The former fracking company, Cuadrilla, earned nothing for its Australian owner in the past 12 months but spent Aus$2.4m.
The company, which operates the mothballed shale gas site at Preston New Road in Lancashire, has interests in eight UK onshore licences. But none of them produced oil or gas or carried out exploration in the year to June 2023.
Company accounts for the parent company, A J Lucas, published today, revealed that the UK operation run by Cuadrilla had annual overheads of $1.457m and capital expenditure of $523,000 in in 2023.
The accounts reported:
“The Group’s UK operations incurred administration and other holding expenses of $2.4 million which included $0.9 million related to the revaluation of future obligations related to decommissioning and licence costs associated with extending licences.”
Cuadrilla’s chief executive, Francis Egan, earned $505,085, up $11,500 on 2022.
A J Lucas said revenue from the Australian side of the business grew by nearly 28% to $157.6m.
But the group declared a loss of $153.3m because it impaired (cut) the value of its UK shale gas exploration assets by $157.3m, following the reinstatement of the fracking moratorium in 2022. See previous DrillOrDrop reports on the impairment here and here.
The accounts said:
“Cuadrilla continues to engage with other industry players, the UK Regulator and the UK Government to address the issues that led to the moratorium. The shale gas potential resource that we have discovered remains in-situ and available to be developed as and when the political will to do so emerges.”
But the accounts also said:
“the Group is no longer planning or budgeting substantive expenditure on further exploration and evaluation in its specific shale exploration licences areas. In accordance with accounting standards, it recorded a non-cash impairment loss of $157.3 million.”
The accounts blamed:
“adverse political circumstances in the UK during the last six months, including multiple leadership changes, the U-turn on the moratorium and the lack of discernible political will within the governing or opposition party to progress onshore shale gas exploration.”
Future plans
Today’s annual report did not refer to an order by the North Sea Transition Authority issued earlier this month to plug and abandon the shale gas wells at Preston New Road.
Other recent developments, after the end of the financial year, were mentioned. These include the relinquishment of three shale gas licences in Yorkshire, extensions to five other licences and an agreement with Egdon Resources and York Energy on the Weaverthorpe gas prospect.
AJ Lucas’s chairman, Andrew Purcell, said:
“We shall continue to keep our assets in the UK in good standing, with the minimum of expenditure, until and unless we see signs that a more favourable operating environment may be emerging.
“The result of the next UK general election (expected to be held before the end of next year) is clearly an important milestone.”
The accounts also revealed plans to revive conventional gas production at a UK onshore field that last extracted gas in 2013. The gas would be used to generate electricity for the grid, the accounts said.
The field is not named but it could be Elswick, a Cuadrilla-operated site in Lancashire. According to official figures, this site last produced gas in April 2013.
The accounts said a gas-powered electricity generator, which had failed, has been replaced and onsite processing facilities were being refurbished. The first gas and electricity production was anticipated between September and December 2023, the accounts said.
Key figures
UK revenue: zero in 2023 (2022: zero)
UK overhead costs: $1,457,000 in 2023 (2022: $1,259,000)
UK capital expenditure: $523,000 in 2023 (2022: zero)
UK earnings before interest, tax and amortization (EBITA): loss of $2.422m in 2023 (2022: loss of $1,107,000)
UK reportable loss: $159,746,000 in 2023 (2022: $1,107,000)
UK assets: $2,571,000 in 2023 (2022: $157,888,000)
UK liabilities: $10.023m in 2023 (2022: $8.125m)
UK accumulated income tax losses: $17.4m in 2023 (2022: $22.7m)
Largest shareholder in AJ Lucas: Kerogen Investments No. 1 (HK) Limited with 56.67% of shares
Women working for A J Lucas: 14 out of 353 employees (just over 4%) and one of the four leadership personnel
Links
- All financial data is in Australian dollars
DRILL OR DROP? 
Hooray!💚👏🏼🎈🎉
Hmm, neither did millions of pensioners earn anything, but spent lots. Hooray!
