MercoPress. South Atlantic News Agency
Britain's oil and gas industry faces 'biggest challenge in 50 years' because of low level of exploration
Britain's oil and gas industry has warned it faces its “biggest challenge in 50 years” due to the low levels of exploration. Industry body Oil and Gas UK said only 15 wells were drilled last year. That was despite strong levels of investment, reaching a record last year and sustained this year. Read full article
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Disclaimer & comment rulesThe reason for the lack of investment in the North Sea until very recently lies squarely at the feet of The Cunt Brown © Jeremy Clarkson 2010 who taxed NS Oil to the hilt. Despicable “Son of the Manse”.
Feb 26th, 2014 - 10:49 am - Link - Report abuse 0Try reading the Guardian of 3.5.11 for the correct story:
Feb 26th, 2014 - 11:30 am - Link - Report abuse 0'Pressure on George Osborne to rethink his North Sea tax reforms will increaseon Tuesday with a report from experts criticising the changes as the Commons begins to debate the details of the budget. The country's leading accountancy experts say in the report, commissioned by the Treasury select committee, that the surprise increase in tax to 32% from 20% on offshore drilling profits introduced in the March budget will damage UK competitiveness. The report to MPs comes as industry executives prepare to give evidence to the Commons energy select committee on Wednesday on the controversial changes, which they say will make investing in oil and gas fields less attractive.'
He has relented and now investment has greatly increased but a 60% increase in tax at one swoop! Tell me an indudtry that would not hurt after that? This cost jobs in Scotland. They would have been better increasing tax on profits in the City by 1%. An ill thought out response by the Tories/Libdems but at least they came back from it. But best to lay the blame where it belongs.
#3
Feb 26th, 2014 - 12:57 pm - Link - Report abuse 0No doubt you were happy enough to accept the increase in revenue to the Exchequer.
We all know what this story is really about....we saw it in the news.....
Feb 26th, 2014 - 01:54 pm - Link - Report abuse 0Blah de blah...Scotland doesn't have the investment for the remaining oil and gas reserves was the slant...only the UK has....
Which of course, I didn't quite understand as the investment is not from the Govt...
...and the solution was.....reduce the tax rate....equals plenty of new investment...
But of course the real question is...are the oil and gas reserves Scotlands?
Feb 26th, 2014 - 03:31 pm - Link - Report abuse 0We have established that there will be no currency union.
We have established that Scotland intend to default on their (£125bn) share of the UK debt.
We have established that in order to protect its impecible credit rating the rest of the UK will make good on Scotlands default.
So the question then remains...the £125bn debt has paid for Scottish schools, Scottish hospitals, Scottish roads and Scottish infrastructure. It is unlikely that the rest of the UK will seize these assets in return for the debt default..so it would need to look at other Scottish assets....North Sea oil being the obvious candidate.
mankytroll, we are being naughty but let me help.
Feb 26th, 2014 - 04:14 pm - Link - Report abuse 0There has been no referendum on the future shape of the UK So currently all the oil belongs to the UK.
Currency union? Formal/informal, lets wait and see if the Yes camapaign win eh.
There has been no referendum so no-one except the the UK can default on any UK debt. In the event of a Yes vote in September , rUK can negotiate with Scotland with a view to an independent Scotland agreeing to accept a share of the debt.
The UK has no chance of seizing anything belonging to an independent Scotland. Here's a clue, where are the oil support hubs for the UK's North Sea sector? You are delusional, or is it the voices that are telling you all this?
For the past 40 years Scotland geographical oil and gas has been subsidising rUK...have they spent their 1.2 Trillion debt on the rest of the UK or mainly the South. They intend to spend 100 Billion upgrade on Trident alone...this is defence budget and Scotland will be responsible for 8.4 Billion of that as a per capita share is included in Scotland's deficit...
Feb 26th, 2014 - 04:50 pm - Link - Report abuse 0Perhaps if the UK had been investing in Scotland instead of favouring the South we wouldn't be in this referendum position...
