlines companies....
11 Rhaurie-Craughwell (#) Oct 27th, 2012 - 09:17 pm Report abuse
10......Then do explain the success of the islands tourist industry despite having a lack of the above?

You don't need a hotel, restaurant and airline if the majority of your tourist industry is sailing in via cruise ships.......
12 Clyde15 (#) Oct 27th, 2012 - 10:12 pm Report abuse
#10 Sussie
How do you know there are no good restaurants - have you been there, 0r are The house of pancakes and tacos your idea of sophistication?
Just sour grapes deary as they seem to be making a go of their tourism business.
Try to be bit more inventive with your posts - you have used this one about a dozen times and it still looks like a jealous loser with nothing new to say.
A minor point about your “bloody rubbish English”
Should be money not monies.
Should be airline not airlines
I expect to see an improvement in your next post.
13 Joe Bloggs (#) Oct 28th, 2012 - 02:25 pm Report abuse
I ate out in Stanley several times last week which is a lot more than my once or twice a month usual. There was enough choice to mix it up but I'd never say no to a few more restaurants. When's Caroline opening the old Brasserie back up? Does anyone know?

My eagerly awaited little something is about to happen and when it does investors and businessmen will have that extra bit of confidence they've so wisely been waiting for.
14 Pete Bog (#) Oct 28th, 2012 - 03:47 pm Report abuse
@10
From your posts let me take a guess-your choice of resturant is Burgerworld with Beavis and Butthead as the chefs?
15 Conqueror (#) Oct 28th, 2012 - 03:54 pm Report abuse
@10 You're certainly an arse, sussie. Is it your best feature? How does it go? “This is my arse. Shag it. It's bigger than other entry points, except the mouth. Can take four in the mouth, but only three in the arse. Although there's no problem str-r-r-e-e-e-t-t-c-c-h-h-ing it. Bit of lubrication and it can take a bus. Nose, mouth, hands, snatch, arse - all available. Good rates. US$2 per.” Look at that. Advertising. Would you like to add “Will travel”?
@12 Sussie can't improve. She can only post more garbage. Or offer more “services”. Don't know why she hasn't come up with something more descriptively accurate. Sussiewetback? Sussie - - legal? Sussiewanks? Sussiesucks? Sussieswallows? Sussiefarter?
16 Musky (#) Oct 28th, 2012 - 04:00 pm Report abuse
Tourism, oil, fishing, agriculture.. blimey, they're raking it in.
17 Doveoverdover (#) Oct 28th, 2012 - 08:12 pm Report abuse
@13 And there I was thinking you had the freehold on Port William shoreline and had been made an offer you couldn't refuse.
18 briton the arse (#) Oct 28th, 2012 - 08:22 pm Report abuse
@12 Clyde15 aka Isolde
You should learn to express in good english like TTT,,,,,,
,,,,,,,I miss him!
lol
19 Clyde15 (#) Oct 29th, 2012 - 10:24 am Report abuse
#18
Please see my reply to you under “Believe it or not:Falklands etc”
As a native English speaker I do not consider TIT a model of good expression in English. Under his various aliases, he is verbose and pedantic and fails to communicate his opinions in a clear and simple manner. He uses archaic words and terms that are not in current use and he would fail any exam in the English language if he wrote in this manner.
He has his own opinions and is entitled to express them, as are we all, but his style gives the impression of smugness and undeserved superiority to the rest of we poor benighted souls.
20 briton the arse (#) Oct 29th, 2012 - 03:44 pm Report abuse
@19 Clyde aka Isolde
no one is interested in your comments,,,,,you have the islands in your big arse,,,,,the islands stinks!...
21 Clyde15 (#) Oct 29th, 2012 - 05:58 pm Report abuse
#20 Darling Suspect
The “lady” speaks ! You poor deluded harpy.
You may be correct in stating that no one is interested in my comments - then why bother to reply ?
I have stated already that I am not Isolde and I have no idea who she is. I suspect she is on the Falklands but cannot say yeah or nay.
I see that you are back to your anal fixation again. Have you thought of visiting a proctologist for treatment.?
As to the islands stinking, I would imagine some beaches with decomposing seaweed may stink as would penguin colonies, but as I have never been there I could not confirm this.

