Oil Companies To Pull Out Of The North Sea

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

  1. classic33

    classic33 Well-Known 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 Well-Known 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. Highlander

    Highlander Active Member

    Firstly, Woods a thief and rogue.....a billionaire who will stoop as low as necessary to prove he's right.
    He and the big oil companies have been selling out to smaller companies, but are still major shareholders and financiers in the smaller companies.
    They all cut the wages by up to two thirds under a pretext 1. The extraction of oil was twice to three times more expensive in U.K. Waters than comparisons with Norwegian waters.
    2. To take a wage cut, your fellow employees would be kept on, there would be no redundancies.
    Immediately after the agreement was signed to cut wages, they made redundant the staff, and cut wages by another 15-25%.

    Both lies.

    As for Oil, there is one field off the west coast, which is at least 164 miles by 90 miles dog leg with a minimum of 32 miles across, this field was found in 1980s and no UK personnel were allowed on the survey. Only Rhodesians and South Africans. This was admitted, by Westminster government just after the referendum, where Woods was made to look the lying idiot he is!
    The oil industry They attempted to request cuts from the diving industry, which was refused. They said they were going to implement cuts if the union wasn't going to agree voluntarily. They were clearly told, they could inflict cuts, now, there would be nothing the ODIA could do about it, but promised, by the ODIA, they would regret any and all cut in the future negotiations. No cuts were made. The previous strike, had been 100% support.

    But the most important fact, the costs of recovering oil from the North Sea was based on lies and deceit, and this was again proven by the ODIA. Costs for the oil and gas pipelines offshore and onshore and transporting oil were counted as overheads, but these billions of pound of profits wasn't included against the costs of running the pipelines. Costs which every company in the North Sea had to pay to shell and BP.
     
    Last edited: Mar 17, 2018
  5. OP
    OP
    classic33

    classic33 Well-Known 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.
     
  6. Highlander

    Highlander Active Member

    All Scottish banks require assets to loan money or produce legal tender. That's law. They unlike your vermin, don't, it's electronically made!

    So then you need to look at the banks, which we have no control, sold off by your vermin, undermining your future.

    Oil companies, by your point of view, can just leave the North Sea, and leave! The Scottish government can take over the money stolen every single day from Scotland, by the Westminster exchequer. Seeing it's such a problem.

    Your conceit is dripping from your words. The people of Scotland, DID accept pay cuts to protect each other, and this was the second time in the history of down turns they did so. Don't compare you and your mentality with civilised standards and people. We don't vote Tory. It's only because they get in by the twisted and bias electoral system forced on us, by Westminster, that any of there vermin get in!
     
    Last edited: Mar 17, 2018
  7. OP
    OP
    classic33

    classic33 Well-Known 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?
     
  8. OP
    OP
    classic33

    classic33 Well-Known Member

    Which coast is the Atlantic on?
     
  9. Highlander

    Highlander Active Member

    Your not very bright are you......the old world and the new world, perhaps Africa....but surely your after some petty aspect to please your menial outlook? Please take what ever pleases your bias!
     
  10. Highlander

    Highlander Active Member

    Well your Zionist don't believe in god...... they own your banks.....14 directors of the Bank of England who you will never find out....because they consider you a peasant, on a good day, an aminal normally ..... but then, you act like it, because you don't question the status quo! Your rightful king gave you those rights, but 1666, were all taken away......but you wouldn't have a clue about any of that historical facts, pettiness being the precurser necessary to please you.
     
  11. OP
    OP
    classic33

    classic33 Well-Known 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.
     
  12. OP
    OP
    classic33

    classic33 Well-Known Member

    Using your logic, the West Coast is what faces the North Sea.
     
  13. Highlander

    Highlander Active Member

    Scotland has three coasts, north east and west, yet your lot steals all the assets.....
     
  14. Highlander

    Highlander Active Member

    Don't you feel stupid? Stop being so bitter, is it cause your not Scottish?
     
  15. OP
    OP
    classic33

    classic33 Well-Known Member

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

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