£10 Billion BP Investment - Shetland's Future?

[ShetlandUnited]

So another £10 billion is to be invested into the UK/Scottish Economy via the Deep Water Drilling north of Eshaness. The future revenue for BP will be measured in billions as will the tax revenue for the UK/Scottish Government.

 

This allied to the billions previously invested around Shetland and recouped in revenue for the treasury/ profit for BP would suggest that Shetland would be in an excellent financial position.

 

However it appears we cannot even fund a drop in centre for our old folk? What will the windfall be for Shetland from this massive investment one wonders? A new purpose built Anderson High funded by the UK government or perhaps writing off of Housing Debts? A New Oil Trust Fund for non capital projects?

 

The UK Government / BP would do well to remember that for their investment to reap benefits there has to be a viable population and workforce within Shetland. The current council policies work to endanger population stabilization and the future of Shetland's economy and communities.

 

There is an inherent danger in deep water drilling north of Eshaness which the council would do well to stress in subsequent meetings with BP. This is a magnificent opportunity to ensure Shetland's Future. Let's not squander it by settling for less than we contribute to the UK Economy and coffers of BP.

[Spinner72]

Yep. I really do hope the SIC, at whatever, indeed all, levels required puts at least as much effort into making as much of any future investments as they have into the recent "cuts" initiative.

 

To miss such potentially golden opportunities would be unforgivable.

[ShetlandUnited]

To miss such potentially golden opportunities would be unforgivable.

 

Agree 100% Just to put things into perspective, the Schiehallion oil field often quoted as being a 850 million barrel oilfield: 850 000 000 x $125 dollars a barrel = $106 250 000 000.

 

Thats one hundred and six billion, two hundred and fifty million dollars.

 

How many Freefield meals @ £2.85 would that provide?

 

Oh and BusinessWeek recently predicted oil to plateau at $205 a barrel by 2014....

[Infiltrator]

Yes, let’s put things into perspective.

 

Over the last 30 years the SIC have squandered much of the investment fund set up in the 1970’s.

The fund was intended to help build a strong local economy for the time after the oil industry had come to an end.

The SIC certainly has been (not sure now) the richest council in the UK.

I’m not aware that any other local council benefits to the same extent from any similar type of private industry

One in 3 employed in the isles is employed directly by the local authority, well above the Scottish average of something like one in 10 or 12

Local unemployment is still around the lowest in the country.

The average local wage is reasonably well above the Scottish average (poss the SIC Island allowance if that’s included in the calcs)

Shetland was given an incredible opportunity in the 70’s to set itself up for the future,

 

Given the above, other than pure selfish greed, why should Shetland be given another fresh opportunity to reap (& continue to squander?) benefits from new developments - there are many other parts of the UK in a much worse position than Shetland who could benefit from the tax.

 

As for the closing of the Freefield centre, personally I think this is the council ignoring the elephant in the room and needing to be seen to do something.

 

As for your economics, big numbers yes, but there’s considerable investment, operating costs and tax to be taken into account. I’m not defending the huge profits, it’s just your number is a bit headline grabbing.

[MuckleJoannie]

I would hesitate to say that all the oil money was squandered. It has provided many facilities such as leisure centres and care centres plus supporting a vibrant voluntary sector.

 

Also millions have been invested in industry from oil funds. One senior Development official said that the investment made by the SIC was on a par with a recent national story about an investment done by the UK government.

 

There has been an immense amount of private sector investment. Many businesses have started iand expanded in the past 40 years.

 

Shetland has been transformed by oil. I'm old enough to remember the 50's when Shetland's main export was people. Jobs wre few and far between.

[Kavi Ugl]

I feel a real sense of sadness when I hear of these oil company investments.

 

This might sound odd, but for me what it means is more of our oil and gas is being plundered from under our noses.

 

If we don't sieze the opportunity and soon, every last drop will be gone before we get any real benefit from it.

 

The only thing that needs to be put into perspective is that Shetland doesn't even get the crumbs of the crumbs when you look at the financial reality(as mentioned by ShetlandUnited) of what these fields are worth.....

[ShetlandUnited]

Given the above, other than pure selfish greed, why should Shetland be given another fresh opportunity to reap (& continue to squander?) benefits from new developments...

 

As for your economics, big numbers yes, but there’s considerable investment, operating costs and tax to be taken into account. I’m not defending the huge profits, it’s just your number is a bit headline grabbing.

 

The numbers quoted are derived from BP assets evaluations conducted by BP themselves, there is little doubt that BP would invest such massive amounts in the project without these forecasted windfalls. You only have to look at the Canadian mud plains where the onerous costs of extraction dwindles in comparison to the projected revenue. The proximity of natural resources is indeed a privilege, one that should be carefully nurtured.

"BP has been exploring west of the Shetland Islands since the 1970s and has safely produced more than 800 million barrels of oil there, said David Nicholas of BP, a spokesman for the London- based company."

 

As for greed? Is it greedy to take the opportunity to fund our children's future and old folks comfort? This is precisely what the money should be used for. It should not be used to live above our means and artificially boost individual incomes. Shetland is an Island and therefore requires population support and encouragement, the policies being proposed by the current council do not follow this ethos.

[Dratsy]

Lets get things in perspective here Shetland received £81 million in disturbance payments from the oil industry, less than they are willing to spend drilling 1 well, not a great deal when we hear of profits and tax revenue from the oil round our shores in the £billions.

Yes the council have squandered a great deal but they have yet to use the money to invade Orkney so morally if no other reason the money should come here.

[PJ of Hildisvik]

A big spill off Shetland of 23 tonnes in theTern field.

 

Swept under the carpet ??

 

Happened 2 days before the go ahead for deep water drilling

[PJ of Hildisvik]

Let's face it , do the folk of Shetland give a monkeys ??

[Mattie]

Let's face it , do the folk of Shetland give a monkeys ??[/quote

Some of us do actually. Your idiotic comments are pathetic...!!

[Para Handy]

I would hesitate to say that all the oil money was squandered. It has provided many facilities such as leisure centres and care centres plus supporting a vibrant voluntary sector.

 

Also millions have been invested in industry from oil funds. One senior Development official said that the investment made by the SIC was on a par with a recent national story about an investment done by the UK government.

 

There has been an immense amount of private sector investment. Many businesses have started iand expanded in the past 40 years.

 

Shetland has been transformed by oil. I'm old enough to remember the 50's when Shetland's main export was people. Jobs wre few and far between.

 

Well when the SNP get there gruby little hands on they will squander evenmore on pointless windmills