Shell to Sea

[Dinny Breen]

Norway has consistently reviewed and changed licenses/taxes after the first initial discovery, essentially there are many different approaches to Oil/Gas exploration and extraction and taxation. There is no reason to believe that if we have resources that can be exploited that we won't find a model that suits us.

Thought this article interesting in particular, the comment below

http://www.arcticgas.gov/norway%E2%80%99s-different-approach-to-oil-and-gas-development

Norway allows producers relatively quick recovery of their capital costs with a six-year depreciation schedule for tax purposes (quicker than the U.S. federal government and Alaska allow in corporate income taxes, but slower than Alaska allows as a deduction against its production tax). In addition, companies also can write off from the 50 percent offshore production tax an extra 30 percent of their investment spread over four years - essentially a tax credit for uplift investment. Alaska producers can earn tax credits of 20 percent to 40 percent for similar capital expenditures.

The high tax rate, plus the additional investment credit, means that for every dollar a producer invests in Norway, it saves 93 cents on its taxes - pretty similar to the total tax break allowed by the U.S. and Alaska tax codes.

It's a lot easier to get oil out of the North Sea as well.

[muppet]

Norway did it properly. I am sure they could point to even better ways of doing it but they are light years ahead of our give away. As the following emphasises:

http://www.biznews.com/property/2014/10/sovereign-wealth-fund-places-big-bet-city-residential-property/

From Reuters

AALESUND, Norway, Oct 2 (Reuters) – Norway's $855 billion sovereign wealth fund, the world's largest, will focus its future real estate acquisitions on booming global cities, its deputy chief said on Thursday.

The fund, which owns on average 1.3 percent of all listed companies worldwide, invests 1.2 percent of its holdings in real estate but aims to increase that stake to 5 percent over time.

The much maligned Charlie McCreevy started a fund (National Pension Reserve Fund) that was probably our equivalent. But the ECB/IMF insisted we emptied it into the banks.

[Dinny Breen]

Norway did it properly. I am sure they could point to even better ways of doing it but they are light years ahead of our give away. As the following emphasises:

http://www.biznews.com/property/2014/10/sovereign-wealth-fund-places-big-bet-city-residential-property/

From Reuters

AALESUND, Norway, Oct 2 (Reuters) – Norway's $855 billion sovereign wealth fund, the world's largest, will focus its future real estate acquisitions on booming global cities, its deputy chief said on Thursday.

The fund, which owns on average 1.3 percent of all listed companies worldwide, invests 1.2 percent of its holdings in real estate but aims to increase that stake to 5 percent over time.

The much maligned Charlie McCreevy started a fund (National Pension Reserve Fund) that was probably our equivalent. But the ECB/IMF insisted we emptied it into the banks.

It took time for them to get it right and they had a queue of investors, BP pulled out of Irish exploration after spending €120m. Are our resources over-hammed? Seems to me we are not in a particular strong position due to the lack of progress in finding suitable fields and the costs of extraction. Norway didn't make massive profits off the first fields that were commercially viable either, plus the oil crisis in the 80s drove their market upwards, a very favourable circumstance.

You are obsessed with the banks.

[muppet]

Norway did it properly. I am sure they could point to even better ways of doing it but they are light years ahead of our give away. As the following emphasises:

http://www.biznews.com/property/2014/10/sovereign-wealth-fund-places-big-bet-city-residential-property/

From Reuters

AALESUND, Norway, Oct 2 (Reuters) – Norway's $855 billion sovereign wealth fund, the world's largest, will focus its future real estate acquisitions on booming global cities, its deputy chief said on Thursday.

The fund, which owns on average 1.3 percent of all listed companies worldwide, invests 1.2 percent of its holdings in real estate but aims to increase that stake to 5 percent over time.

The much maligned Charlie McCreevy started a fund (National Pension Reserve Fund) that was probably our equivalent. But the ECB/IMF insisted we emptied it into the banks.

It took time for them to get it right and they had a queue of investors, BP pulled out of Irish exploration after spending €120m. Are our resources over-hammed? Seems to me we are not in a particular strong position due to the lack of progress in finding suitable fields and the costs of extraction. Norway didn't make massive profits off the first fields that were commercially viable either, plus the oil crisis in the 80s drove their market upwards, a very favourable circumstance.

You are obsessed with the banks.

BP's €120m sounds like a lot, but it really isn't. They were fined €18bn for the oil spill.

You sound like Tony.

