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Rise in North Sea Oil Production
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By (user no longer on site) OP
over a year ago
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Both Westminster and Scottish Governments are extremely happy
.
Changes in the way the sector operates have unlocked the potential for a further 2.8 billion barrels of oil or the gas equivalent
.
The Oil and Gas Authority's increased estimate for the offshore industry partly reflects new investment
.
Some on here say Oil & Gas Production is a thing of the past, Westminster said in 2014 that oil was dying out/depleting, seems now Westminster has a change of mind (wonder why)
.
While the oil price was high, in the first half of this decade, oil companies approved a series of major investment programmes that gave the UK offshore sector a second wind.
The new report suggests that spending was greater than previously reported. It also shows operating cost per barrel of oil produced has halved since 2014, at least in US dollars, reaching just above $15.
Some of this spending was for developing so-called brownfield sites, where fields were mature and new technology was required to pump more from the rock formations.
Now that the forties pipeline has been repaired further flow from these fields too
Most expenditure was in new fields, many of them to the west and east of Shetland. The last of that phase of new fields is expected to come on stream in the next few months
so!
it appears all is not lost with oil, which I have said year in, year out |
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By *ercuryMan
over a year ago
Grantham |
All very good if true, especially the Gas production.
Temper with caution though. These are only "guesstimates". Production is expected to rise until 2020, then decline again. Capital spending continues to fall.
Independence for Shetland anyone? |
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By *inkyHnSCouple
over a year ago
The Council of Elrond |
No surely not as in 2014 we heard the oil was almost gone.... What a coincidence that when the UK is facing irrelevance
I could have swore that Sir Ian Wood said oil is amost gone and had about 13 year left surely not eh lol
Any old dirty trick its the UK union at any cost even willing to lie
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By *ara JTV/TS
over a year ago
Bristol East |
It's always struck me as a contradiction by the SNP - a commitment to develop the greenest energy system in Europe, yet a reliance on the money tap of North Sea oil.
You can be green, or you can be an oil producer - you cannot be both. |
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By (user no longer on site) OP
over a year ago
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"It's always struck me as a contradiction by the SNP - a commitment to develop the greenest energy system in Europe, yet a reliance on the money tap of North Sea oil.
You can be green, or you can be an oil producer - you cannot be both."
wasn't so long ago we were all being told there was NO money in North Sea oil, some actually believed it too  |
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By (user no longer on site) OP
over a year ago
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"The report is really only expecting a fairly modest recovery before things start declining again in 2020 (2 years time) unfortunately."
Which report?
the GMTV news report?
The BBC News report?
The online BBC news page?
or last nights Sky news broadcast?
the bbc says this
It is now estimated that 11.7 billion barrels could be recovered between 2016 to 2050
but they always under play things with regards to oil
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By *andACouple
over a year ago
glasgow |
"The report is really only expecting a fairly modest recovery before things start declining again in 2020 (2 years time) unfortunately.
Which report?
the GMTV news report?
The BBC News report?
The online BBC news page?
or last nights Sky news broadcast?
the bbc says this
It is now estimated that 11.7 billion barrels could be recovered between 2016 to 2050
but they always under play things with regards to oil
"
The Oil and Gas Production and Expenditure Report. It shows a small bounce and then continuing decline |
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By (user no longer on site)
over a year ago
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Well more oil and production for the UK is good. It's almost dejavu a full cycle return to the 1970's the lifeline which was needed then is coming back to help in tough times. Let's hope we copy Norway model this time - they used their oil wealth to make Norway one of the richest European country's - we blew ours! |
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By *andACouple
over a year ago
glasgow |
"Well more oil and production for the UK is good. It's almost dejavu a full cycle return to the 1970's the lifeline which was needed then is coming back to help in tough times. Let's hope we copy Norway model this time - they used their oil wealth to make Norway one of the richest European country's - we blew ours!"
That won't be possible though, it's still forecast to decline. It'll be nowhere near previous levels and will even drop from the currrent levels after 2020. The report is basically just saying the decline will be slightly less than forecast but it will still be a decline |
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By (user no longer on site) OP
over a year ago
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"Well more oil and production for the UK is good. It's almost dejavu a full cycle return to the 1970's the lifeline which was needed then is coming back to help in tough times. Let's hope we copy Norway model this time - they used their oil wealth to make Norway one of the richest European country's - we blew ours!"
I doubt that as Westminster will still squander.
At least Norway see the potential for North Sea Oil as Statoil has now moved into UK sector North sea |
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By (user no longer on site) OP
over a year ago
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"Well more oil and production for the UK is good. It's almost dejavu a full cycle return to the 1970's the lifeline which was needed then is coming back to help in tough times. Let's hope we copy Norway model this time - they used their oil wealth to make Norway one of the richest European country's - we blew ours!
That won't be possible though, it's still forecast to decline. It'll be nowhere near previous levels and will even drop from the currrent levels after 2020. The report is basically just saying the decline will be slightly less than forecast but it will still be a decline"
again which report?
