MercoPress. South Atlantic News Agency
Premier drastically cuts spending; Falklands projects included in 2015 agenda
UK hydrocarbons producer Premier Oil with strong interests in the Falklands expects to book a 300 million dollars impairment charge due to the plunge in oil prices and plans to cut jobs and investment by 40% compared to 2014, to rein in costs, it said on Wednesday. Read full article
Comments
Disclaimer & comment rulesAs a result the planned hotel will now change from 40' containers to 20'. LOL.
Jan 15th, 2015 - 11:07 am - Link - Report abuse 0What's this Premier drilling for oil in the Argentine, I thought that they were banned, LOL Premier know what they are doing, I wonder if they had Argie permission to drill? LOL Anyway looking forward to the drilling campaign in April, Premier, Noble and Falkland Oil and Gas are all fully funded to drill 6 wells in the FALKLANDS, can't wait.
Jan 15th, 2015 - 11:12 am - Link - Report abuse 0@1
Jan 15th, 2015 - 11:27 am - Link - Report abuse 0Indeed, this delay is potentially more bad news for the many unemployed teachers and professionals in Argentina: those hotel toilets don't clean themselves you know! LOL
I think so long as the Falkland Islands build a balanced economy they will be fine. The Norwegian model seems to be the best and build a sovereign wealth fund. Make hay while the sun shines and live off it during the bad.
Jan 15th, 2015 - 12:21 pm - Link - Report abuse 0Prices will go up and down, but we are starting to see which countries didn't prepare for the down, och aye the noo!
the funny thing here is all the noise this 4th class company and these isleters did with this issue.
Jan 15th, 2015 - 12:23 pm - Link - Report abuse 0maybe they thought they were going to be the next dubai...lol
it is not rocket science, you mix a 4th class company + a tiny little oil well + low quality oil + a bunch of naive, not too bright islanders = big failure.
even if oil prices would have remained high, the whole thing would have been a disaster.
what i want to know is why hasnt petrol dropped by a similar percentage....?
Jan 15th, 2015 - 12:27 pm - Link - Report abuse 0@6
Jan 15th, 2015 - 12:30 pm - Link - Report abuse 0Not sure where you're from, but in the UK most of what we pay at the pump is government tax, so we are never going to see a like for like drop here.
@5
Jan 15th, 2015 - 12:33 pm - Link - Report abuse 0Oh I see our resident oil expert Paul has come to the party, tell us how PUTA MUERTE is getting on, any investment? Just think it was U$S 200 billion over 10 years last year to get self sufficientecy wasn't it. You lot would be better off courting the FALKLANDERS as they WILL be getting first oil in 2019. You know you want to.
#6 it's called different gross margins for different industries........drilling is a different industry than refining, google their respective gross margins. And of course you have the distributors and retailers margins as well. However..........I am paying close to half of what I was last year.......are you not?
Jan 15th, 2015 - 12:41 pm - Link - Report abuse 03.75 last year,..........2.13 today. over 43% drop
@9
Jan 15th, 2015 - 12:45 pm - Link - Report abuse 0You are lucky , in the UK the Government tax on fuel is about 75% .The price per litre of diesel is now £ 1.19 or £ 5.36 per UK gallon
Paulecedron- el Thicko Primeire Classo!
Jan 15th, 2015 - 01:28 pm - Link - Report abuse 0The Oil exploration programme of Premier and Noble is scheduled to start early march on arrival of the Rig -Fully funded operation 100% will happen as materials already arriving and rig probably on the way or about to set off,Chartered and paid for.
Because of falling oil prices what may well now not happen - is any exploration extension work other than the programmed drilling. That is commonsense and reality. They may decide instead to do more in a couple of years time when prices recovered.
BUT we Islanders were not depending on it happening anyway! All we are investing for is the prebooked drilling round - nothing more - so no losses this side unless someone has made a rash gamble.
SeaLion exploitation will go ahead - maybe delayed because of market prices - but so be it - We have not and are not assuming any income from it until it actually happens.
So sorry Paulie- Falklands are Ok and going ahead, not a problem senor.
Golf we have two taxes....federal and states. Some state taxes are next to nothing but there are some of the poorest states. Massachusetts is probably in the middles. New York and California have much higher taxes of gas. Gas is low right now so the fuckwades in congress are already forming at the mouth to increase taxes because we consumers can afford it now.
Jan 15th, 2015 - 03:15 pm - Link - Report abuse 011 islander
Jan 15th, 2015 - 03:17 pm - Link - Report abuse 0yeah, right...keep dreaming.
now, i have to admit that the phrase: “ el Thicko Primeire Classo!” made me laugh.
good one, islander.
http://www.theguardian.com/commentisfree/2013/aug/14/gibraltar-falklands-deny-logic-history
Jan 15th, 2015 - 06:09 pm - Link - Report abuse 0@14 Nice link - its 'only' from 2013 and from the “Gruniad” ... Britain's leading Apologist Newspaper... for *anything*.