Keep your currency (asset) Scotland doesn't need your permission to use it, but also keep your UK debt.
Scotland will keep whatever Gas and OIL reserves are left and won't have a problem finding investors...I'm sure....Norway perhaps, they appear to be quite good at handling oil and gas reserves....
They also have a bit of an affinity ...Clan Donald..MacDonalds...Lord of the Isles....Triath nan Eilean ...
Reading this article AND THE COMMENTARIES, it is abundantly clear the UK has very pressing internal problems to attend to, including its own existence a few months from now (Argentina will exist on January 1st 2015, that everyone has no doubt).
Feb 26th, 2014 - 05:44 pm - Link - Report abuse 0Compared to Europe, Argentina has NO PROBLEMS.
Stuart
Feb 26th, 2014 - 07:39 pm - Link - Report abuse 0You are delusional, the debt is currently loaned to and invested in the UK, of which Scotland is a part.
Therefore Scotland owns part of the debt. It is a joint mortgage.
Just because you wish to stop paying the mortgage and you know I can pay both your share and mine....doesn't mean you haven't defaulted....and it certainly doesn't mean you get to keep your share of the asset.
There is no negotiation needed.
Scotland walks away from its share of the UK national debt of £125bn, it has STOLEN that sum from the population of the rest of the UK. It has also defaulted on the joint mortgage.
Wars have been fought over smaller sums than £125bn, but in this case it is much simpler.
The UK has the ability and the wherewithal to seize assets to the value of £125bn from the newly formed State of Scotland...and it will do.
Scotland (or at least Salmonds Scotland) with have destroyed it's credit rating by a de facto default, destroyed its relationship with its largest trading partner by attempting to steal £125bn, and lost assets to equivalent value.
Pretending the currency asset and the £125bn are linked is pathetic and dishonest (words describing both Salmond and A-hole).
Like I say, no negotiation needed...attempt to steal £125bn from the rest of the UK and see what happens.
Stupid monkey.....
Feb 26th, 2014 - 07:55 pm - Link - Report abuse 0So explain to me why the BOE isn't a shared asset of the UK. but the debt is...?
BOE...an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the government, with independence in setting monetary policy.
Which government is that...the UK....can't be England as England as a country doesn't exist....
Shared asset for 300 years....don't want to share?...shove your debt then...that is also UK's
..like English fannies can do anything about it....spineless Cameron would go crying to the EU or the UN or anyone that would listen....
Poor stupid A-hole
Feb 26th, 2014 - 08:08 pm - Link - Report abuse 0You are voting for independence you ridiculous turd...yet you are so shit scared you still want monetary union. We know why A-hole, because you need a lender of last resort...just like Ireland did.
There is considerably more than £125bn of Scottish asset sitting in England right now....very very easy to say, leave the debt we keep the asset...where do you think all the NI payments into public sector pensions are sitting??
You see “English fannies” have whooped your dopey arrogant asses enough times for ridiculous imbeciles like you to be still eating yourselves with “the bitterness of a conquered people”. Go have a wank at Braveheart it will cheer you up.
Paul
The purpose of this thread is to wind up a tiny minority of angry “Scottish Nationalists”....who are bitter and weak and pathetic.
ThEre is virtually zero chance of Scottish Independence as most Scottish people are intelligent, hardworking, sensible and non-racist. Sadly A-hole is none of these.
However, your point is interesting...
In 1982 the 2nd Scots guard met a few of your countrymen on Mount Tumbledown. These were “proper Scotsmen” brave and honourable defending liberty and democracy.
A-hole would be shitting his pants hiding under the bed, saying the Falkland islanders weren't worth it....but apparently quite prepared to threaten old ladies if they cut him up in his car.
You also met some brave Welsh lads in 1982 as well, although your government forgot that when they approached the Welsh Nationalists to support their Malvinas cause.
So you need not worry about the UK, it's quite safe...after September A-hole will just go back to wanking over Mel Gibson, and the UK will progress as it ever it.
WTF???
Feb 26th, 2014 - 08:27 pm - Link - Report abuse 0Did I miss something or someone...who the feck is Paul and where is his post...?
