"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Sunday, July 29, 2007

North Sea Oil and Tax revenues decline faster than ever

Two years ago, Gordon Brown's UK Treasury forecast tax revenues from oil and gas producers of £13.5bn during 2007/08. The official prediction now, despite higher oil prices and higher tax rates, is only £8.1bn.

The UK is now a net oil importer. So rapid is the North Sea's depletion that, in three years' time, imports will account for 40 per cent of the oil we use, rising to 90 per cent by 2020.

- Total indigenous UK production of crude oil and NGLs in Q1 2007 decreased by 19.9 Mn tonnes a reduction of 4.5 % on Q1 2006. This included production from 3 new fields which started production during the year ending March 2007, including the very large Buzzard field. DTI Qtrl Energy report

Think on Lad !

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