Jan 15th, 2015 - 06:40 pm - Link - Report abuse 0Its tantamount to the Pope making a speech that discusses Catholicism.
@ 14 Hippopotamus
Jan 15th, 2015 - 06:47 pm - Link - Report abuse 0Simon Jenkins of Teh Gruniard (as it is universally known because of all the mis-spellings in this crap paper)) is a complete joke.
He doesn’t even understand it costs no extra to garrison the FI because it’s becoming increasing difficult to train anywhere in the north.
Keep reading this idiot though, you will feel right at home.
1 Klingon
Jan 16th, 2015 - 03:33 am - Link - Report abuse 0:-)))))))))
“Premier drastically cuts spending; Malvinas projects included”
Stealing is bad karma.
@17:
Jan 16th, 2015 - 08:43 am - Link - Report abuse 0“Stealing is bad karma.”
As proven in 1982 when Argentina attempted to steal territory that Britain rightly held sovereignty over.
However, there's no evidence here of any stealing, at least not from any scrupulous source...
paulcedron(aka as mamarracho No1 and thick child), Marquitos Alejandrito and Klingdon(whoever you may be!)
Jan 16th, 2015 - 09:22 am - Link - Report abuse 0If each of you were to revise what you have posted above the three of you would have to acknowledge how absolutely juvenile you all are! Your inane remarks mean nothing and have nil effect!
@17
Jan 16th, 2015 - 11:15 am - Link - Report abuse 0Did you in fact bother to read the above article? Premier WILL be drilling 4 definate wells in the FALKLANDS ( Remember the MALVINAS are in Mendoza ) so they will not be drilling there as they do not want to go to jail. ( Oh exactly how many foreigners have gone to jail for drilling in the FALKLANDS? )
1st well Zebedee
2nd well Isabel deep
3rd well Noble are drilling Humpback
4th well not sure
5th well Premier Jayne East
6th well Premier Chatham
The oil companies in the FALKLANDS have also have an option of drilling a further 4 wells
Anyway enough about the FALKLANDS can you now tell us what YPF asperations are? PUTA MUERTE is a dead duck as you no doubt know, comon enlighten us?
@4,
Jan 16th, 2015 - 03:18 pm - Link - Report abuse 0Correct, the United Kingdom has put away the sum total of FA towards an 'oil fund'
Och aye the noo?
Paulecedron- glad you appreciate the personal comment! As for what you say about oil etc - it is you who needs to dream on!
Jan 16th, 2015 - 03:43 pm - Link - Report abuse 0I talk FACTS
You talk a fantasy of untruths.
Urinehopper RHK today:
Jan 16th, 2015 - 04:39 pm - Link - Report abuse 055.00
↓ -5.50 (-9.09%)
Stealing is bad karma.
17 Marcos Alejandro (#)
Jan 16th, 2015 - 05:24 pm - Link - Report abuse 01 Klingon
:-)))))))))
“Premier drastically cuts spending; Malvinas projects included”
Stealing is bad karma.
Marcos,
You seriously need to work on your reading comprehension skills. Both these statements mean the Falklands projects are NOT included in the cuts:
Premier drastically cuts spending; Falklands projects included in 2015 agenda
Another consequence of Premier Oil's cost cuts is a decision not to commit to any new exploration work beyond a portfolio of eight key projects, including four in the Falkland Islands.
#23 not paying back borrowed money gets treble bad karma. Explains Argentina.
Jan 16th, 2015 - 07:51 pm - Link - Report abuse 0I have done an extensive cost analysis and future earnings projection for Goodwin Offshore ltd's proposed hotel.
Jan 16th, 2015 - 07:53 pm - Link - Report abuse 0Here are the 2018 results in a nutshell.
http://goo.gl/ARAfg5
@23
Jan 16th, 2015 - 09:00 pm - Link - Report abuse 0“Stealing is bad karma.”
Correct, as was seen in 1982 when the thieves got their asses kicked back to Argentina.
Oh dear not another of CFK hotels is it?
Jan 16th, 2015 - 11:04 pm - Link - Report abuse 0Falklands discovery on hold until crude rises above $50
Jan 17th, 2015 - 05:51 am - Link - Report abuse 0Tim Webb, The Times
January 15 2015
Premier Oil will decide by the end of the year whether to go ahead with the Falklands project
The Falkland Islands’ first commercial oil discovery will be delayed until crude prices start to recover.
Premier Oil said yesterday that it would not sanction the $2 billion Sea Lion project as long as prices remained below $50 a barrel. The FTSE 250 company will decide by the end of the year whether to give Sea Lion the go-ahead after scaling back the project’s size.
Analysts estimate that Sea Lion, which would come on stream in 2019, needs oil to be at $80 a barrel oil to be economic.
Premier Oil also booked a $300 million impairment charge on its portfolio after the slump in oil prices over the past six months.
