Oil Pay cuts.

[thinfourth]

I'd love it if our our few resident nationalist would explain to me how we would be paying for things at the end of this week

[ChrisG]

For what it's worth, there are still subsea tie back projects going through the feasibility phases, even one or two big greenfield things kicking about. One that I'm looking at just now is viable at $40 - and its big!

Hopefully that's for my team!

[Rosssco]

Yep, we recently got asked to 'follow the management team' and take a 7-10% cut.. Still, better than a 100% pay cut!

I guess many are hoping for the oil price to stabilise sufficient for investors to make reasonable investment decisions - yoyo'ing between $30 - 60 / barrel doesn't make this easy I guess..

[istoo]

I'd love it if our our few resident nationalist would explain to me how we would be paying for things at the end of this week

40% since Jan 2015 on contact rates for individuals. Own business rates down 10%.

I am a Yes voter, but never on the grounds of oil & gas. On the grounds of simply geography, we are a nation of 5m people with more resources per head of capita.

[Rosssco]

we are a nation of 5m people with more resources per head of capita.

And a lot more cost per capita too! Officially 10% higher and the highest deficit of European nations. That's the point missed / avoided by many a 'Yes' voter..

[Rosssco]

I'd love it if our our few resident nationalist would explain to me how we would be paying for things at the end of this week

An excess of Saltires and crap economics should do it..

[istoo]

we are a nation of 5m people with more resources per head of capita.

And a lot more cost per capita too! Officially 10% higher and the highest deficit of European nations. That's the point missed / avoided by many a 'Yes' voter..

Personally have an inherent distrust of all politicians, so dont trust Officially... and i have read the economics, over days, weeks, months, years. so sticking to the simple facts, take away all the sh*t. We are a nation of 5m people with more resources per head of capita. Why cant things be simple?

[istoo]

In all seriousness, there is enough knowledge in the room to know that the balance sheet isn't working just now on a global Oil & Gas industry level to allow the current arrangement to be viable. With the drastic commodity drop over the last 18 months, the pockets can maintain short term troughs but this is a chasm. Cuts have to come, the ones to avoid are losses. This isnt unique to O&G, the global commodities market is no different, I have run a business for 12 years, I have had to lay folk off so forgive me if I am a little narked. Back on topic, UK or Scotland governed, I cant say I have noticed either establishment base rallying around to assist the industry. Holyrood at the very least managed a budget underspend for 2015, perhaps worth reconsidering that cost per capita again, or rather the foundations of its statistical number, as we know 88.9% of all statistics are made up on the spot...

We are having to be a jack of all trades just now and O&G is one of those industries that does offer a very wide range of knowledge over multiple fields. Its got my business some work out of O&G. Got to finish on a positive, yes pay cuts are a b*stard, and losing your job is a bigger b*stard, and you can moan about how government or others dont help, but its what we do, get up and keep on going, work better, stay busy. We are an innovative and nomadic race.

[Rosssco]

we are a nation of 5m people with more resources per head of capita.

And a lot more cost per capita too! Officially 10% higher and the highest deficit of European nations. That's the point missed / avoided by many a 'Yes' voter..

Personally have an inherent distrust of all politicians, so dont trust Officially... and i have read the economics, over days, weeks, months, years. so sticking to the simple facts, take away all the sh*t. We are a nation of 5m people with more resources per head of capita. Why cant things be simple?

Trying not to go too far off topic here, but it is (relatively) simple - Scotland has a huge budget deficit (and I don't say that with any delight), that if it were independent on Thursday, would mean spending cuts, tax rises and a drop in living standards for most. The current SPEND level is unsustainable outside the UK.

The figures that back this up are essentially the Scottish Goverment's own (GERS), and it makes you wonder (not!) why the SNP are so against the proposal Scottish equivalent of the OBR.. Its would cr*p all over they're fiscal predictions on a weekly basis..

http://www.bbc.co.uk/news/uk-scotland-s ... s-35766076

[neil]

The biggest thing the government could do to help the current situation would be to cut the taxes on the O&G industry, even just to the level that every other business in the country has to pay. Why is there still a supplementary charge, and why was PRT "effectively" abolished (zero rated) rather than just being abolished?? While cutting the taxes wont miraculously increase the world oil price it's likely to influence forward planning decisions and may leave us with some sort of an industry when this slump ends.

I'm currently down about 90% compared to last year and the 6 months work I had lined up just got pulled a week ago so it's looking like there's a tough year ahead! On a more positive note it gives me more time to train for the Etape Caledonia so I might actually make it round

[Mikie711]

Sorry but the UK has a huge budget deficit, £69bn same for everyone in European Union and further afield. So it's not just Scotland.

[C7Steve]

Neil,

You have PM.

Steve.

[Rosssco]

Sorry but the UK has a huge budget deficit, £69bn same for everyone in European Union and further afield. So it's not just Scotland.

Yeah, but its all relative Mike - less than 5% of UK GDP. vs near 10% of Scotland GDP... The huge effects that a wobble in an industry worth ~15% of Scotland's income (North Sea - currently paying virtually no tax) were massively down played by the Nationalists... As per the Beeb link above, Eurozone "requirements" are a max. 3% deficit, so Scotland would have to do a Greece to get in.

Its like one of those cars you nearly buy based on a Romantic vision of roof-down adventures, only to find out the nasty, revealing forum thread later about how its actually an over-sold money pit.. Bullet dodged!

[istoo]

Sorry but the UK has a huge budget deficit, £69bn same for everyone in European Union and further afield. So it's not just Scotland.

Yeah, but its all relative Mike - less than 5% of UK GDP. vs near 10% of Scotland GDP... The huge effects that a wobble in an industry worth ~15% of Scotland's income (North Sea - currently paying virtually no tax) were massively down played by the Nationalists... As per the Beeb link above, Eurozone "requirements" are a max. 3% deficit, so Scotland would have to do a Greece to get in.

Its like one of those cars you nearly buy based on a Romantic vision of roof-down adventures, only to find out the nasty, revealing forum thread later about how its actually an over-sold money pit.. Bullet dodged!

not a wise analogy for a Scottish lotus forum!!!

[mxvx]

Its like one of those cars you nearly buy based on a Romantic vision of roof-down adventures, only to find out the nasty, revealing forum thread later about how its actually an over-sold money pit.. Bullet dodged!

We both now know that feeling....