By definition, pensioners have a guaranteed income. What they don’t have is the upcoming costs of plugging and abandoning 2 wells, and restoration of a ‘temporary’ development to it’s former use as agricultural land. But then AJL can always decide that as a result of such prospects, Cuadrilla is no longer viable and close it down, leaving the landowner, or more likely the planning authority, with the clean up costs.
Well, Dennis, they could but have indicated no such thing. Of course there is a record from previous sites that have required restoration, as all UK on shore oil and gas wells are “temporary”.
I would suggest that record indicates your speculation may indeed be at the extreme of speculation in respect of probability. Maybe there should be similar concern about what happens to “temporary” wind turbines, solar panels, EVs and nuclear power stations.
Your definition is somewhat inaccurate in that the guarantee is for something but not for an income that keeps pace with costs. It is not guaranteed to deal with upcoming costs. Trust yours does. Maybe a chunk of fossil fuel investment required in the portfolio to do that?
Extreme end of speculation with regards probability? So, why are such scenarios catered for in Planning Practice Guidance specifically for mineral sites, even to the extent of the application of financial guarantees imposed as planning conditions? Why would AJL ‘indicate’ that it was intending or even minded to pull the plug on Cuadrilla? The fact that they would be reliant on the resurrection of fracking to even attempt to continue on a sustainable footing is warning enough for anyone with a hap’orth of sense.
Only last year Hutton Energy went bust, leaving a Nottinghamshire landowner with the responsibility of restoring it’s Harlequin well site. This has now been converted to a ‘dog exercise field’ complete with lovely plastic turf (so eco-friendly and good for Fido’s feet in hot weather,) oh, and the cage over cellar. When asked, neither the MPA or the OGA/NTSA were able to confirm as to whether there was an extant borehole on the site, which would add considerably to full restoration costs.
Thankfully Notts CC were more prudent by demanding a restoration bond from IGas prior to their ill-fated escapade at Misson Springs. Email evidence proves that the company had been deliberately stalling in restoring that site following planning refusal and unwillingness to appeal. Restoration breach notices, and now a restoration order have been served, also on the landowner to whom liability would default, again, in accordance with Planning Guidance. Recent financial results expressed warnings with regards the company’s ability to continue as a viable concern. Well played Notts CC.
With regard the pensions, only 2 weeks ago that nice Mr.Sunak reiterated his support for the triple lock, which will guarantee recipients an increase related to the CPI, inflation or average earnings. Despite an upcoming estimated rise of up to 8.2%, it would only partially compensate for the increased COL due to recent fossil-fuel led inflation. How many people would have been spared such high fuel bills if Cameron had not decided to ‘cut the green crap’ and insulate more homes?
How many people would have been spared such high energy bills-if Europe had gas at $7 instead of $47!? Why did USA peak at $7? Oh yes, they have adequate gas and oil, thanks to what?? Fracking! So adequate they even “caringly” supply to the $47 idiots.
With low energy costs people can afford to insulate their own homes. Some of us even do it with high energy costs. Last time I looked, since energy ratings have to be applied to UK housing stock, many seem to have done the job, with or without other tax payers doing it for them.
Never mind Dennis, just hope there are not too many private pensions that moved out of oil and gas and bought into Siemans Energy or Orsted!
It was Cameron who allowed landowners to trouser over £100k net profit per year for each wind turbine whether the electricity was required or not. Strange (lol) you don’t mention that “green crap” funded by the tax payer so politicians could state how the “green stuff” was being embraced. Can’t be bothered to check the dates but it may also have been Cameron who allowed the Cash for Ash “green crap”. Basically, Dennis, none of them have a clue. The opposition has no more of a clue, without a plan for when the wind doesn’t blow, a desire to lessen energy security when energy is being used as an economic weapon (it works-see German economy) and drivers who followed their advice to go diesel a few years ago finding they have been racking up poisonous emissions and now being asked to pay more money to move away from diesel! As for the Greens the last time I saw one of them trying to explain how they would run the economy it resulted in her confusing herself to such a degree she was carted off to the House of Lords, out of harms way. Even my local Green Councillor distanced himself from Green economic policies but failed to answer why he was not standing as an Independent. The Lib Dems? They have a different policy for each by election and then when it comes to a general election have to have one, that voters reject and Ms. Swinson doesn’t become PM but loses her seat. None of them have a clue, so it may be that a few try and make climate change a political concern for their own ends, but that is a nonsense. Try finding who it was who endorsed wheat being processed into petrol now and you will find they all run for the hills when it inevitably goes pear shaped-even after “advisors” and “scientists” may have advised them to do so-who are ahead of them towards the hills, carrying their pensions with them. Yet many years ago when USA started to do the same with maize the consequence upon world food prices were evident for anyone to see, if they desired to do so.
