north-sea-oil-industry-close-to-collapse-

The volatile nature of Brent Crude price is no stranger to the UK…dips in the 80's and 90's were overcome by prudent action by the Prime Movers and Contractors…although the media have been reporting accurate information, they also like to spin the story for dramatic effect, this can prove counter productive and can spook investors to the point where pro executive decisions could be made…

With Contractors educing rates of pay by 10 % ( at the moment, this could fall again ) there are thrifty time ahead for all...
 
If the oil is so cheap then import it for domestic use and store North Sea production, eventually the price will rise and your quids in, the Norskis have been doing this for years. The only problem is that shareholders want the money now with not a glance to the future.
 
@ Scaffarobo…aye, our Norwegian cousins got it sussed from the word go, the Socialist Government play the long game and as you have stated UK Share holders demand a high premium short term cut and run Policy…

I wonder how much of our Bro Scaffs are directly feeling the pinch ???

Regards

Garry...
 
Next year will be hard , I am lucky enough to have a core crew job but been told to prepare for 3 and 3, no point in moaning just need to see what happens.
 
@ Scaffarobbo…aye, march or die…adapt as we always do…

Just wondering how far the Service Companies will go to make themselves economical…cut backs on expenses and accommodation on the beach ???, removal of a layer of non-producers ???, cut backs on Training ???...
 
Oil price slump ‘temporary’

oil_2.jpg
JEDDAH: ARAB NEWS
Published — Friday 19 December 2014
Last update 19 December 2014 4:10 pm
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The minister of petroleum and mineral resources said Thursday that the global oil price slump was temporary, adding that it was impossible for OPEC to cut output alone to reverse the plunge without the support of other producers.
“It is difficult, or even impossible, for Saudi Arabia or OPEC to undertake any measure that would lead to a reduction in (their) share of the market and an increase in that of non-OPEC producers,” said Ali Al-Naimi.
Speaking to the SPA, he said while OPEC’s output had not changed in years, production by non-OPEC nations “has been increasing constantly.”
He added that price fluctuations “are normal” for commodities. He said OPEC sought last month, as in the past, cooperation from other non-OPEC nations but “those efforts were not successful.” Russia has said it would not cut production even if prices fell below $60 per barrel.
“The situation that we and the world currently face is temporary,” said the minister, citing a combination of factors including slower global growth, increased supply, and reduced demand for oil.
“The global economy, particularly the economies of emerging countries, will resume growth steadily, and then demand for oil will also grow.”
Al-Naimi said the Saudi economy is strong enough to survive lower prices. He said factors including the Kingdom’s “huge financial reserves” help it to withstand short-term variations in oil income.
Al-Naimi reiterated his rejection of any linking of the Kingdom’s oil policy with political motives. “There are wrong analyzes that are circulated from time to time, like linking oil decisions with political motives. These wrong analyzes will be exposed for sure, which would help to bring back balance to the market,” he said.
He also warned against the “negative role of speculators” in the oil market, causing the sharp price volatility.
Crude prices traded above $100 a barrel earlier this year but have fallen to multi-year lows since June.
Prices plunged even further after the Organization of the Petroleum Exporting Countries decided last month against cutting production. OPEC pumps about 30 percent of global crude.
Oil markets gained on Thursday after recent volatility.
US benchmark West Texas Intermediate crude for January delivery jumped $1.76 to $58.23 a barrel, while Brent North Sea crude for February rose $1.97 to $63.15.
The oil market has become increasingly competitive with the surge in production from American shale oil fields.
Analysts have said OPEC is content to see shale oil producers — and even some OPEC members — suffer from low prices rather than reduce output to boost prices.
OPEC last month reaffirmed its production ceiling of 30 million barrels per day, of which Saudi Arabia is pumping about 9.6 million bpd.
The drop in oil prices sparked turmoil this week on global stock markets where investors were concerned about the effect on oil firms as well as the crude-dependent economy of Russia.
United Arab Emirates Oil Minister Suhail Al-Mazrouei said in Abu Dhabi that OPEC had not contributed to the increase in crude supply “and is not logically responsible for curbing the impact” of it.
He pleaded for a return to equilibrium between supply and demand “in the interest of the world economy” but added that time and patience would be required.
 
I remember in the mid 90s while on a pub cralw in glasgow city centre i met an older scaff saying that he was heading to the fulmar as the shutdown was cancelled due to the price of a barrel of brent crude being 50 dollars a barrel.
when the price is low the fabric maintenance projects kick in for scaffs.;)
 
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