Falklands and oil

Discussion in 'Current Affairs, News and Analysis' started by IndependentBoffin, Dec 2, 2010.

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  1. Good thing we had a Navy to reclaim the Falklands in '82!

    Desire Petroleum Surges on Oil Discovery in Falkland Well - Bloomberg

  2. rampant

    rampant LE Reviewer Book Reviewer

    Nice to see the potential in the region is growing, let's hope the fields can be developed efficiently. FI have said, IIRC that a portion of the income will come back to the UK, will government have the sense to use this new found income as seed money for a Sovereign Wealth fund, on the Norwegian model, that can use other resources to supplement it (eg. Windfall Taxes on certain businesses, porportion of tax from other energy production sources etc etc etc etc), instead of being spunked up the wall like the last time. Long term thinking is needed.
  3. Good thing we had a PM with Balls at the time, not just a Navy. Would today's wishy-washy ******* have had the balls to take on the Argies?? Bring back Maggie!

    Anyway, it was a good team effort at the time.

    I'm happy today 'cos I bought Desire shares at 42p!
  4. This is very good news. Its the second proper Oil find, although it won't be clear if its commercial for some days. If it is then it will effectively prove the model for the province and so future drilling will be easier and more importantly Westminster will have to wake up.

    I don't see this as being big enough for us to be able to set up a sovereign wealth fund in the medium term as we have a national debt to pay down first and also the royalties due to London are apparently not quite as generous as they were for the North Sea.

    Hopefully some of this money though will head towards the MOD when it arrives in a few years.

  5. I bought 750 for £1.06 and the next month the were worth 36p. So I am also happy, although I would have been a lot happier if I had waited that extra month.
  6. I don't think it'll see any, any money will go to the Falkland Islands government not the U.K apart from that collected through taxes from British companies operating there of course.
  7. It's not our oil the revenue will go to the Falklands government and the oil companies.
  8. Fatboy69, I do stand to be corrected but I think I read last year that said that the FI Govt had agreed that something like 50% of the Royalties, duties & Tax would automatically go to the UK to pay for the Defence cost, foreign office costs etc and as a dividend to the UK as a thank you for us sticking with them.

    Time will tell what really happens.........
  9. I wasn't aware of that, but I hope that's the case.
  10. It doesn't matter what "FI Gov" agree about specific taxes levied on extraction that's small fry, there's the little issue of Corporation Tax, Mr Osborne will be rubbing his hands together regardless. Unless of course Argentina continue to make it difficult to land the oil in which case profits will fall significantly and Mr Osborne will be kicking himself for not coming to a mutual agreement with the Argentinian Govt..................
  11. rampant

    rampant LE Reviewer Book Reviewer

    Yes it is their oil, well done for noticing, I believe the FI Govt have said they are prepared to give a portion of the revenue from the oil to the UK Govt.
  12. I read only yesterday that desire petroleum was disappointed with their finds, since then their shares have plummeted. And actually I think Cameron would quite happily defend the Falklands, he seems quite stubborn and historically Conservatives are more interested in economic growth than workers rights.
  13. At the moment, they are £1.31
  14. Actually I have to be honest...I nearly bought loads when it was 93p, then I was relieved because it went down to around 44p!! Had I had purchased them then....I would have made a tidy profit by now, but then what do I know about the stock market, it mostly seems a gamble.