I suggest you are reading bbc online website |
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By *inkyHnSCouple
over a year ago
The Council of Elrond |
"Well more oil and production for the UK is good. It's almost dejavu a full cycle return to the 1970's the lifeline which was needed then is coming back to help in tough times. Let's hope we copy Norway model this time - they used their oil wealth to make Norway one of the richest European country's - we blew ours!"
Norway a country of 5 million and trillions in wealth with the same amount of oil as us and people believe an independent Scotland would fail lmao
The UK government dont know what their doing trillions in debt lmao |
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By *andACouple
over a year ago
glasgow |
"Well more oil and production for the UK is good. It's almost dejavu a full cycle return to the 1970's the lifeline which was needed then is coming back to help in tough times. Let's hope we copy Norway model this time - they used their oil wealth to make Norway one of the richest European country's - we blew ours!
That won't be possible though, it's still forecast to decline. It'll be nowhere near previous levels and will even drop from the currrent levels after 2020. The report is basically just saying the decline will be slightly less than forecast but it will still be a decline
again which report?
I suggest you are reading bbc online website"
You can suggest all you want but you're completely wrong, you shouldn't judge people by your own standard. I've read the report.
Here's the projections from it showing major decline
https://i.gyazo.com/38f161b9396a0475cf13367a2509b467.png
The green line shows the previous expected rate of decline and the red shows the decline with the more positive forecast. It's still a huge drop after a minor bounce.
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Oil production peaked in 1999.
Argue all you want about Norway, tories, tax or whatever you want.
They are all irrelevant, it's a finite resource, the minute we started extracting it we had less than before and it is now on the slow decline.
A reminder, production peaked in 1999, and will never reach those levels again.
Kinky, here's a prediction from Salmond prior to the referendum.
Did you believe him at the time?
How wrong was he?
https://www.google.co.uk/amp/s/amp.theguardian.com/uk/2013/mar/11/alex-salmond-scotland-oil-boom |
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By *andACouple
over a year ago
glasgow |
"Both Westminster and Scottish Governments are extremely happy
."
Are they extremely happy or is this your own spin on things? Because it doesn't look like they'll have anything to be extremely happy about in terms of finances. |
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By *angwe1Man
over a year ago
Perth |
There may still be untapped oil and gas reserves in the British continental shelf, but is it economic to recover it ?
There are no large reservoirs like Forties or Brents that can produce upward of 500,000 barrels a day left.
The Claire field is huge, but its expensive and difficult to extract the oil.
Fracking or gas extraction form coal fields would be another possible source of hydrocarbons, but thats been kicked into the long grass in Scotland. |
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By *ercuryMan
over a year ago
Grantham |
"Well more oil and production for the UK is good. It's almost dejavu a full cycle return to the 1970's the lifeline which was needed then is coming back to help in tough times. Let's hope we copy Norway model this time - they used their oil wealth to make Norway one of the richest European country's - we blew ours!
That won't be possible though, it's still forecast to decline. It'll be nowhere near previous levels and will even drop from the currrent levels after 2020. The report is basically just saying the decline will be slightly less than forecast but it will still be a decline
again which report?
I suggest you are reading bbc online website"
I read the report as well. That's why I gave the observations that I did earlier this morning. |
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By *inkyHnSCouple
over a year ago
The Council of Elrond |
So why is it people believe Norway a counrty of 5 million trillions in profit
But Scotland a country of 5 million also but no no an indpendent Scotland couldnt ever do as well as Norway
Strange i think porkies is being told to try and keep Scotland in the unequal UK union |
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By (user no longer on site)
over a year ago
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"Offftt touchy subject lol bring up Norway is trillions in profit
And the UK is trillions in debt lol
"
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Did you perhaps miss the bit in the report which clearly wrote "private companies" have seen oil production rise??.
And on a side note Norway isn't trillions in profit, the sovereign wealth fund is according to the Norwegian budget 2018 790 billion euros and there spending record amounts of it this year to stimulate the Norwegian economy,I think it's about 3.5% of it.
Norway of course did the sensible thing of using the state owned oil company profits from the start into a wealth fund, erm you didn't do that though so all this bluster is just nonsense.
And unless I'm mistaken Norway aren't in the EU have rejected entry several times and have they're own currency, nothing like Scotland except the same amount of people in a great big piece of land which is so amazingly brilliant according to your rantings yet you can't even fill the place, in fact you can't even stop more Scots leaving the place than being born.
I refer you to the correct train spotting analogy.... It's shite  |
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By *abioMan
over a year ago
Newcastle and Gateshead |
"So why is it people believe Norway a counrty of 5 million trillions in profit
But Scotland a country of 5 million also but no no an indpendent Scotland couldnt ever do as well as Norway
Strange i think porkies is being told to try and keep Scotland in the unequal UK union"
You always like to use Norway as your utopia... the Norwegians decided to the money into a fund... the UK decided to use the money to fund tax cuts... of which you have benefited
Unless you want to pay what they do in Norway... it’s not a cheap place to live |
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By (user no longer on site)
over a year ago
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"Offftt touchy subject lol bring up Norway is trillions in profit
And the UK is trillions in debt lol
"
For what it's worth I have no objection to Scottish independence, that's down to the Scottish. However, if nothing else, brexit has shown us in practice nothing is simple. Words are merely words, actions and achieving it is another matter. |
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Nats seem to think this claim is another smoking gun, and having a dig at Sir Ian Wood is a bonus.