You have completely flipped...
I noticed also you didn't answer the question so I'll ask again.....
Stupid monkey.....
So explain to me why the BOE isn't a shared asset of the UK. but the debt is...?
@ 2 Steuart
Feb 26th, 2014 - 08:28 pm - Link - Report abuse 0Just one of many from The Cunt Brown:
http://news.bbc.co.uk/2/hi/business/4500540.stm
The price of a barrel of oil looks a positive bargain.
Paul is no.8 try and keep up.
Feb 26th, 2014 - 08:31 pm - Link - Report abuse 0A-hole, let me answer your question....
The Bank of England is a number is things....if you want to link it to the debt feel free. On the morning of the Independence vote, we will ship the building in Threadneedle Street up to Scotland brick by brick, you can have the pound and all of the £1.25 tn debt.
We will build a new building, set up a new currency and be debt free.
What we won't do is have currency union with a foreign state....which is the thing that has been ruled out.
Tell us where you'd like us to ship the building and when you will be taking on the debt.
We are surprised they don't all take the oil and gas from each others holes. lol
Feb 26th, 2014 - 08:46 pm - Link - Report abuse 0after all its getting our roads, full of holes , or Riggs in their case.
but what will happen when it all runs out,???
How many times do I have to ask the same question for you to answer it.....?
Feb 26th, 2014 - 08:57 pm - Link - Report abuse 0The Bank of England became a shared asset with Northern Ireland, England, Scotland & Wales when it was nationalised in 1946.
The reality is if Scotland is forced by Westminster to drop the pound then the British Government will, by law, have to give a proportionate share of the Bank of England’s assets to an independent Scotland.
That is not the building Stupid Monkey.....
Simply put ...why do they only want to share the liabilities but not the BOE which currently belongs to the BRITISH people.....
I have answered the question several times.
Feb 26th, 2014 - 09:12 pm - Link - Report abuse 0The Bank of England's assets, for example the gold reserves worth about 156bn would be shared. I don't see anyone disputing this.
What will not happen is a shared currency.
Scotland can use the pound, or the fucking potato for all we care, but it will not be linked to the UK pound. We will not be in an economic union.
This is completely and totally separate from the Uk liability. If you are too dense to see it then too bad.
You have called “currency union” the asset of the BoE and accused the rUk of not wanting to share it.
That is bollocks...just a few years ago you were off to join the Euro...what happened to 300 years of history then?
You really are confused by it all aren't you A-hole
Does Mel Gibson “do it for you” in Lethal Weapon or is it just when he puts a skirt on?
I think you are the one confused...if you think the gold reserves are the total of assets for the central UK bank....
Feb 27th, 2014 - 12:06 am - Link - Report abuse 0402,280 Millions of Pounds is the figure...
how is that written....402,280,000,000
is that 4.2 Trillion
http://research.stlouisfed.org/fred2/series/UKASSETS
Scotland will take it's share and leave you up the creek.....all that debt and not even any oil or gas.....no resources whatsoever.....
Not a thing the English can do about it....you don't get to vote....
Scotland aint going nowhere,
Feb 27th, 2014 - 01:02 pm - Link - Report abuse 0so arguing is irrelevant..
@ 18 A_Voice / Lunatic of Chew Butt
Feb 27th, 2014 - 07:13 pm - Link - Report abuse 0“Scotland will take it's share and leave you up the creek.....all that debt and not even any oil or gas.....no resources whatsoever.....
Not a thing the English can do about it....you don't get to vote....”
There is only one retort to this stupid comment:
HA, HA, HA, HA ad infinitum.
What can I say...it could be worse....
Feb 27th, 2014 - 07:38 pm - Link - Report abuse 0I could be an Ex-pat banished to live in a foreign country without citizenship and no means of being able to afford to return and live a comfortable life.....
...are you lonesome tonight.....
...do you crave the company of your own...?
..is that why you are on this forum....
...do you want me to be your friend...?
...we can talk bike...
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