UK's Oil....I think people will now be hoping Scotland goes it alone so there's more Oil for the people of the UK however it's located at the Falkland Islands so they should have a nice share of profits with the rest going to the UK.
However £111 sounds like alot but it's really not. Our current deficit (how much we're borrowing per year) is higher than 111bn by about 40bn so it wouldn't solve our problems but it would help quite a bit.
It might have been incredibly successful at finding oil - it just didn't make a profit. Bit like the UK governments other attempts at running companies.
Which had absolutely nothing to do with the oil price slump of the mid to late 1980s which hit every other oil operator around the world?;)
It hit BP far harder than Britoil, by 1990 BP was teetering on the brink of bankruptcy and sheding thousands of jobs in the UK.
Once again Tory selective fact choosing strikes. I will say it again Norway still owns the oil company it set up in the 1970s and Norway now has an pension ivestment fund worth $500 billion.
UK's Oil....I think people will now be hoping Scotland goes it alone so there's more Oil for the people of the UK however it's located at the Falkland Islands so they should have a nice share of profits with the rest going to the UK.
However £111 sounds like alot but it's really not. Our current deficit (how much we're borrowing per year) is higher than 111bn by about 40bn so it wouldn't solve our problems but it would help quite a bit.
Scottish Oil and Gas firms operate in 50 countries worldwide and have been involved in the Falklands from early doors. In or out we'll still get our cut of the profits.
UK's Oil....I think people will now be hoping Scotland goes it alone so there's more Oil for the people of the UK however it's located at the Falkland Islands so they should have a nice share of profits with the rest going to the UK.
However £111 sounds like alot but it's really not. Our current deficit (how much we're borrowing per year) is higher than 111bn by about 40bn so it wouldn't solve our problems but it would help quite a bit.
Putting it into perspective, the UK has printed over 325 billion pounds of funny money already, as part of its ongoing quantitative easing process.
The only difference between the UK and Greece, is that the UK has the power to print more money.
A study to be handed to the UK Government this week will lay bare the potential riches on offer from drilling in waters within the 200-mile exclusion zone set up during the 1980s Falklands War to mark the boundaries of British territory.
A group of UK-listed companies is involved in exploring four major prospects this year, with the largest, Loligo, potentially holding more than 4.7bn barrels of oil. By comparison Catcher, the biggest discovery in the North Sea of the past 11 years, is believed to hold only 300m barrels.
The report by oil and gas analysts at Edison Investment Research predicts that if all four prospects were drilled, the potential tax riches are likely to reach just shy of $180bn.
I reckon that should pay for at least three 'Lentil-Equality-Diversity-Outreach-Coordinators-for-the-LGBT-Community' at current salary rates! Huzzah! Lambeth Council will be pleased...
... Now I wonder if all those lefties who’re apparently desperate to hand The Falklands over to the Argies are still quite so desperate when considering these rather appealing figures?
This is what passes for journalism in the Telecrap these days.
Article is so full of rubbish one wonders where to begin.
After over a year of exploration roughly 400mbarrels have been discovered.
Which on its own is barely commercial given the massive costs of extraction from offshore S Atlantic.
The oil belongs to
a)the companies drilling
b)Falklands Island Govt
Depending on the drilling contracts, I would imagine they are heavily weighted in favour of the companies drilling seeing how their shareholders have taken on massive risk.
I reckon that should pay for at least three 'Lentil-Equality-Diversity-Outreach-Coordinators-for-the-LGBT-Community' at current salary rates! Huzzah! Lambeth Council will be pleased...
... Now I wonder if all those lefties who’re apparently desperate to hand The Falklands over to the Argies are still quite so desperate when considering these rather appealing figures?
Who are these people - I haven't seen anyone say this, so is there evidence or is it a figment of your imagination?
Not really - as it was losing money in the early 80's as well
Completely ignoring the fact that BritOil started from scratch in one of the most expensive sectors in the entire oil industry. Drilling, r&d and ultimately field development costs money. Very few businesses in those circumstances make money overnight. BritOil's last field to go into full production before the takeover was the Clyde in 1987.
All the time BritOil was "losing" money though it was finding a nice big treasure trove of assets and its those assets BP bought knowing full well the company was sitting on a gold mine.
Also Britoil has never been formally wound up. It continues as a ghost company of BP.
UK's Oil....I think people will now be hoping Scotland goes it alone so there's more Oil for the people of the UK however it's located at the Falkland Islands so they should have a nice share of profits with the rest going to the UK.
