huge oil find in Scottish Waters announced - a billion barrels. Shetlands.

INDY ref 2 WE GOT OIL

Shexit

nikki declares independence immediately

they need 12 billion for all pot holes in uk. this covers that, four times over.

Shetland should declare independence from Scotland.

Zorro showing the economic understanding typical of a Scottish Independence supporter - none.

could build a few houses before fixing the roads

I recall, when the oil was first discovered, it was suggested that we could be independent, and wealthy, like our Arabian friends!

Same good news about "Global Warming".....we would be bathed in sunshine like the mediterranean!

This discovery is by a very small and relatively unknown company.
So far they have drilled in two locations quite a bit apart and declared it the one big oil field.
Nothing other than speculation behind this 'find' and with extraction costs running at approx. $50 per barrel there is no economic case for beginning production.
Maybe I'm just cynical but it does seem a touch of good fortune for wee Nicki and her thrust for indyref2.
Good fortune in that most SNP voters don't look beyond the headlines.

Scotland are loaded now AKA we got to go FREE

Thinking of handing my UKIP badge back in

The investments my band put into them and they are crumbling

Plenty work for the Shetland lads also

Do the employ Scottish mainland people or would it be Wicker Man style

The Shetlanders have an affinity with Scandinavia and their flag is based on the Nordic cross.
They've often spoke of independence should Scotland break away from the Union.
Guess where most of the oil is located. If they went so would most of the oil.

They shift some amount of bevy at their music festival Chaser.
Over 4 days at the end of April. Get yerself up there and taste the culture.

Yeah i here they want to breakaway

I say let them but they can worry about all the travel back and forth and nothing to do with Scottish workplaces to help out with.They can just buy speed boats or use a couple of their old fishing boats if they work in Scotland mainland.

I mind you said

Iwa slooking at Isle Of Wight festival the other day that looks a decent few days out but not much music im into

You see The Stone Roses are at Hampden in June

Could be a few whity team you support scenes going on that day

Might head but planning the Wembley one instead and get away for 4-5 days or so

primal Scream supporting them at Hampden

Bobby Gillespie NAPPED to be smashed out his skull

My son goes to the Stone roses concerts in Glasgow.

I mind you said was it the Glasgow Green one he was at a few year back

I can't remember. The SECC rings a bell.
He's done T in the Park a few times as well.

It was the SECC.
I remember him telling me he booked into an hotel in the town centre and walked to and fro to the event.

50 billion is a nothing to 'just checking' - it's one find, there might be more?

there is an industry that's been there since the mid seventies.

five million scots - £10,000 each? on one find. Oil will rise in price.

i guess they'll delay the referendum till they get it all out.

Strange how gross selling price has suddenly become net profit to be distributed equally to all Scots living in Scotland. No wonder the SNP has such support.

Zorro do you genunely need this explained to you? It beggars belief an adult needs this explained to them but I will waste my time and do so.

The oil is in the ground. It is worthless there but eventually may be converted to a market value. It costs money to find. It costs money to extract. It costs money to process. It costs money to market and ship. It costs money to re-sell, if it's acually used as a fuel product. Then there are the decommissioning costs that need set aside. Pension liabilities. 1 billion barrels of oil extracted and sold for $50 is a cost of -$10 a barrel if it costs $60 to get the product to the consumer, so that's 10 billion loss for whoever pays for it. Are Scottish Taxpayers prepared to pay $10 a barrel to get it out? And if that It's already been stated by experts that the North Sea may be at the point where it just a loss for the Tax Payer. This is why people talk about what is econmically viable.

To calculate the value to Scotland as total * price then divide it by the population is something is frankly just .. I'd better watch my words.

Anyone can surely can see that's wrong. Unfortunately however this is the level of understanding we tend to see from Scottish Independence supporters, who are not the sharpest. Salmond tried to tell them that the value of oil in the ground would be divided up between voters and they didn't see anything wrong with it. Totally clueless.

Did this really need explained?