Tony Durrant, the company’s chief executive, said that a large part of the write-offs were against its operations in the North Sea, which have the highest costs of all the regions in which it operates. Its Balmoral field needs a $60-plus oil price to be economic.
Premier Oil is not planning any new exploration activity in the North Sea this year for the first time in a decade as hopes of making big discoveries diminish. Other countries were more attractive places to invest at present.
http://www.thetimes.co.uk/tto/business/industries/naturalresources/article4323426.ece
Stealing is bad karma
Marcos- I realise this will be news to you as you are a bit dim. But it is not news to the Islands - it is plain economic common sense and if it is correct will come as no surprise and will have NO effect on us nor our economy as we are NOT oil dependent nor has FIG at any time factored oil revenue into its budget forecasts - nor will it - until it actually happens.
Jan 17th, 2015 - 10:24 am - Link - Report abuse 0Oh - How is investment in Vaca Muerta proceeding?
The Oil belongs to the Falkland Islands. I agree stealing is bad karma - as Argentina found out in 1982! - shame you have not understood it and got over it yet.
Yes stealing creates bad karma.....NOW PAY YOUR FUCKING DEBTS rotting road kill.
Jan 17th, 2015 - 02:21 pm - Link - Report abuse 0Phrase coined by: chronic
Perhaps asslip kirchner and the hole in the head gang will find out just how bad that karma is.
islander
Jan 17th, 2015 - 02:27 pm - Link - Report abuse 0“blablabla...and will have NO effect on us nor our economy as we are NOT oil dependent nor has FIG at any time factored oil revenue into its budget forecasts”
totally agree.
your economy is not oil dependant.
it depends 100% on the honest and impoverished british taxpayer.
as for that joke of oil well, well, it seems the dream is over.
Paulcedron- Can you please give me some examples of how we depend100% on the British taxpayer for our economy please?
Jan 17th, 2015 - 03:20 pm - Link - Report abuse 0have asked you this before and never got an answer?
Better an “honest and impoverished British taxpayer” than an Argentine one who would be just “impoverished”.
Jan 17th, 2015 - 03:38 pm - Link - Report abuse 0That way the Falkland Islanders at least gets money. Could you imagine how broke FIG would be if it relied on money coming out of BsAs?
Paul finally made a good point.
@32 Your are such a retard, can you prove that we receive money from Britain? Can you? The only thing britian provides for us is defense which equates to 0.1% of the defense budget, and we would have that if Argentines werent such retards. Oh and the removal of the minefields that your retard soldiers left behind. So go on Pauly answer my question, but i doubt you will be cause you are simple retatrd
Jan 17th, 2015 - 04:59 pm - Link - Report abuse 0@32
Jan 17th, 2015 - 05:11 pm - Link - Report abuse 0Poor Paulcondom clueless to the last.
The Falklands economy does not depend on the British tax payer at all...not one penny.
The Falklands security, safety and defence from a 3rd World, corrupt, dying cesspool depends on the British tax payer...and we are pleased and happy to do it.
As far as “the dream” being over...hardly, the rig arrives next month LOL.
Come on Paul- We are all waiting to learn how the British taxpayer pays for the Falklands economy - and waiting - and waiting?
Jan 17th, 2015 - 08:20 pm - Link - Report abuse 0Paul - would you like me to research the total amount of money Falklands taxes pay in salaries to British contract workers here - doctors-teachers etc and how much of it they remit back to their UK bank accounts?
Should I research to total value of all goods exported from the UK to the Falklands in 12 months - from cornflakes and chocolate to harbour launches, lorries and landrovers?
Not much point expecting an answer from Pauly, he is far too simple to explain himself lol
Jan 17th, 2015 - 08:55 pm - Link - Report abuse 0BBC
Jan 18th, 2015 - 06:39 am - Link - Report abuse 0“Peter Preston: UK can't afford the Falklands”
http://www.bbc.com/news/uk-politics-11999601
Oh Dear poor Marcos- hey- are you Paulecedron some days and Marcos on other days? You are on the same level at times.
Jan 18th, 2015 - 09:39 am - Link - Report abuse 0What is the relevance of a minor journalist article over 4 years old- written by a Guardian man at that! - which is just a short statement with zero facts and figures to back up the words?
Can you perhaps provide the figures that Paul cannot?
We are all agog - on the edges of our seats waiting for these pearls of wisdom and factual evidence please?
2010: Peter Preston: UK can't afford the Falklands
Jan 18th, 2015 - 04:32 pm - Link - Report abuse 02015: Falkland Islands still aren't Argentine.
Peter Preston, former Gruniard Editor.
Jan 18th, 2015 - 04:44 pm - Link - Report abuse 0Says it all really. The next time the Gruniard gets something right will be the first.
Pinko bastards all the way through.
Peter Preston - the Guardian.
Jan 19th, 2015 - 08:06 pm - Link - Report abuse 0Who believes a word they say? What a load of bollocks!
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