(c) Richard Pohle
In Oil & Gas People, today:
‘Algy Cluff is celebrating. His oil and gas firm, Cluff Natural Resources, hit the jackpot in the North Sea last week when it won exploration licences for an area the size of Bedfordshire. When the news was announced last Wednesday, Cluff was at lunch with a judge to talk about one of the charities he supports but couldn’t resist toasting the North Sea’s ‘second coming’. Cluff won’t put a precise number on the value of the potential oil and gas resources in his firm’s ten new exploration blocks. But when it comes to ‘North Sea Mark II’, where his Aim-listed firm will drill alongside energy giants BP, Shell and Chevron, Cluff says profits could read like ‘telephone numbers’.’
Now, without the international prefix, my telephone number has ten digits so we’re talking profits in the billions so we’re also talking big tax revenues. Hopefully the forthcoming Scottish Treasury will make a success of this unlike their predecessor:
Scottish GDP grows by 10 times UK rate in first quarter of 2018 or could that be 30 times with proper taxation of oil revenue?
How to get useful information relating to the Scottish oil industry’s ‘tax haul gush’: try a right-wing English newspaper?
North Sea oil producers making massive profits as costs fall and prices rise. Are we taxing them, or might that damage the Unionist case?