That is why I avoid Group Think. It is an oxymoron. The Group don’t think, they are lead to react to others who claim they have thought for them.
Are you seriously still maintaining that UK gas production influences market prices? Even Truss’s chancellor stated that fracking or additional North Sea production won’t do that.
You are obviously still mourning the demise of your fracking fantasy. It was a naively simplistic assumption that the UK could cut & paste a replica US shale boom. (Fracking failed in Poland too.) As Professor Styles stated in his report on fracking in the coal fields, the UK has a different geology and geological history. (How could that ever have been a factor? We have GOLD STANDARD REGULATIONS don’t you know!!) Even Prof. Al Fraser of Imperial College, a former strong fracking advocate and member of the government’s research panel admitted in 2021 ‘we now know it won’t work,’ asking ‘could we have known this 10 years ago and saved a lot of time and money?’
It is also simplistic in the extreme to only validate insulation schemes by end user savings. As with all essential infrastructure investments, it benefits the economy across a wide spectrum. According to government consultants Cambridge Econometrics’ 2014 study, for every £1 of government investment in domestic insulation, £3.20 would have been returned through increased GDP, £1.27 in tax revenues & £ 0.40 saved in health care costs. Increased employment by up to 108,000 net jobs per annum over the period 2020-2030, mostly in the service and construction sectors would have been spread across the UK.
If started in 2017 such a scheme would’ve paid for itself by 2024, and generated net revenue for government thereafter, giving a 2.27 : 1 cost benefit ratio which would classify this as a “High” Value for Money infrastructure program. Oh, & those end user savings could have been spent in local economies instead of being funneled into the coffers of the fossil fuel barons.
In actual fact, the ECO schemes run in the first decade of this century resulted in a permanent 20% reduction in UK gas consumption, which has continued to trend downwards since. Insulating homes immediately and permanently reduces demand, increases energy security and puts downward pressure on prices by making us less vulnerable to spot markets.
You moan about subsidies for renewables, yet Osborne subsidised UK fracking with what he termed ‘the most generous tax breaks on the planet.’ Rather than impose a windfall tax on the excess profits of her former employers, Truss opted to pay their demands with tax-payers money to the tune of £150 billion. Last week the IMF reported that worldwide, fossil fuels are being subsidised at a rate of £ 13 million a minute, while according to Carbon Brief, by 2022, Cameron ‘cutting the green crap’ had added £2.5 billion to UK fuel bills, even before Ukraine kicked off.
Meanwhile Bloomberg reports that in the first quarter of this year, for the first time ever, bond investments in renewables exceeded those in fossil fuels. Go figure.
Well, Dennis, sorry you missed the UK Windfall Tax on UK gas and oil reducing your energy costs last winter, but there are few in UK who did! So spare the nonsense about UK oil and gas prices being part of the global market. They are not when local taxation redistributed shows they can be very easily adjusted. Additionally, LNG is far more expensive than gas extracted locally and piped. Were those in USA paying $47 or $7? How come UK food prices are discounted by red diesel? Even before the Windfall Tax UK oil and gas had a much higher level of taxation levied upon it than other industries. Maybe some of that was directed to Winter Fuel payments for pensioners?