Lets look at the number here.
2014 white paper: 24bn boe
2014 Wood Review: 15-16.5bn boe
2018 OGA estimate: 11.7bn boe
Lets not forget salmond and his 2014 prediction of oil, that it would remain constant at $110 per barrel. |
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By *abioMan
over a year ago
Newcastle and Gateshead |
"Nats seem to think this claim is another smoking gun, and having a dig at Sir Ian Wood is a bonus.
Lets look at the number here.
2014 white paper: 24bn boe
2014 Wood Review: 15-16.5bn boe
2018 OGA estimate: 11.7bn boe
Lets not forget salmond and his 2014 prediction of oil, that it would remain constant at $110 per barrel."
You are wrong..............
Salmond was claiming it would be $120 per barrel |
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By *andACouple
over a year ago
glasgow |
And just to put things even more into perspective in terms of the numbers:
In 1998 the UK was producing 230 million tonnes of gas and oil
In 2017 we were down to 87 million tonnes
In 2018 it will peak, after the small bounce, at 89 million and will then decrease every single year after that.
Basically this whole story is about the decrease being slower than expected so there will be no financial windfall from this (for the government anyway) |
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By *ara JTV/TS
over a year ago
Bristol East |
"It's always struck me as a contradiction by the SNP - a commitment to develop the greenest energy system in Europe, yet a reliance on the money tap of North Sea oil.
You can be green, or you can be an oil producer - you cannot be both.
wasn't so long ago we were all being told there was NO money in North Sea oil, some actually believed it too "
Not a lot.
You and I will be paying the £48 billion cost of dismantling it.
The UK Government has allowed the industry to write off the decommissioning costs against tax.
So subtract £48bn from any revenue forecasts and there is your total cash-flow to the public purse. |
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By *andACouple
over a year ago
glasgow |
"It's always struck me as a contradiction by the SNP - a commitment to develop the greenest energy system in Europe, yet a reliance on the money tap of North Sea oil.
You can be green, or you can be an oil producer - you cannot be both.
wasn't so long ago we were all being told there was NO money in North Sea oil, some actually believed it too
Not a lot.
You and I will be paying the £48 billion cost of dismantling it.
The UK Government has allowed the industry to write off the decommissioning costs against tax.
So subtract £48bn from any revenue forecasts and there is your total cash-flow to the public purse."
And let's not forget the SNP were shouting from the rooftops for the govt to give the industry further tax breaks but meanwhile their MSP's and MP's continually tweet about the lack of income from oil & gas as though it's some sort of conspiracy. They rely on those who take every statement they make at face value not questioning such contradictions (not naming any names  ) |
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By *LCCCouple
over a year ago
Cambridge |
"It's always struck me as a contradiction by the SNP - a commitment to develop the greenest energy system in Europe, yet a reliance on the money tap of North Sea oil.
You can be green, or you can be an oil producer - you cannot be both.
wasn't so long ago we were all being told there was NO money in North Sea oil, some actually believed it too "
How much did the treasury get last year? |
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By (user no longer on site) OP
over a year ago
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"It's always struck me as a contradiction by the SNP - a commitment to develop the greenest energy system in Europe, yet a reliance on the money tap of North Sea oil.
You can be green, or you can be an oil producer - you cannot be both.
wasn't so long ago we were all being told there was NO money in North Sea oil, some actually believed it too
How much did the treasury get last year? "
indirectly quite a lot |
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By *LCCCouple
over a year ago
Cambridge |
"It's always struck me as a contradiction by the SNP - a commitment to develop the greenest energy system in Europe, yet a reliance on the money tap of North Sea oil.
You can be green, or you can be an oil producer - you cannot be both.
wasn't so long ago we were all being told there was NO money in North Sea oil, some actually believed it too
How much did the treasury get last year?
indirectly quite a lot"
And directly? How much? |
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By *asyukMan
over a year ago
West London |
"Well more oil and production for the UK is good. It's almost dejavu a full cycle return to the 1970's the lifeline which was needed then is coming back to help in tough times. Let's hope we copy Norway model this time - they used their oil wealth to make Norway one of the richest European country's - we blew ours!
That won't be possible though, it's still forecast to decline. It'll be nowhere near previous levels and will even drop from the currrent levels after 2020. The report is basically just saying the decline will be slightly less than forecast but it will still be a decline
again which report?
I suggest you are reading bbc online website
You can suggest all you want but you're completely wrong, you shouldn't judge people by your own standard. I've read the report.
Here's the projections from it showing major decline
https://i.gyazo.com/38f161b9396a0475cf13367a2509b467.png
The green line shows the previous expected rate of decline and the red shows the decline with the more positive forecast. It's still a huge drop after a minor bounce.
"
Cask doesn't look at graphs. They are for nerds apparently
He's far happier finding second or third hand articles that appear to reinforce his prejudices.
Fact free is his proven preference.
He'll get personal soon  |
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