Oil Companies To Pull Out Of The North Sea

Discussion in 'UK and World News' started by classic33, Mar 16, 2018.

  1. classic33

    classic33 Senior Member

    Two large companies, BP and Royal Dutch Shell(Shell), are set to have pulled their North Sea operations out of the UK by 2020(Shell) and 2025(BP).

    Factors that have influenced their decision to pull out have been placed mainly on cost. But with the possible Scottish Deveolution also playing a key part. The banks in Scotland were rescued by British Banks. The RBS moved their headquarters South of the border prior to the vote, as part of the rescue package.

    BP estimate that Aberdeen will see an 60% fall in the number of jobs(oil/gas related) in the area, with an 80% drop in the number of their staff in the area. Shell estimate the drop will be about 50%. They already pipe the oil and gas to Norway, and most of the supply vessels are routed via Norway already. Just have everything coming/going to the one side of the North Sea.

    Bristow Air, are at present operating some Search And Rescue helicopters from Norway & Sweden.

    "BP, one of the North Sea's biggest investors, has urged Scotland to vote against independence next week, arguing that oil wealth would best be protected by remaining inside the UK.


    Bob Dudley, the chief executive, spoke out after another key local oil industrialist, Sir Ian Wood, accused the Scottish Nationalist party of exaggerating the amount of oil and gas available for extraction.


    "As a major investor in Scotland – now and into the future – BP believes that the future prospects for the North Sea are best served by maintaining the existing capacity and integrity of the United Kingdom," said Dudley, who had spoken publicly about the issue only once before."

    https://www.theguardian.com/busines...-threatens-move-pensions-savings-out-scotland

    The future major investment he speaks of, being on the West Coast.

    "As the oil industry raised their voices on the future of the North Sea, Standard Life, one of the leading pillars of Scotland's finance industry, warned it would move pensions and investments out of Scotland to protect its UK customers if Scotland voted for independence.


    David Nish, the chief executive, said: "Standard Life has a long history in Scotland – a heritage of which we are very proud and we hope that this continues but our responsibility is to protect the interests of our customers, our shareholders, our people and other stakeholders in our business.""


    "E.on, the German energy giant, is preparing to pull out of the North Sea, exacerbating an exodus of explorers from the region as it battles a slump in oil prices.

    The company is planning to offload around £1bn worth of fields off the coasts of Scotland, England, the Shetland Islands and Norway.

    More than £6bn worth of North Sea assets are already up for sale, according to oil and gas consultancy group 1 Derrick, with major oil groups Total, ConocoPhillips, BP and Shell already working on plans to pull out in the wake of slumping oil prices.


    The flight from the North Sea continues

    E.on has instructed Bank of America Merrill Lynch to find potential buyers for the assets. It is understood the company is still deciding whether to sell them in one chunk, or take a more piecemeal approach. E.on is keen to keep its interests in Russia, sources say.

    Sources say potential buyers include new UK exploration & production company Siccar Point Energy, led by Jonathan Roger, Centrica’s former oil chief.

    The vehicle, set up last year to pursue opportunities in the UK continental shelf, has financial backing from Wall Street private equity giant Blackstone and Singapore’s sovereign wealth fund GIC.

    KKR and Warburg Pincus, which raised $4bn last October(2014) for a fund dedicated to investments in the energy sindustry, are said to be scouring the opportunities in the North Sea.

    In November, E.on announced a radical shake-up of its sprawling empire and said it would split the company in two by spinning-off its fossil-fuel power plants into a separate company."


    https://www.telegraph.co.uk/finance.../The-flight-from-the-North-Sea-continues.html
     
  2. Welsh dragon

    Welsh dragon Senior Member Staff Member

    I thought the amount of oil left was dwindling to the point where soon drilling would no longer be a viable option due to the increased costs of findimg new oil reserves and trying to bring it to the surface. Even if Scotland did vote for independence, they wouldn't get much revenue from oil anymore. I could of course be completely wrong.
     
  3. OP
    OP
    classic33

    classic33 Senior Member

    Any revenue from the oil or gas, brought ashore in Scotland wouldn't stay in Scotland long. The three issuing banks, Clydesdale, Bank of Scotland and the Royal Bank of Scotland are all Headquartered South of the border, with debts outstanding.

    For any area to loose it's major employer, it's never easy. There's the knock-on effects, local jobs that relied on the oil & gas industry to bring money into the area, shops and small service industries. If predictions are correct and it is 50% by 2025, that'll be a fair few empty houses.
     
  4. OP
    OP
    classic33

    classic33 Senior Member

    What coast is the North Sea on?

    The Scottish Issuing Banks were all rescued by banks based in England. With the Clydesdale getting help from Bank of America to help keep it afloat.

    Not many would be willing to take a paycut to help someone else stay in a job. Proven time and time again, the world over.

    The oil companies can't see the point of keeping two identical sytems going, either side. Especially when they've then to tranfer the bulk of it back to mainland Europe anyway. Makes perfect sense, to most people.
     
  5. OP
    OP
    classic33

    classic33 Senior Member

    The Scottish Banks are Scottish in name only. Their licence to print has to be authorised by their owners, banks in England and America. Only three have a licence to do so.

    Check the next series of Clydesdale notes, when issued. For the first time on a UK banknote will be printed, on the rear, the words "In God We Trust". Sound familiar?
     
  6. OP
    OP
    classic33

    classic33 Senior Member

    Which coast is the Atlantic on?
     
  7. OP
    OP
    classic33

    classic33 Senior Member

    It matters not what religion uses the notes. It's a first for any UK bank, and it's because it's kept afloat by an American bank.
     
  8. OP
    OP
    classic33

    classic33 Senior Member

    Using your logic, the West Coast is what faces the North Sea.
     
  9. OP
    OP
    classic33

    classic33 Senior Member

    So where does the North Sea lay, off which coast?

    And the "assets" are those of the crown, not a country.
     
  10. OP
    OP
    classic33

    classic33 Senior Member

    I could tell you, but I doubt you'd believe it.

    See the House of Stuart, for the "stolen" items. See their response. You'll get the same answer on here as you were given elsewhere.

    Such a pity that historical facts are glossed over, because you choose to try and turn a piece to your advantage.

    The rights to drill were given by the United Kingdom, not a part of it. And that is the get out clause that many were told doesn't matter. But a 50% drop in direct employment doesn't bother you.

    You'll have found the headquarters of the three issuing banks then. One being a PO Box number in a small town.
     
  11. OP
    OP
    classic33

    classic33 Senior Member

    Thrown out by by land graming Lairds and clan chiefs, in favour of money.
     
  12. OP
    OP
    classic33

    classic33 Senior Member

    Church were not involved with taking the money. The Lairds & Clan chiefs were the ones who took the money. Sold out their own people.
    Something that resonates within Scotland to this day.

    When you answer with your own voice, not that of someone telling you what to say, you may become a bit believable. But your "paymasters" don't want to allow that. Have you taken the "Bloody Butchers Money", you've already admitted to taking/claimed to have taken the "Saxon Shilling", selling out your own people in the process. Yet you fail to see the irony in your remarks.


    £22 billion of debts from historic PFI projects
    £15 billion owed by Scotland’s councils to banks(Based in the UK & US)
     
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