And thats not hypothetical, the amount of profit which is what leads to money to the taxpayer is tiny at the moment, and the decommisioning costs are still to be paid.
E.g. "Research group Wood Mackenzie warned taxpayers are facing a £24 billion bill for decommissioning oil and gas fields, 50 per cent higher than the official Treasury estimate of £16 billion."
http://www.telegraph.co.uk/news/2017/01/09/cost-decommissioning-north-sea-wipe-future-tax-revenues/

i understand, i was a partner in a retail business once - i understand overheads.
there is already a thriving business there. it's not just one oil field.
there will be a profit margin across the board. if there was not one.
extraction would cease.

Well maybe you're being cheeky but none of your earlier posts suggested you did

there is already a thriving business there. it's not just one oil field.

Zorro have you not read of how many fields have been closed down? Or how many people have been made redundant?
Whatever it is thriving it is not.
As regards this latest 'find' forgive me for being a bit suspicious of the reality of it. At this moment in time it is at best an honest speculation.

so here's no oil in those waters? that's just been disproved. Maybe it's a controlled shutdown while they sort out Scotland's status. If it isn't a bargaining chip in Scotland's independence. Oh it's a problem, not a blessing. Really? they did the same with coal. Then sold it off to private concerns. Billionaire's with coal mines instead of the state.
they do the same with the NHS, it's not profitable, but they find buyers FKin quickly.

Who are they? Westminster or Holyrood? If the former I think wee Nicki would be screaming about it, don't you?

BTW some of these fields are being decommissioned which is a permanent situation.

Scottish news - BP just sold a pipeline they've been using since the seventies today. to a private firm. 230 million. What did I tell you. they find buyers FKin quick? Into Private pockets. It's unprofitable? we'll sell it off. Then they find more and more oil. I remember watching weekend world in the eighties they said oil would all be gone around the world within fifty years, well that was BS. And they are still pumping BS out now.

they tried to sell the forests, the best bits of the NHS. anything to get a back hander.

BP has agreed the sale of the oldest and largest North Sea oil pipeline to chemicals giant Ineos for $250 (£200m) after the pair confirmed the sales talks last month.
Ineos will pay $125m in cash upfront, and another $125m over seven years to secure supply of oil feedstock for its Grangemouth refinery.

The 100 mile long Forties pipeline transports 450,000 barrels of oil every day, of which 20pc flows to Ineos’ Grangemouth refinery where it produces 80pc of Scotland’s energy.
but will no longer be responsible for its operations or its eventual decommissioning. 
Bob Dudley, BP’s chief executive, said that although the Forties pipeline had great significance in BP’s history, the oil major’s return to growth in the aging basin will focus on its major offshore interests west of Shetland and in the Central North Sea.
“The pipeline has long been an important feedstock supplier to Ineos at Grangemouth. We believe that through also owning [the pipeline], Ineos will be able to realise greater integration benefits and help secure a competitive long-term future for this important piece of UK oil and gas infrastructure,” he added.

$250m over 8 years tells you how poor a state the oil industry is in.

My 21.19 post is a cut and paste job from the guardian.
As a bit of background on them they have been in 'talks' with the SNP over the past few years hoping to be given a 'Fracking' licence.
The SNP keep postponing a decision and have so far refused to reveal exact details of the 'talks'.
No minutes have been kept as the 'talks' have just been get-togethers rather than meetings according to wee Nicki.
This is how the SNP works.

you just said 450,000 barrels a day.

that's 450,000 x 50 dollars a day

22.5 million a day x 365 days = 8,212.5 million a year

8 billion.

is it the only pipeline? in scotland ?

They say whiskey makes more money for Scotland?

Firstly I never said it (see the following post) and secondly why do you consistently use the selling price to judge it's worth to the country.
I think it was JC who posted the current price of extraction at $60 per barrel so this is currently running at a loss $1.6B.

it's running at a loss, temporarily - it's a way of controlling economies globally.
they need this stuff to run every country. If you stop pumping they move into a country and wreck it and install a new government. It's an essential.
the saudis have temporarily stalled it to get control of the satellite states who were under cutting the price. they're burning them off with a low ball price to FK them up. Once they agree to do what they are told, oil will sky rocket again. they need them all to follow orders. monopoly. back upto 110 soon.

Nikki will be relieved Zorro