According to Oil & Gas People today, Premier Oil’s Catcher field off Aberdeen starts production any day now and is expected to: ‘generate significant amounts of cash next year.’
With oil prices holding up above $60 per barrel and production costs looking to fall below $15 per barrel, this and the decision by Premier to develop another field, Tolmount, next year, reinforces earlier reports of the value and life expectancy of the North Sea basin as source of wealth for an Independent Scotland in the decades to come.
See these earlier reports revealing the above to be part of a wider ‘Third Wave’ of wealth-creation in the North Sea:
Is Peak Oil still 20 or 30 years in the future and so, would an independent Scotland be rich?
Scottish oil now worth $63.58 per barrel as boom continues
New technology to extend life of North Sea oilfields. Reports of its death have been greatly exaggerated
Investors already betting on $100 per barrel oil in 2018? Indyref2 should be a very different story
We need independence to get some of this revenue for Scotland and though Indyref2 may have been delayed, it’s still on the table. Peak oil could be as far away as 2040 or even 2050. Does anyone think Indeyref2 won’t happen much earlier than that- 2021?
Footnote: there’s a field called Bagpuss, Blofeld?
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BBC Scotland has just informed us that the Chancellor will, at the behest of the Scottish Conservative MPs, introduce changes to the tax regime which will ensure that ‘every drop’ can be got from the North Sea. We were told by the reporter that, ‘this is a rather sensible idea’.
Does he mean tax em less or more?
It will relate to the transfer of historic taxes paid to the current owners of any field at the time of decommissioning, so that the Treasury refunds taxes rather than the new company bearing the decommissioning costs. Apparently, this is ‘tax neutral’ according to the accountants and so the Chancellor can make the change without adding to the deficit. However, it will enable the 13 Ruth Davidson Party MPs to be given great kudos for ‘fighting Scotland’s corner: they have achieved in 5 months more than the SNP has done in 10 years’.
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