As far as insulation is concerned, the energy ratings in UK have improved dramatically in recent times. More can be done, but the best way to do that is to make certain householders have lower energy costs so they can afford energy efficiency, rather than expect other tax payers to foot the bill.
UK fracking subsidized? The square root of diddly squat. It is the way of Governments-incentives to get companies off the ground then start recovering those through tax revenues. Have you not observed the same with just about any start ups? When will EVs start to pay their contributions to replace Fuel Duty?
You may have some investment in renewables you wish to support, but that would be your choice. From the reaction in East Anglia to having pylons marching across their land, I would be careful where you invest. Meanwhile, EVs continue to drain the Grid of electricity so more gas will be required when the wind doesn’t blow this winter, before the new nuclear is built. Go figure.
MARTIN ,
Stop crying over spilt milk …… UK FRACKING is OVER , FINISHED .
Now you may of been able to live with your conscience , fanatically pushing UK Fracking whilst knowing how this toxic industry puts at risk everyone from expecting mothers / new born babies to the elderly ……. You may also be able to live with your conscience knowing that Fracking is an energy intensive process that greatly increases climate change , destroys the environment , leaves a toxic financial burden for future generations and greatly devalues homes in Fracking areas .
BUT for the general public , this is totally UNACCEPTABLE.
It really does make me question if you are really a human being , or just a poorly programmed computer BOT .
For the 100th + time I ask , what about Fracking and THE DIRTY DOZEN ?
When will we talk about this , or will you continue to hide from this discussion and the FACTS ?
( Number one ) on the list is Cancer , what are your thoughts on this ?
Fracking , CANCER and children
https://time.com/6305365/pennsylvania-fracking-asthma-lymphoma-risk/
Fracking and BREAST CANCER
https://www.dailymail.co.uk/health/article-5363003/Fracking-linked-breast-cancer.html
https://www.bcaction.org/the-root-causes-of-breast-cancer/our-fossil-fuel-work/dont-frack-with-our-health/#:~:text=Overview,are%20linked%20to%20breast%20cancer.
Fracking , premature death for the elderly
https://www.theguardian.com/environment/2022/jan/27/people-living-closer-us-oil-and-gas-wells-higher-risk-dying-prematurely-study
MARTIN do you really not care ?
MARTIN , as I’d mentioned Fracking and the risk to expecting mothers , what are your thoughts on this ?
https://publichealth.jhu.edu/2015/study-fracking-industry-wells-associated-with-premature-birth
https://today.oregonstate.edu/news/pregnant-women-living-near-fracking-sites-face-higher-risk-hypertension-osu-study-finds#:~:text=After%20accounting%20for%20other%20factors,pressure%20that%20can%20cause%20seizures
https://cosmosmagazine.com/health/medicine/fracking-negative-pregnancy-outcomes/
https://www.latimes.com/science/sciencenow/la-sci-sn-fracking-infant-health-20171213-story.html
What are your thoughts on forest fires being caused by electricity distribution, Jack? Do you really not care?
What are your thoughts on cancer being caused in children handling cobalt, Jack? Do you really not care?
What are your thoughts on premature death in the elderly due to the cold, Jack? Do you really not care?
What are your thoughts about gas at $7 or gas at $47, Jack? Do you really not care?
What are your thoughts about East Anglia estate agents stating they cannot sell houses in view of proposed new pylon lines, and schools where pupils are being moved to avoid them, Jack? Do you really not care?
What are your thoughts about the cancer risk from nuclear power stations, Jack? Do you really not care?
What are your thoughts about radio active water being released into the Pacific, Jack? Do you really not care?
What are your thoughts about ocean mining to extract rare minerals required for Net Zero, Jack? Do you really not care?
I could produce many more Jack, to exceed a dozen.
When will “we” talk about this?
Yes, I am a real human being. JacktheLad is not, and may never have been, and “strangely” didn’t seem to care for anyone but himself! Good choice Jack, or another of your mishaps?
My thoughts MARTIN ,
I’ m delighted to give you my thoughts, I just hope you take note , it must be the 100th time I’ve said this to you .