I see you took my advice and changed your posts from the usual.
Keep up the good work.
From your 70 year old male Scottish admirer
22 briton the arse (#) Oct 29th, 2012 - 06:02 pm Report abuse
@21
Isolde, shut up!
23 Pete Bog (#) Oct 29th, 2012 - 07:23 pm Report abuse
On certain locations on the Islands where there was Cinnamon grass and Vanilla Daisies (in flower), the smell was very nice. Strange to hear of a woman (if Sussie isn't a drag act) that doesn't like the smell of chocolate......
24 Clyde15 (#) Oct 29th, 2012 - 09:54 pm Report abuse
#22
Isolde seems to have agreed to your request as she has not posted anything on this forum.
25 ProRG_American (#) Oct 29th, 2012 - 11:31 pm Report abuse
Hold on there. Don't forget that this belongs to it's rightful owners, the Argentines. A tanker enbargoe should be in the doing.
26 Conor J (#) Oct 30th, 2012 - 03:43 am Report abuse
@25
Ha!
27 Pete Bog (#) Oct 30th, 2012 - 01:19 pm Report abuse
@25
Malvanistas on these posts have consistently failed to prove that the Falkland Islands belong to Argentina other than just state what they believe. You are one of them that talks nonsense.

The Falkland Islands belong to the Falkland Islanders.
28 briton shut up (#) Oct 30th, 2012 - 09:18 pm Report abuse
I am briton and I decide not to post in mercopress anymore! good bye!
29 Bonita (#) Oct 31st, 2012 - 04:49 pm Report abuse
@ 28
it seems briton if giving up,,,,,,go to sleep!
30 Benson (#) Nov 01st, 2012 - 04:24 pm Report abuse
Quiet Sussie, grown ups are talking you can have your sippy cup in a minute.
31 Domingo (#) Nov 01st, 2012 - 11:45 pm Report abuse
Heigh-ho!

www.youtube.com/watch?v=1qG2A9EN5T4&feature=related

We dig dig dig dig dig dig dig in our mine the whole day through
To dig dig dig dig dig dig dig is what we really like to do
It ain't no trick to get rich quick
If you dig dig dig with a shovel or a pick
In a mine! In a mine! In a mine! In a mine!
Where a million diamonds shine!

We dig dig dig dig dig dig dig from early morn till night
We dig dig dig dig dig dig dig up everything in sight
We dig up diamonds by the score
A thousand rubies, sometimes more
But we don't know what we dig 'em for
We dig dig dig a-dig dig

Heigh-ho, Heigh-ho
Heigh-ho, Heigh-ho
Heigh-ho

Chorus
Heigh-ho, Heigh-ho
It's home from work we go
(Whistle)

Heigh-ho, Heigh-ho, Heigh-ho

Heigh-ho, Heigh-ho
It's home from work we go
(Whistle)

Heigh-ho, Heigh-ho
(Whistle)
32 China owns the UK (#) Nov 02nd, 2012 - 07:19 pm Report abuse
The UK is broke...see the UK Debt Clock!
33 British_Kirchnerist (#) Nov 03rd, 2012 - 11:35 pm Report abuse
#1 Good metaphor
34 Pete Bog (#) Nov 04th, 2012 - 08:24 pm Report abuse
@32
“The UK is broke...see the UK Debt Clock!”

Hence our AAA credit rating?

Please explain why Argentina is being demilitarised by NML (not even a nation) and please explain why if the UK is so badly off why the Royal Navy's ships aren't being impounded in foreign ports, wise ass?

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