North Sea oil profitability continues to be maintained

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© oilandgaspeople.com

As crude stabilises around $50 per barrel even the major corporations are returning to healthy profits. We know that the mid to longer-term prospects are for even higher prices:

Will Scotland’s oil hit $100 (or more?) a barrel again after 2020?

According to Oil and Gas People, Exxon-Mobil and Dutch Shell expect to double their second quarter profits over last year and Total expects to report a third consecutive quarter of higher profits, year-on-year. Referring to increased efficiencies, Oil analysist Sanford C Bernstein is quoted as saying:

‘We used to make money at $40 oil, we used to make money at $25 oil.’

I’m not sure how far back in history he’s talking about there. With North Sea oil flowing to the greedy markets of China and India by the multi-tanker-load, we have little to worry about. See:

Scottish oil in new and much increased demand from Asia ‘like never before!’

https://www.oilandgaspeople.com/news/14753/major-oil-companies-beating-slump-as-ceos-learn-to-live-with-50-crude/

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6 thoughts on “North Sea oil profitability continues to be maintained

  1. Ludo Thierry July 28, 2017 / 5:45 pm

    Hi Prof – Thanks for the further good news on the Scottish Oil front. Can I add to the good news with a few items concerning other fluids from Scotland?

    First off: Scotland’s Drinking Water Quality Regulator (Sue Petch) has released the latest annual report (2016). Shows Scottish Water’s compliance with the stringent standards for drinking water @ 99.91% (from 311,560 regulatory tests carried out over the year).

    798 ‘event notifications’ were received. Most were classed as ‘not significant’. 26 were declared ‘incidents’ and were investigated in more detail – this represents a reduction on 2015 figures.

    (Delivering improving water standards – how baad can this SNP baad Govt get?)

    Next: Douglas Laing and Co. unveiled plans for a new £10.7million whisky distillery and bottling complex (with visitor centre, bar and bistro) on the Clyde @ Pacific Quay. To be up and running by late 2018. 38 new jobs. Planning talks @ advanced stage with (SNP) Glasgow City Council. Backed by £855,000 grant awarded by SNP Scottish Govt from the Food Processing Marketing and Cooperation scheme. Water from Loch Katrine and barley from Scottish farms. – Can the SNP Govt get any baaaader?

    Yes they can: Meanwhile on the north bank of the Clyde Morrison Glasgow Distillers said construction of their Clydeside Distillery and visitor centre is “..moving at pace” and plan is to open this autumn. Cara Laing (granddaughter of founder) said company aiming to expand sales in China and grow in existing markets including USA, Germany, France, Japan, Taiwan and UK. Oh – that SNP Govt just keeps getting worse doesn’t it?

    (There has to be a mistake here – surely Scotland is too wee, too poor etc to produce this sort of long established, family based company with global profile?)

    Meanwhile – on the Law front – ‘Leading law firm Brodies reports ‘record’ revenues’. – Yes – Managing partner Bill Drummond reported a 7th consecutive year of growth (Note – each of these years has been under an SNP Scottish Govt) – This is a big company (94 partners, more than 300 advisers and 217 support staff).

    PS Message for Contrary – like you I was delighted re. the SNP Scottish Govt and partners instituting a 10 year plan to protect and encourage our various pollinators (bees included)! – And the Brit Nats have the unrivelled rind to talk about ‘..getting on with the day job..’!!!

    Thanks, Ludo

    Liked by 1 person

  2. William Henderson July 28, 2017 / 6:32 pm

    Great work, John. The good news just keeps on coming!

    I think I am just beginning to understand why the UK establishment isn’t too keen on ‘losing’ Scotland.

    Liked by 1 person

  3. Contrary July 28, 2017 / 10:20 pm

    Thank you Ludo, it is good to hear a healthy interest in our important bee population. And thank you for the extra news too, good to hear Scottish Water water is getting good results, I play a tiny minuscule role in helping Scottish water get there, so maybe I helped add that 0.01%, *puffs out chest with pride* (and looks a wee bit smug). But probably not! 🙂 (deflates).

    That 99.91% is a good number, the kind I would like to see as a result in yes to independence (or train satisfaction ratings??). Ah, well. In another universe.

    Good point William, there’s the rub, Scotland is an asset to that union, so we are to be kept and subjugated – how can there be so many good things in Scotland but at the same time we are told we are a burden, and still not be a healthy happy nation, unless we are being subjugated – but it’s a no-win situation with that other partner in the union, their propaganda machine is in full swing, so we need to keep ourselves informed (or let Prof John do for us!).

    It is quite amazing though, isn’t it, how many successes Scotland has, how much innovation, how much talent it has – and the fact it is a surprise shows us how well the unionist propaganda machine really works. Its like being released from shackles when you realise most of the bad things you’ve been told about your own country and society are downright lies.

    Here is a four minute video from that broadcaster-4, ‘the joy of stats’ some nice graphics on population wealth and health, for 200 countries – note the sudden increase in health and wealth for countries becoming independent (after the 2nd world war).

    Liked by 1 person

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