First let’s make it clear to the readers that your sole concern is the forest fire in the USA and the Cobalt production methods in the Democrat Republic of Congo ( DRC ) .
It’s clear that you have ZERO CONCERN for the safety of British people as your comments continually make clear.
As with most of the readers , I too find it mildly amusing your hatred of electricity distribution network , especially green electricity….. No doubt in the land of MARTIN , watch makers , hospital surgeons , schools and libraries would all be operating under gaslight 🤣
OK , so let’s get back to my thoughts , let’s consider the facts ,
Forest fires ………… In the USA , through large swaths of the country , they still distribute electricity using old 19th century technology.. Sticking high voltage power lines on the top of telegraph poles ….. With tinder dry forests , droughts , prolonged extreme high temperature summers and steadily rising global temperatures ….. Tell the readers MARTIN , what part does the continued global burning of fossil fuels play in this ??????
With the increase in the intensity of storms and Hurricanes in the USA due to global warming , let’s discuss what the continued , uncontrolled burning of fossil fuels play in this .
Also let’s discuss why in the year 2023 , the USA are still using old 19th century technology to distribute electricity….. With electricity cables sitting on top of wooden poles , won’t they also get a LOT HOTTER during these record breaking temperature , summer months ?????
MARTIN ,
What are you personally doing to stop the abhorrent, corrupt methods used by mining companies in the DRC ??????
Whether it be Cobalt or CLOTHES , child labour and sweatshops are wrong and should be stamped out ……. I think it highlights what greedy , uncaring vermin we have walking around on this planet , people that are happy to profit on the backs of other people’s misery ..
Here’s something regarding sweatshops.
https://www.panaprium.com/blogs/i/fashion-brands-that-still-use-sweatshops#:~:text=Many%20governments%20have%20been%20trying,it%20comes%20to%20labor%20rights.
Not buying an EV, Jack!
MARTIN ,
OH and to add to the above , it’s just been announced TODAY , that CLIMATE CHANGE has cost Africa ( including DRC ) £ 8.7 BILLION in the yearc2022 .
For the 100th time , explain to JACK and the readers what this $7 and $47 is all about ….
Show how it is relevant in today’s energy market.
Show the readers that this wasn’t just a small blip in the market at the peak of the Covid pandemic or at the start of the Ukraine War .
Let’s not forget what Fracking , ( check out THE DIRTY DOZEN ) would cost the UK public , the NHS , the environment , climate change and future generations.
Don’t you think we need to quickly transition to greener energy ?????
A small blip? $7V$47??? Insulting the public, Jack. It was July last year Jack
Quickly transition? You mean that which requires £200B of new nuclear that takes 30 years? Nope Jack, that is not quick and the UK will pay for it. So, maybe get one part correct?
MARTIN ,
Here is just ONE private investor in UK Nuclear energy.
https://www.edfenergy.com/about/nuclear#:~:text=EDF%20is%20leading%20the%20UK%27s,currently%20available%20to%20the%20UK.
Now MARTIN again I ask , show the readers how the £200 bn will be Taxpayers money and not private investment ….
Failure to do so will make your comments irrelevant.
I have told you before that here in the UK “we” know about PFI, Jack. You obviously don’t.
PFI is where something is too expensive to get the Government (tax payer) to fund up front so they come up with a cunning scheme that private investment is made that then charges a huge levy from the tax payer to pay off!
How is it as a “concerned UK citizen” (lol) you know nothing about such things and confuse with the Statue of Liberty that was a gift from the French?
You continue to amuse with your attempts to claim a knowledge of the subject and then repeatedly blast away at your own toes.
As I thought, your thoughts are uniformed and incorrect, Jack. So why surprised I will not discuss more of your uninformed and incorrect thoughts?
You indicate some of the technology in USA for electricity distribution may not be to UK standards. Hmm, so why do you keep quoting US standards for fracking as being relevant to UK?? You really need to stop shooting yourself in your own feet Jack.
