Another oil major reports record production in the first half of the year boosted by the Solan field off Shetland

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Premier Oil produced 82 100 barrels per day in the first half of 2017, a 34.5% increase. Revenue rose even more steeply by a staggering 49% to $546.1 million.

It’s clear from this and other reports that the North Sea fields should be pouring tax revenues into the treasury and that these should be credited in any discussion about Scotland’s economic well-being unlike that currently around the wholly inadequate GERS estimates being used to allocate Scotland a deficit she doesn’t really have for purely political propaganda reasons. Here are some of the earlier signs that the oil majors are thriving yet not paying their way in the UK economy:

Maersk Oil adds to optimism about North Sea oil’s future prospects

Most North Sea oil and gas firms no longer planning job cuts and reporting growing confidence in recruitment according to Bank of Scotland report.

Scottish heavy grade North Sea oil generating more massive profits for corporations and the UK Treasury

Here’s the FT’s headline on this:

‘At last, Premier Oil has reason to be gushing’

https://www.ft.com/content/af581734-88f4-11e7-8bb1-5ba57d47eff7

http://www.insider.co.uk/company-results-forecasts/premier-oil-enjoys-record-first-11044112

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13 thoughts on “Another oil major reports record production in the first half of the year boosted by the Solan field off Shetland

  1. Bugger (the Panda) August 25, 2017 / 10:11 am

    So we pay the Oil Companies to take our oil out and Norwegian Statoil takes money for theirs. Have I fallen down Alice’s rabbit hole?

    I am confused

    Like

  2. Bugger (the Panda) August 25, 2017 / 11:02 am

    We used to have a national oil company similar to Statoil, based in Glasgow. Thatcher sold it off pronto

    Like

  3. Contrary August 25, 2017 / 8:37 pm

    I keep trying to think of a list of all the national industries that were sold off by Thatcher and since,

    British Gas,
    British Steel (that was closed not sold eh?)
    British Coal (?)
    British Telecom
    Royal Mail – or the post office, can’t remember if both are sold yet
    British Rail
    (Britoil, thanks Panda (baby pandas soon maybe??))

    There’s more ,,, but the point is, why on earth does anyone in their right mind wonder why there is no British identity left? Of course there isn’t, all the possible ‘binding’ structures that were part of an integrated system have been privatised, all the hard earned institutions sold for a quick buck for the privileged few. Younger folks won’t even realise that there was anything ‘British’ ever, and waving a controversial flag around, one used by BNP supporters and all the bigoted evil they stand for, is really not a way to try and induce a British identity. Anyway, it’s all gone, closed, sold, nothing left. Those Westminster folks that try and resurrect the empire should have thought a bit harder before selling everything off. And they are in even worse debt than ever before, really must be the worst administration in history, and it all started with Thatcher’s deregulating bonanza.

    But, now it’s done, we are free of those shackles (ones that may have made us believe there was a unity) – how easily it was done too – let us be completely free off all Westminster shackles.

    Liked by 1 person

  4. Clydebuilt August 26, 2017 / 1:43 pm

    Dartford Tunnell
    Farnborough ( British Aircraft Industry Research Centre)
    Some Prisons
    U.K. Search & Rescue Helicopters
    England’s NHS (parts of)
    England’s Forensic Service (part privatisation)
    British Airport Authority
    British Shipbuilders
    British Leyland
    Rolls Royce
    BNFL / British Nuclear Group
    England’s Water Companies.
    Scottish Power
    Directory Enquiries

    Just think of an activity, and it’s been privatised.

    Short term source of income for the Government of the day, leaving the population to pick up the tab of higher prices, for ever!

    Like

    • Clydebuilt August 26, 2017 / 1:49 pm

      At time of Scottish Power’s sale the SNP were against it, Jack McConnell said he would not step in to stop international business.

      Believe there is Legislation in Germany to stop Volkeswagen being sold to foreign owners.

      Like

    • Contrary August 27, 2017 / 4:44 pm

      Excellent list thank you Clydebuilt. The social consequences of all these privatisations, I reckon, are a lot bigger than anyone thinks; the whole thing is glossed over as though it’s natural and fine. And any murmurings of re-nationalisation of any industries never seem to be of a serious nature. Buying and selling companies is big business, billions of pounds involved, so where in our public coffers has all this cash gone? To boost our pensions, maybe,,, oh, right, maybe not then! So, looking at the broad picture, after decades of selling, we have austerity. There are a few conclusions I can come to from that, and none of them involve Westminster or the current political system being in any way good for these nations.

      Like

  5. johnrobertson834 August 26, 2017 / 3:20 pm

    Really, how do the Germans get away with that? Angular Merkin is a globalising liberal?

    Like

    • Bugger (the Panda) August 26, 2017 / 3:48 pm

      The controlling interest in VW is held by Porsche (52%) and then Lower Saxony has 20%. Used to be 2 types of shares one with voting rights ( Low Sax) and no rights (Porsche I think) and VW challenged that bringing about a change in control with the Porsche Family giving assurances if they were going to offload their shares. Very Byzantine

      Like

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