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Shell abandons North Slope oil leases, raising questions about the industry’s fu

Started by RE, May 23, 2024, 07:43 PM

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RE

The day doth approach for the end of oil riches in Alaska, as the combination of depleting reserves and the big push toward renewables is making further investment into developing still undeveloped fields less attractive to Big Oil.  The politicians here are about as well prepared for this as they were for NG running thin in Cook Inlet last winter.  As in, not prepared at all and caught with their pants down.

I doubt anyone has a clue how they're going to fund the state goobermint as the have of royalties from oil and gas deposits comes to a close.  The only other major reason to be up here is its geopolitical significance as a military base, so as things shut down in oil we'll lose not just revenue but population also.  At least that might relieve the housing shortage, but the already severe shortage of medical industry personnel will become unmanageable.

Hopefully I'll buy my ticket to the Great Beyond before things get too bad.

https://www.adn.com/business-economy/energy/2024/05/23/shell-abandons-north-slope-oil-leases-raising-questions-about-the-industrys-future-in-alaska/

Shell abandons North Slope oil leases, raising questions about the industry's future in Alaska

RE

K-Dog

Looks like Shell does not want to pay for test wells by themselves.  When things get bad enough Shell knows test wells will be subsidized in a future arrangement.  Shell is increasing their MEOMI  Money earned on money invested.

TDoS

Quote from: RE on May 23, 2024, 07:43 PMI doubt anyone has a clue how they're going to fund the state goobermint as the have of royalties from oil and gas deposits comes to a close.  The only other major reason to be up here is its geopolitical significance as a military base, so as things shut down in oil we'll lose not just revenue but population also.  At least that might relieve the housing shortage, but the already severe shortage of medical industry personnel will become unmanageable.
If lack of interest in Alaska beyond bieng just a summer tourist destination craters both real estate values decent paying employment, it might be a nice place to collect some retirement property.

RE

Quote from: TDoS on May 24, 2024, 05:33 PMIf lack of interest in Alaska beyond bieng just a summer tourist destination craters both real estate values decent paying employment, it might be a nice place to collect some retirement property.

Definitely a great spot for Alzheimer's victims to wander into the woods and get eaten by bears.  ;D

RE

TDoS

Quote from: K-Dog on May 24, 2024, 11:24 AMShell is increasing their MEOMI  Money earned on money invested.
Generally referred to as IRR (internal rate of return). They don't use the word money because it sounds so...banker-ish. Oil men don't like being mistaken for money grubbing bankers at any level. 

RE

Quote from: TDoS on Today at 06:05 AM
Quote from: K-Dog on May 24, 2024, 11:24 AMShell is increasing their MEOMI  Money earned on money invested.
Generally referred to as IRR (internal rate of return). They don't use the word money because it sounds so...banker-ish. Oil men don't like being mistaken for money grubbing bankers at any level. 

Like the Heroin dealers in Lethal Weapon who always call it "the merchandise".

RE

RE

First Shell abandons the Slope, now 2 TBTF Banks won't underwrite bond for FF companies.  Looks like finance is getting a little tighter in the Oil patch.

https://oilprice.com/Latest-Energy-News/World-News/Two-of-Europes-Biggest-Banks-to-Stop-Underwriting-Oil-and-Gas-Bonds.html

Two of Europe's Biggest Banks to Stop Underwriting Oil and Gas Bonds

RE

TDoS

Quote from: RE on Today at 08:12 AM
Quote from: TDoS on Today at 06:05 AM
Quote from: K-Dog on May 24, 2024, 11:24 AMShell is increasing their MEOMI  Money earned on money invested.
Generally referred to as IRR (internal rate of return). They don't use the word money because it sounds so...banker-ish. Oil men don't like being mistaken for money grubbing bankers at any level. 

Like the Heroin dealers in Lethal Weapon who always call it "the merchandise".

RE
Hadn't thought about it that way but....yeah....seems reasonable

RE

It's standard Orwellian "Newspeak".  Substitution of more benign or positive sounding phrases for unappealing labels.  Like calling anti-abortion advocates "pro-life."

RE