News Ed's Must Reads

British energy production plunges to record low

ORIGINAL POST
Posted by Ed 9 mths ago
Britain is producing the smallest amount of energy on record as a plunge in North Sea fossil fuels leaves the country more reliant than ever on imports.   https://finance.yahoo.com/news/british-energy-production-plunges-record-060000775.html
 
 
Mexican state energy company Pemex said its crude oil production in February hit its lowest monthly level in 45 years, as output of the key commodity remained far from the goals laid out by outgoing President Andres Manuel Lopez Obrador.  https://www.reuters.com/markets/commodities/crude-output-mexicos-pemex-slumps-more-than-four-decade-low-2024-03-26/
 
 
 
Try to get your head around the idea that by 2027, US tight oil production might be 12 MM BOPD, not the 9 MM it is now, which is what cheerleaders say it will be, and that means we'll actually have to find and extract 12 MM BOPD... before we can ever grow the new 3 MM. Man, that is a slew of new wells! Thats gonna take like...four times the HZ wells we've already drilled in the US.

Where?   https://www.oilystuff.com/single-post/the-hamster-wheel
 
https://hongkong.asiaxpat.com/Utility/GetImage.ashx?ImageID=4414f0ed-ec3a-4374-820d-ee24ef650657&refreshStamp=0 
 
 
 
Brunei's Oil and Gas Production Plunges 
 
Significantly, Brunei appears to be banking on new discoveries to boost waning upstream output. However, industry analysts remain skeptical. 
 
“Efforts do remain ongoing to find the next Champion although none have produced the significant success needed to make up for the mature asset’s decline,” added Fitch.  https://www.energyvoice.com/oilandgas/asia/394964/brunei-hopes-to-boost-oil-and-gas-production-after-new-discovery/
 
 
 
 

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COMMENTS
Ed 8 mths ago
https://hongkong.asiaxpat.com/Utility/GetImage.ashx?ImageID=bf4d0546-74e3-483f-bf28-56a965a954b9&refreshStamp=0
 
 
Why the death of North Sea oil is a disaster for Britain. In the waters around the UK, hundreds of oil and gas installations are falling silent. Fifty years after the North Sea bonanza began, the final decline is upon us. As well as hauling the retired rigs to shore, nearly 8,000 wells that were drilled deep into the seabed must also be plugged.
 
The decline of the North Sea has implications not just for energy policy and tax income, but public finances more broadly. We face a huge bill – potentially up to £60bn – to clean up the North Sea. The energy companies are responsible for decommissioning, but tax breaks mean much of that money will be reclaimed from the Exchequer - and ultimately taxpayers.  https://archive.md/Qh6o4

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Ed 8 mths ago

The Department of Energy and Climate Change said last night that output fell 17.4% compared with 2010, to average 52 million tonnes (381.2 million barrels), the lowest level of production since the 1970s.

A spokesman said: "This decrease stems from a number of unexpected slowdowns... as well as a general decline in UK production from established fields."
 
North Sea oil output peaked at more than 2.7 million barrels per day in 1999 and has been on a downward trend since 2000.
 
https://www.heraldscotland.com/news/13052466.warning-north-sea-oil-output-falls-off/ 

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Ed 6 mths ago
Rich leave London in droves for Florida, Dubai and Paris as UK has world's second-biggest millionaire exodus. 9,500 millionaires, defined in US dollar terms, left the UK last year.

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Ed 6 mths ago

Birmingham, Britain’s second-largest city, is being forced to dim lights and cut sanitation services due to bankruptcy

“Once nicknamed “the workshop of the world”, Birmingham was an industrial powerhouse in the 18th and 19th centuries. But today the UK’s second-largest city can no longer afford to keep its own streets brightly lit.”  https://www.abc.net.au/news/2024-06-17/birmingham-uk-bankrupt-cutting-public-services/103965704

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Ed 6 mths ago
One by one, England’s councils are going bankrupt – and nobody in Westminster wants to talk about it
 
One in five say they will be insolvent by next year. These local crises add up to a national catastrophe that’s about to explode  
 
The dire predicament of councils all over England now invites an obvious question: at what point might we collectively realise that hundreds of local crises now add up to a national catastrophe? Our political culture is too Westminster-focused to follow the stories and join the dots; the dreaded term “local government” still causes eyes to glaze over. But all over the country, the picture is now the same, and things are rapidly nearing the point of complete breakdown. 
 
https://www.theguardian.com/commentisfree/2024/jan/14/englands-councils-bankrupt-westminster

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Ed 6 mths ago
So what would the presenter like the government to do -- take on even more debt to fix this?  
 
Been there done that... and now bankruptcy threatens... so the only option is to reduce services....  
 

As Tim Morgan writes:

“… we’re living in a fantasy world in which, whilst economic inflexion is disregarded, no potential harm is seen in the growing quantum and worsening risk-profile of credit in a borrowing-addicted economy. Few (if any) observers have, for instance, recognized the obvious connection between ‘growth’ of $675bn (2.5%) in the US economy during 2023 and the $2.1tn (8.8%) fiscal deficit which alone made this ‘growth’ possible.

“If we look at the propositions put forward by even the most sober of governments, everyone seems to promise ‘growth’, but nobody has any idea about how to deliver it without ramping up public and private debt.”

https://youtu.be/b5aJ-57_YsQ
 
 

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