Archive | March, 2018

Multi-million-barrel oil discovery in North Sea

24 Mar

Just give the oil away to anybody like those shareholders of the Tory persuasion.

Talking-up Scotland

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(c) Amulf Husmo | Getty Images

Hot on the heels of BBC Scotland’s gloomy warning headlined:

North Sea oil and gas exploration ‘at lowest level since 1970s’’

we see in Energy Voice today that US firm Apache has made a 10 million-barrel discovery in the Garten field 155 miles east of Aberdeen. Production will begin in 2019.

According to analysts Wood Mackenzie in Energy Voice:

‘Hot on the heels of Callater, Corona and Storr, that’s more than 85 million barrels discovered in the area since 2015.’

https://www.energyvoice.com/oilandgas/north-sea/167034/apache-makes-multi-million-barrel-oil-discovery-in-north-sea/

So, just from that one well, with crude trading at more than $60 per barrel that’s $600 million minus production costs of at most $150 million or $450 million to be shared between the shareholders, the staff and the treasury. At a 20% corporation tax rate that should be at least $90 million or £64 million.

Add this to the £75…

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