North Sea Oil: Norway’s Pumping, Britain’s Lagging #oil #investment


	North Sea Oil: Norway’s Pumping, Britain’s Lagging #oil #investment

JICWyllie

7-10-2009 10:25 AM

51 views

tags:

1-policy, 1-production, 2-consequences, 3-reported, 4-norway, 4-uk

JICWyllie says:

The UK could lead the industrial world into a low energy world. Do not invest in British car manufacturers; invest in solar electricity. Forgot: all the government's money was spent covering bank losses.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/21a60d33-c958-4e42-8b22-310ed6ff90ae/13074BBE-4C8E-448C-A3AB-06D064640328/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://blogs.wsj.com/environmentalcapital/2009/07/09/north-sea-oil-norways-pumping-britains-lagging/" href="http://blogs.wsj.com/environmentalcapital/2009/07/09/north-sea-oil-norways-pumping-britains-lagging/" style="font-size: 11px;">blogs.wsj.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/environmentalcapital/2009/07/09/north-sea-oil-norways-pumping-britains-lagging/"><P>The UK oil lobby says it’s all to do with tax. Norway’s fiscal system encourages companies to drill, baby, drill, because they get tax breaks on their exploration costs.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/environmentalcapital/2009/07/09/north-sea-oil-norways-pumping-britains-lagging/"><P>But it also has a lot to do with the kind of companies active on each side of the national divide. On the UK side, the big majors have reduced their exposure to the North Sea over the last decade or so as the basin has matured. They’ve been succeeded by a wave of independents, lured by low-cost licenses and other government incentives.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/environmentalcapital/2009/07/09/north-sea-oil-norways-pumping-britains-lagging/">These players have been floored by the credit crisis. Strapped for cash, they’ve struggled to finance exploration. Many have deferred projects. A couple have gone bust. UK investment in the North Sea fell 20% between 2005 and 2008, despite the red-hot oil price.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blogs.wsj.com/environmentalcapital/2009/07/09/north-sea-oil-norways-pumping-britains-lagging/">the latest drilling statistics for the North Sea. In the UK part, drilling was down nearly 60% in the second quarter. In the Norwegian sector, it was up 50%.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/13074BBE-4C8E-448C-A3AB-06D064640328/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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