However £111 sounds like alot but it's really not. Our current deficit (how much we're borrowing per year) is higher than 111bn by about 40bn so it wouldn't solve our problems but it would help quite a bit.
Falklands are a protectorate.
Any money they generate will be for the Falklands, not the UK.
Completely ignoring the fact that BritOil started from scratch in one of the most expensive sectors in the entire oil industry. Drilling, r&d and ultimately field development costs money. Very few businesses in those circumstances make money overnight. BritOil's last field to go into full production before the takeover was the Clyde in 1987.
So you have gone from blaming the late 80's oil crisis for there not being any profit to start up costs in developing a field - what is the next excuse?
Britoil started as BNOC in 1975 - it was never tasked with being profitable (it was mainly set up to try and support oil prices and control the market). But all the time we get these fanciful claims that had these wonderful nationalised companies not been sold off we would be rolling in the profits generated by them - totally ignoring the fact that at the time they did not generate any profit and cost the taxpayer money to run - but I suppose that was just about to change - yes, the profits were always just around the corner
New report predicts £111 billion tax windfall from Falklands Oil...which will definitely piss Argentina off even more...:D
Seriously though, it's all very well for Edison Investment Research to come up with this promising report but it had better be backed up by research from professional and experienced geologists otherwise this report will be little more than desk-bound speculation which could lead to a lot of disappointment.
Comments
However £111 sounds like alot but it's really not. Our current deficit (how much we're borrowing per year) is higher than 111bn by about 40bn so it wouldn't solve our problems but it would help quite a bit.
Which had absolutely nothing to do with the oil price slump of the mid to late 1980s which hit every other oil operator around the world?;)
It hit BP far harder than Britoil, by 1990 BP was teetering on the brink of bankruptcy and sheding thousands of jobs in the UK.
Once again Tory selective fact choosing strikes. I will say it again Norway still owns the oil company it set up in the 1970s and Norway now has an pension ivestment fund worth $500 billion.
Scottish Oil and Gas firms operate in 50 countries worldwide and have been involved in the Falklands from early doors. In or out we'll still get our cut of the profits.
Not really - as it was losing money in the early 80's as well
Putting it into perspective, the UK has printed over 325 billion pounds of funny money already, as part of its ongoing quantitative easing process.
The only difference between the UK and Greece, is that the UK has the power to print more money.
£111 Billion?
I reckon that should pay for at least three 'Lentil-Equality-Diversity-Outreach-Coordinators-for-the-LGBT-Community' at current salary rates! Huzzah! Lambeth Council will be pleased...
... Now I wonder if all those lefties who’re apparently desperate to hand The Falklands over to the Argies are still quite so desperate when considering these rather appealing figures?
Article is so full of rubbish one wonders where to begin.
After over a year of exploration roughly 400mbarrels have been discovered.
Which on its own is barely commercial given the massive costs of extraction from offshore S Atlantic.
The oil belongs to
a)the companies drilling
b)Falklands Island Govt
Depending on the drilling contracts, I would imagine they are heavily weighted in favour of the companies drilling seeing how their shareholders have taken on massive risk.
Who are these people - I haven't seen anyone say this, so is there evidence or is it a figment of your imagination?
Completely ignoring the fact that BritOil started from scratch in one of the most expensive sectors in the entire oil industry. Drilling, r&d and ultimately field development costs money. Very few businesses in those circumstances make money overnight. BritOil's last field to go into full production before the takeover was the Clyde in 1987.
All the time BritOil was "losing" money though it was finding a nice big treasure trove of assets and its those assets BP bought knowing full well the company was sitting on a gold mine.
Also Britoil has never been formally wound up. It continues as a ghost company of BP.
Falklands are a protectorate.
Any money they generate will be for the Falklands, not the UK.
So you have gone from blaming the late 80's oil crisis for there not being any profit to start up costs in developing a field - what is the next excuse?
Britoil started as BNOC in 1975 - it was never tasked with being profitable (it was mainly set up to try and support oil prices and control the market). But all the time we get these fanciful claims that had these wonderful nationalised companies not been sold off we would be rolling in the profits generated by them - totally ignoring the fact that at the time they did not generate any profit and cost the taxpayer money to run - but I suppose that was just about to change - yes, the profits were always just around the corner
Seriously though, it's all very well for Edison Investment Research to come up with this promising report but it had better be backed up by research from professional and experienced geologists otherwise this report will be little more than desk-bound speculation which could lead to a lot of disappointment.