Gordon Browns Oil revenues slowing down

Oil and gas
production in the
North
Sea
is now
expected to be about 10 per cent lower over the next few years than previously
thought, according to the annual
survey
from the UK Offshore Operators’ Association. 

The main reason
is described as “poor reservoir performance”: in other words, wells not
yielding as much oil and gas as had been hoped.

The faster than
expected decline in production is bad news for
Britain’s energy security, increasing the
country’s dependence on imported oil and gas, and also for Gordon Brown, the
Chancellor of the Exchequer. 

Although there is
still an estimated 16bn-25bn barrels of oil equivalent in oil and gas left to
be extracted, old wells are running dry and new wells are generally small. The
glory days seem over.

We presume Gordon
Brown is going to look to the British Taxpayer to make up the shortfall. 

Source

 


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About IanPJ

Ian Parker-Joseph, former Leader of the Libertarian Party UK, who currently heads PDPS Internet Hosting and the Personal Deed Poll Services company, has been an IT industry professional for over 20 years, providing Business Consulting, Programme and Project Management, specialising in the recovery of Projects that have failed in a process driven world. Ian’s experience is not limited to the UK, and he has successfully delivered projects in the Middle East, Africa, US, Russia, Poland, France and Germany. Working within different cultures, Ian has occupied high profile roles within multi-nationals such as Nortel and Cable & Wireless. These experiences have given Ian an excellent insight into world events, and the way that they can shape our own national future. His extensive overseas experiences have made him all too aware of how the UK interacts with its near neighbours, its place in the Commonwealth, and how our nation fits into the wider world. He is determined to rebuild many of the friendships and commercial relationships with other nations that have been sadly neglected over the years, and would like to see greater energy and food security in these countries, for the benefit of all. Ian is a vocal advocate of small government, individual freedom, low taxation and a minimum of regulation. Ian believes deeply and passionately in freedom and independence in all areas of life, and is now bringing his professional experiences to bear in the world of politics.
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