Scotland's oil. How long before it is worth nothing?

[NickB]

Fortunately the foreign big investors and the big operators can upsticks and go where the costs are lower.

Aye, that is why they are currently investing billions in long-term projects in the North Sea.

Energy consultancy Wood Mackenzie has forecast that 14 new fields with the capacity to produce 438m barrels of oil equivalent will be brought on stream by the industry his year alone.

Still, I'm sure you know better.

[Innes Newton]

Energy consultancy Wood Mackenzie has forecast that 14 new fields with the capacity to produce 438m barrels of oil equivalent will be brought on stream by the industry his year alone.

A consultancy firm has made a forecast.......before news came out about Iraq, Iran and Libya stepping up production and undermining OPEC. There are far too many consultancy firms who make recommendations and predictions to effect change, and then walk away when their forecasts don't materialise.

You don't really want to count your chickens before they are hatched, do you?

[NickB]

.
I believe the oil companies who are investing heavily in new North Sea developments right now.

I believe oil industry analysts who know the oil patch inside out.

If you prefer to believe your own wild guesswork about the future then that is your perogative. Perhaps you really do have a crystal ball or a time machine, but I doubt it.

I trust the Scottish people to be able to tell reality from scaremongering nonsense.

Project Fear is on its last legs.

[NickB]

.
Gentle reader, ask yourself

Which of the following would you be least likely to believe ?

~ Investment in the North Sea is the highest for 30 years and rising, according to a report by oil and gas trade body Oil and Gas UK

~ Wood Mackenzie believes 14 new fields with the capacity to produce 438m barrels of oil equivalent will be brought on stream by the industry in 2014

~ EnQuest cleared to develop £4bn Kraken oil field off Shetland

~ Former pirate says North Sea oil is about to become worthless

[Innes Newton]

The intelligent reader will know that things can change very quickly in the world, especially in the oil world:

Investment in the North Sea is the highest for 30 years and rising, according to a report by oil and gas trade body Oil and Gas UK

Which is why you ignore an article nearly a year old. Because now they say investment will fall after next year

Wood Mackenzie believes 14 new fields with the capacity to produce 438m barrels of oil equivalent will be brought on stream by the industry in 2014

. Buried in the text of the article it says,

exploration for undiscovered oil reserves in the North Sea is falling behind, signalling that the offshore region is entering the final stages of its lifespan.
“Due to poor exploration performance in recent years, capital investment is unlikely to be sustained at the current high levels beyond 2015,” said Ms Wexelstein

EnQuest cleared to develop £4bn Kraken oil field off Shetland

In the news, 27th January 2014 Brent futures dropped today on reports of a slowing economy in China, which clouded future oil demand

Former pirate says North Sea oil is about to become worthless

. Actually he didn't say, "is about to become worthless". But getting back to the article dated as recently as 23rd January 2014, regarding Wood Mackenzie's oil 'expert' report is titled, "North Sea Slowdown Predicted"

No one can predict what the world will be doing in a year, let alone two years, ten years or twenty years on when Scotland could be on its own. But the long term prospects for North Sea Oil look shaky. I wouldn't bet my children's future based on it.

Trust the Pirate. He has no commercial interest in talking North Sea Oil up. He's not seeking investment. He's not a consultant looking to appease his customers with good news in return for his fees. He wasn't so foolish about windmills. He hasn't been proven wrong about global warming. He's a patriot for his nation with blood from England and Scotland, and a sense of family for the peoples of all corners of the United Kingdom. He's a pacifist, hoping all of us can smooth the daily tensions and stresses of life, that we may all live and share together this wonderful land that is Great Britain.

[NickB]

No one can predict what the world will be doing in a year, let alone two years, ten years or twenty years on

Damn right they can't.

What you seem to be conveniently ignoring is that no-one knows what the future holds for the UK either.

Scotland's future is no less uncertain if she chooses to remain in the Union.

It's not about predicting the future.

It's about the right of the people who live in a country to make their own decisions and to respond to changing circumstances as they see fit.

Scotland is on the verge of claiming that right.

[NickB]

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Oh, and by the way . . .

[Innes Newton]

And a Scottish socialist government can blow it all.

[Tim Bowles]

And a Scottish socialist government can blow it all.

Assuming you are correct, and Scotland elects a socialist government, which then "blows it all", it would be our choice. I hope you are not suggesting that we need the union to protect us from ourselves, because that is not an argument which is going to win many waverers.

[Innes Newton]

which then "blows it all", it would be our choice

I've had a lifetime (so far) of caring about what happens to Scotland as part of my country, the United Kingdom, Great Britain. I don't want it to go down the pan and I think that is far less likely if we stick together.

[NickB]

I've had a lifetime (so far) of caring about what happens to Scotland as part of my country, the United Kingdom, Great Britain. I don't want it to go down the pan and I think that is far less likely if we stick together.

Quite a lot of Scots think Scotland is less likely to go 'down the pan' on its own than if it remains in an unequal union with a decaying and decadent partner.

IN fact, some of us think the UK is already 'down the pan' when it comes to supporting decent human values.

[Innes Newton]

That's so typical of the attitude of so many Yes Campaigners:

Always blame someone else for their own misery ...blame Westminster and toffs

No appreciation of what you've got...always' what you've not got. Always a case of glass empty, never half full.

No appreciation that millions immigrate to the UK because of the decent human values found here compared to where they came from.

For those of them that have recently arrived in Scotland I'll bet they are absolutely baffled as to why someone is asking them to vote to break up the UK.

[NickB]

.
Yawn.

[Innes Newton]

OPEC says North Sea oil output to hit new lows. North Sea oil production forecast to fall this year, blowing hole in Alex Salmond's economic plan for an independent Scotland.

http://www.telegraph.co.uk/finance/news ... -lows.html

[NickB]

.
OPEC says?

You mean one man, the president of OPEC, says . . . . one former Libyan deputy prime minister, who served under Gadaffi.

Cameron is shameless - he doesn't care who he enlists in his ludicrous propaganda war. This guy was obviously easier to chum up than Putin.

We'll take our chances with our 'worthless' oil thank you.

It is obviously so debilitating a liability that I am sure Westminster will be delighted when we take it off their hands.

[Innes Newton]

So who in the world do you believe? Is it only Alex Salmond? Is he some sort of Messiah?

[NickB]

So who in the world do you believe? Is it only Alex Salmond? Is he some sort of Messiah?

I believe the oil companies, who are currently investing billions in the North Sea.