MARTIN ,
Fracking is FRACKING , or in your world is it done with ” sugar and spice and all things nice.” ?????
Ahh fracking is fracking but energy distribution is not energy distribution.
No sugar and spice on my wooden electricity distribution pole I can see outside of my window, upon my land-just preservative that burns with gusto if you wish to set light to it, Jack! Even get pigeons sitting on it daily. Don’t think they are spying for worms.
Thanks for answering my question of 8.37pm-it would appear you know nothing about just about everything. Equally, so was the tale about JacktheLad, so two answers to two questions. For some reason you feel DoD is fertile ground for such nonsense but hardly supportive of the higher intelligence claims.
I spent many months telling customers why cobalt had been removed from all products my last employer manufactured Jack, once cobalt had been declared a carcinogen. Not my decision, but one I agreed with. So, I would have to be a hypocrite to then purchase a vehicle using such material. I leave the hypocrisy to others Jack. Including yourself who tries to weaponize some children but ignores others.
In all the excitement , I’ve missed out an important point/fact …..
In your fanatical quest to push toxic Fracking on to the UK public .
Are you not aware , that any Gas produced via Fracking , would be sold on the open , global market to the highest bidder.
Didn’t you know MARTIN , Fracking companies are NOT charities ????
Talking about REAL people , for someone who’s so overly cautious / frightened to put up a LINK , for fear of exposing their IP Address …… I’d say there’s more chance of an Elephant Flying using their ears as wings , than your real base being MARTIN COLLYER.
How would it get there, Jack?? UK can not produce and export LNG!!
I wouldn’t rely on those Flying Elephants-you had enough problems previously with pigeons.
Jack-do you deliberately attempt to post what you know to be factually incorrect nonsense, or is it you really believe it?
Is that the reason you chose JacktheLad to obscure your identity?
MARTIN , we are interconnected to Europe via a pipeline, or didn’t know ???????
Maybe not , especially if your keyboard fingers are busy typing away from the DRC .
OK MARTIN , or whatever your name really is .
What am I posting that is incorrect ????
Are you questioning the direct LINKS of Cancer and early death to Fracking ??????
Well are you ??????
If you do dispute any of the facts that I have put forward , just say, I will be delighted to fill this webpage with evidence .
Please remember , you will need to give the readers a bit more than your own ” OPINION ” on the matter. Let’s see your evidence.
What are your thoughts on the contribution made by the exploitation of fossil fuels to the global heating now resulting in loss of life on a staggering scale? But we know, don’t we? Continue to exploit and seek new sources. I think we’ve heard enough of your thoughts. Thank you anyway.
By the way, there is no need for inverted commas whenever you use the first person plural pronouns.
My 12.18 post was a belated reply to Martin’s series of rhetorical questions of Sept.4th.
We are interconnected. Yes, and Europe is building LNG terminals like mad to receive LNG ! I think you will find the interconnection takes surplus N.Sea gas when demand is low and plonks it into European storage, whilst the interconnection pipes Norwegian gas into UK where storage is low.
Since when has $7 been $47 Jack as the highest bidder gets all the gas? LOL.
MARTIN ,
For fear of sounding like a stuck record .
For the 100th + time , explain to JACK and the readers what this $7 and $47 is all about ….
Show how it is relevant in today’s energy market.
Show the readers that this wasn’t just a small blip in the market at the peak of the Covid pandemic or at the start of the Ukraine War .
Failure to comply , will render your comments as pure , 24ct Collywaffle .
Dear , dear MARTIN , what about Fracking and THE DIRTY DOZEN ??????? Don’t you want to talk about Fracking and it’s highly toxic dangers ????
For the umpteenth time, I already have, and almost all will have already known before I did. Interesting you are outside of either enlightenment, Jack, but more amusing than surprising. It was July last year, Jack.
I wouldn’t risk the today’s energy market gamble. Today’s energy market is connected to US drilling and FRACKING more, and now, just like OPEC, deciding their charity will not be infinite, and starting to cut back. A cunning way to attract European manufacturing to the USA that is working. Just as the leaves are starting to turn in UK. Not to worry. UK has been so busy making a lot more gas storage available? Nope. Except, it does have a lot of gas stored it could access!