[Dinny Breen]

Norway did it properly. I am sure they could point to even better ways of doing it but they are light years ahead of our give away. As the following emphasises:

http://www.biznews.com/property/2014/10/sovereign-wealth-fund-places-big-bet-city-residential-property/

From Reuters

AALESUND, Norway, Oct 2 (Reuters) – Norway's $855 billion sovereign wealth fund, the world's largest, will focus its future real estate acquisitions on booming global cities, its deputy chief said on Thursday.

The fund, which owns on average 1.3 percent of all listed companies worldwide, invests 1.2 percent of its holdings in real estate but aims to increase that stake to 5 percent over time.

The much maligned Charlie McCreevy started a fund (National Pension Reserve Fund) that was probably our equivalent. But the ECB/IMF insisted we emptied it into the banks.

It took time for them to get it right and they had a queue of investors, BP pulled out of Irish exploration after spending €120m. Are our resources over-hammed? Seems to me we are not in a particular strong position due to the lack of progress in finding suitable fields and the costs of extraction. Norway didn't make massive profits off the first fields that were commercially viable either, plus the oil crisis in the 80s drove their market upwards, a very favourable circumstance.

You are obsessed with the banks.

BP's €120m sounds like a lot, but it really isn't. They were fined €18bn for the oil spill.

You sound like Tony.

Harsh!

[muppet]

Norway did it properly. I am sure they could point to even better ways of doing it but they are light years ahead of our give away. As the following emphasises:

http://www.biznews.com/property/2014/10/sovereign-wealth-fund-places-big-bet-city-residential-property/

From Reuters

AALESUND, Norway, Oct 2 (Reuters) – Norway's $855 billion sovereign wealth fund, the world's largest, will focus its future real estate acquisitions on booming global cities, its deputy chief said on Thursday.

The fund, which owns on average 1.3 percent of all listed companies worldwide, invests 1.2 percent of its holdings in real estate but aims to increase that stake to 5 percent over time.

The much maligned Charlie McCreevy started a fund (National Pension Reserve Fund) that was probably our equivalent. But the ECB/IMF insisted we emptied it into the banks.

It took time for them to get it right and they had a queue of investors, BP pulled out of Irish exploration after spending €120m. Are our resources over-hammed? Seems to me we are not in a particular strong position due to the lack of progress in finding suitable fields and the costs of extraction. Norway didn't make massive profits off the first fields that were commercially viable either, plus the oil crisis in the 80s drove their market upwards, a very favourable circumstance.

You are obsessed with the banks.

BP's €120m sounds like a lot, but it really isn't. They were fined €18bn for the oil spill.

You sound like Tony.

Harsh!

He calls me obsessed too. 

Argghh.

Jebus, just think about that!

[Rossfan]

[You are obsessed with the banks.

BP's €120m sounds like a lot, but it really isn't. [/quote]

We should be all obsessed with the fcukin banks seeing as we all paid paid about €15,000 each to bail the fcukers out.
€120m pales in comparison to €64Bn.

[Eamonnca1]

Looks like there's hope for the Shell to Sea crowd. The largest vessel the world has ever seen is being built to liquify natural gas off the coast of Australia so that they don't have to do it ashore. It's nearly half a kilometre long!

Painted a brilliant red, Prelude looms over the Samsung Heavy Industries shipyard on Geoje Island in South Korea, its sides towering like cliffs, the workforce ant-like in comparison.

Soon after dawn, groups of workers - electricians, scaffolders, welders - gather for exercises and team-building before entering lifts that carry them the equivalent of ten storeys up.

It's worth watching the video in that report. A 50,000 ton module is lifted into place in one piece. I would want to be standing underneath that!

An amazing piece of engineering by the Samsung shipyard.

[Orior]

Is this all done and dusted?

A friend of mine is going to work for Shell in Mayo.

[macdanger2]

Shell seem to be doing a lot of ads on radio at the moment - was the time for good PR not 15 years ago?? What's the benefit of doing it now?

[muppet]

Shell seem to be doing a lot of ads on radio at the moment - was the time for good PR not 15 years ago?? What's the benefit of doing it now?

After their disastrous arrival they have spent a lot of time and money trying to undo the damage. They have done a lot of good work since, but as you say, the time to do it was 15 years ago. The clowns that showed up at the start, and pissed off the sleepiest part of Ireland, should be made to hold poorly padded bags at All-Blacks training as punishment.

[Eamonnca1]

And the gas is finally flowing.

[Hardy]

A metaphor for 2016 in general, let's hope.

[foxcommander]

State approved theft.

http://www.irishtimes.com/news/ireland/irish-news/gas-flaring-at-corrib-plant-frightening-says-resident-1.2482377

[From the Bunker]

Ah sure isn't it great to see so many people get employment in an area with no chance of work otherwise?

Just think of all the TAX this will bring in in revenue to the country.

Oh the good days are rolling!