Most North Sea oil and gas projects risk being ‘unviable’ under Labour plans
By Paul Homewood
h/t Doug Brodie
Just when you thought it could not get any worse!
Three-quarters of all the North Sea’s new oil and gas projects would be rendered economically unviable under Labour’s tax proposals, industry chiefs have warned.
A combination of the existing windfall tax and uncertainty over a Labour government’s policies could mean “sanctioned investment across the North Sea will fall to levels not seen since the 2016 and 2020 downturns during 2024”, according to a report by analysts Wood Mackenzie.
The report looks at pledges set out by Ed Miliband, the shadow energy secretary, which include imposing a “proper windfall tax” that would raise the current levy by further 3pc. This would mean UK oil and gas producers would pay a total of 78pc tax on any profits.
Mr Miliband has also said a Labour government would backdate the windfall tax, halt tax breaks on new investment and halt licensing for further exploration and drilling.
The report said: “The Labour party currently has a healthy lead in the polls. But it will certainly come under pressure to define what it currently means by a “proper windfall tax”, a phrase often repeated throughout 2023.
“Our analysis shows that only a quarter of all new projects in the North Sea would be economically viable under Labour’s earlier proposals. Many operators may wait and see, unless they are confident that returns on investment can withstand further shocks.”
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NOT A LOT OF PEOPLE KNOW THAT 
They really do want Russia to invade, don’t they?
Why would a country rich in natural resources of every kind, wish to even consider the fate of a small island off the north west coast of Europe with few or no resources except its people?
Because we won the Cold War and it still hurts.
Dearie me, somebody has been lapping up the legacy media lies about our friends in Russia haven’t you? The sort of empty vessel who would take seriously the claim that Russia is in the second year of a 12 year plan to take over Europe and has no understanding at all of the war in Ukraine, especially on how well the advance along the front is going. At the end of this summer’s fighting season I expect it will be mission accomplished and Donbas, Luhansk, Kerson and Zaporizhia Oblasts will be liberated.
Perhaps they fancy an unsinkable aircraft carrier of the coast of Europe.
Millipede is a danger to the nation.
Russia is never going to invade UK or Western Europe. Thats just fantasy.
Russia would like to see the UK neutered to stop the UK policy of perpetual war and global destabilisation.
So Russia is just laughing at how the UK is neutering itself; Russia need do nothiong as the UK commits a slow act of suicide.
“Russia would like to see the UK neutered to stop the UK policy of perpetual war and global destabilisation.”
It’s not alone. :)
bobn: Putin and his cohorts have repeatedly expressed their ambition to re-establish the former USSR borders. They will keep trying until they reach Poland then, as with all European wars, it will be BOOK.
I am wondering just how Miliband expects to decarbonise electricity by 2030? We now know that even the Royal Society believes that we may need as much as 50% extra capacity to cope with necessary storage, and that is supposedly created by using yet more wind turbines to produce green hydrogen to be stored in thousands of salt caverns at high pressure and then burned (at 41% efficiency) in existing power stations. Unfortunately, there is no chance these windmills could be built in time, there is no chance that a potential bomb underground that would make Hiroshima look like a firecracker will ever be allowed, and the Germans have already abandoned retrofitting gas power stations to burn hydrogen as uneconomic.
Milliband is still at it. Having played a big part in the Climate Change Act he wants to double down with more Net Zero stupidity. He’s playing to the noisy climate alarmist gallery. Unfortunately parliament is full of his kind.
The first imperative is to stop voting for the Uniparty (Con/Lab/Lib/Green/SNP), otherwise there is no hope of change.
On the subject of the doom that is staring us in the face, Paul had a very interesting article posted in TCW yesterday: https://www.conservativewoman.co.uk/the-real-purpose-of-net-zero-impoverishment-enslavement-and-depopulation/.
The collapse of the UK is building momentum.
Move your business to South Carolina while the best sites are still available.
https://www.sccommerce.com/buildings-sites
The general election this year will be won by either the Conservatives or Labour, with the Liberals hoping for a coalition government with Labour if they do not get a majority. Hence there will be no change on energy policy in the UK, with other examples of Port Talbot to occur in other high energy industries such as cement, glass, pottery and chemicals.
The only way the population will realise the risks of the net zero fairytale is when the electrical grid shutsdown. It’s unfortunate that so many people have no idea of where this country is heading and that it is deliberate.
The same
Ther
Im afraid your exactly right and the ESO is holding things together pretty well as long as it can throw cash at managing the issue. We are thus years off the system being anywhere close to unexpected collapse so we will blithely forge on over the green pastures until we get to the point of no return.
” We are thus years off the system being anywhere close to unexpected collapse “
If there is no proof that humans are responsible for dangerous climate change then is not cost a sufficient reason for most people to reject net zero?