Whatever algorithm is producing your “pearls” it seems to get more excited as a discussion develops, but more remote from any reality.
” BOT ” MARTIN , I’m sorry your circuits fail you on this one ……. You’ve supplied zero , zilch , nothing in the form of evidence …..
Remember, it’s not only JACK you need to convince , it’s all the readers as well …… [Edited by moderator]
I suggest whoever presses your buttons goes back to school and brushes up on current world events / information.
Again I ask , please answer the questions above and supply relevant evidence in the form of LINKS to back up your comments . Your OPINION means nothing , without evidence.
Also , can we please get back to talking about Fracking and THE DIRTY DOZEN ???????? Can we start by talking about ( Number One ) on the list , Fracking and it’s link to child birth defects , Cancer and early death for the elderly ??????
MARTIN ,
OH YES , Expensive American Fracking is keeping prices high for UK consumers …..
Although the scrape the bottom of the Fossil Fuel barrel process , otherwise known as Fracking is a very EXPENSIVE process , so I would expect costs to be high ……
HMMMM although you can cut a few corners and slightly trim your costs , like they do in the USA , by giving a firm TWO FINGERS to environmental concerns.
That is not true Jack. You know it is not true yet you post as you can not deal with the truth.
No, I will not supply links. I supply references you can follow. If your access to a search engine has restrictions upon it being used for such purposes then it is up to you to deal with it, not me.
One would only speculate as to why that may be your problem. One would not need to speculate to observe how limited your research would be under such circumstances. The proof of that pudding is evident.
As for your last bit, well Jack that was a leap into more fantasy! What is the connection to US gas production and UK/EU gas prices is LNG, Jack. Sorry, once again you have blasted yourself in your foot by trotting out the old OPEC mantra, that they then spent $billions trying to make true-and it totally failed. Sorry Jack, your tiny effort to keep the nonsense going is too little, too late. That boat has sailed, followed by many, many more, with contracts being made to add many, many more. All against a backdrop of the economy in China stuttering-so, “we” ain’t seen nothing yet.
Of course, what you are really indicating Jack, is if you cut out the expensive LNG process that would be a good thing economically for the importing country. I have previously supplied a full reference to a US report indicating how and why that expensive LNG process is still allowing current exports and future export contracts-and a reference to your nemesis, Chesapeake Energy, in that respect! Plus full details of the recent Centrica contract. “Strange” (lol) how you missed all of that! Myself, and others, have also commented around the level of disquiet in USA that they may be better off NOT exporting so much of their natural wealth. $7 was a bit of a shock to some, and something they wish to avoid going forward, with many in USA not that concerned regarding paying for the stupidity of Europe and quoting the virtue of having a low energy cost base to support existing manufacturing, and attract new.
WELL, SHIVER ME TIMBERS, JACK HAS CONVERTED AWAY FROM THE DARK SIDE. HE/SHE/IT IS UNAWARE OF HOW AND WHEN BUT FINALLY GOT THERE! IMPORTING LNG IS EXPENSIVE, SO BETTER NOT TO DO IT. NOT TOO GOOD ENVIRONMENTALLY, EITHER.
Jacks “solution”?? Oh yes, go back to buying piped Russian gas. Hmm, very obvious what you are driving at, Jack, but sorry, once again too little and too late. Your “solutions” Jack, when the consequences are available for all to observe, are not solutions. They are propaganda, and a very poor effort. (The other one of your “solutions”, that alternative options will be the largesse of the French is pure fiction, but that is where propaganda is based. Would you like me to quote you Jack, on what you posted about propaganda?)
Poor effort, subtle as a brick and insulting to the reader.
MARTIN ,
Again I question what you say ,
Come on MARTIN , put up your LINKS , let’s see your evidence …… So far you’ve provided nothing except an OPINION .
ALSO , can we get back to what the readers will consider , far more important , Fracking and it’s direct links to Cancer , birth defects and early death for the elderly….
This is ONLY number ONE on the list of Fracking and THE DIRTY DOZEN , we’ve got so much to talk about old chap / old lady or whatever you consider yourself to be .
You can question away, Jack. Why you have such a question is a question other readers would like to know, or maybe AS YOU PUT IT why they ignore your comments.
I have my opinion regarding $7V$47, but what I posted was FACT. Exactly as posted on many other subjects. Just be honest Jack, FACTS are not your focus. So, would you really like me to detail what you previously posted regarding propaganda to make your modus operandi crystal clear? I really can’t see the point as it is pretty clear to everyone, but I can do so if you really feel there are interested parties on DoD who are so gullible.
By the way, I note one of the biggest donors to the Labour Party is now suggesting they should support fracking in UK! DYOR but it did make me smile. 1720 will be having to suggest something along the lines of a solar storm to discount that. With yourself, it will be freebies from the French State to get over the costs. All very amusing, but the FACT is that the UK tax payer will pay to get to Net Zero. If they deem it too high, they will decide Net Zero is not what they want. Bribes for on shore turbines and for lines of pylons paid by some tax payers to other tax payers doesn’t seem to be too popular even now, and with a declining Windfall Tax then that source of taxation will not be of much help. Maybe that is why the costs for the UK to get to Net Zero have been hidden?
MARTIN again I ask ,
For the 102nd time , explain to JACK and the readers what this $7 and $47 is all about ….
Show how it is relevant in today’s energy market.
Show the readers that this wasn’t just a small blip in the market at the peak of the Covid pandemic or at the start of the Ukraine War .
If you are not able to show the evidence and FULLY explain it , JACK and the readers will take what you say as being an OPINION only ( pure Collywaffle )
MARTIN it would appear you are missing the elephant in the room , why don’t you want to talk about Fracking and it’s direct link to fatal health issues ?????? ….. Don’t you care about child birth defects , Breast Cancer and premature death for the elderly ????????
When can we talk about Fracking and THE DIRTY DOZEN ?????
Done all what you question, Jack. You can take what you like then rinse and repeat what has already been discussed. You may wish to do that yourself Jack, as you have nothing new to contribute, but others are not so limited.
If you want to know some more relevance:
Gas prices shoot upwards today as strikes planned in Australian LNG export terminals.
UK off shore wind auctions get no takers.
Labor in Australia okay with fracking, Labour donor in UK suggests the same should be the case in UK.
Oh yes, and oil back to $90/barrel-just at the right time for the OAPs income, but the cost consequences still lie ahead.
(Those who are interested in the subject will already be aware, those only interested in the subject as a propaganda tool will not, but that is not my problem.)
These “blips” keep on coming.
MARTIN ,
On FRACKING
I’ve continually raised serious, safety concerns that highlight the PROVEN dangers to humans, animals , the environment, climate change , homeowners and the financial burden for future generations.
You have a DEFAULT setting of pretending you either haven’t seem the difficult questions, or you go on your now famous diversionary tactics.
What’s the matter with you , why won’t you address these SERIOUS , PROVEN safety issues ??????
When will you talk to JACK about Fracking and THE DIRTY DOZEN ??????
MARTIN ,
It’s no use you bringing up the cost of energy for OAPs , any Gas produced would go on the open market and be sold to the highest bidder…
Has no one told you , Fracking companies are NOT charities ??????????
MARTIN ,
Well for OAPs living in close proximity to a Fracking site , some of them won’t need to worry about heating costs , as a HARVARD University School Of Medicine study has shown it reduce life expectancy in the elderly.
https://worldwarzero.com/magazine/2022/02/harvard-study-shows-fracking-kills/#:~:text=A%20new%20study%20from%20Harvard,than%20those%20who%20don't.
You talk about heating costs for OAPs . MARTIN , don’t you know how businesses work here on planet earth ???????? Any Gas produced woukd be sold on the open market to the highest bidder …..
Fracking companies are NOT charities 🤣