b4mbi

In daylight hours? fake news.

IOMSPC is a very profitable cash cow and will remain so in my opinion. What effectively has happened from the company's point of view is that the borrowing for the new vessel has been made at the cheapest possible interest rate. Rough figures iirc from their published fin stats from c. £60m turnover p.a., c.£15m cash is generated p.a. it's off the back of that & the sea services agreement that the debt can be serviced.

Whoops.. Why would they dump it near a scallop fishery?? there must be other deeper/less sensitive places in our territorial waters.

"Toxic" only because it was allowed to build up by lack of dredging and maintenance so it became concentrated. Naturally it would have ended up at sea anyway, and surely dumping at out at sea dilutes the concentration sufficiently??? Should change the regs in our waters to account for Island's specific geology then regularly dredge and dump in the sea at area of least impact. By far cheapest and most effective way to deal with it, rather than the nonsense of dredging, drying it out, then landfilling.

If it looks like a duck, quacks like a duck, it's a duck. 😀

Pretty sure extractive industries taxed at 20% income tax. Further, in this case a hydrocarbon tax applies The licence fee may vary also in accordance to volumes extracted. Of course the actual agreement is private, but with all of the noise around this project, government will actually in this instance have negotiated a good deal, I'm sure. Though completely understand the pessimism!!

Something we have no power what-so-ever to change. However we do have the opportunity to put the Island on a stable financial footing with a sustainable, secure energy supply into the long term. Which is manifestly in the best interests of everyone on the Island.

Have you ever worked in business?

In my understanding, at the end of the day the government would get around 50% of the value of the gas it owns.

A socially responsible society with one of the biggest national wealth funds in the world, which is investing heavily in the transition to renewables from this fund?

A detailed 3D seismic survey is needed to ascertain the best place to drill. You don't understand how the licence works. The public/Government own the gas, but are not prepared to pay anything nor take the risk to extract and produce it, as its £100's of millions to do it. They take royalties on any gas extracted, charge the company income tax on profits and will get VAT receipts on the sale of the processed gas. With what money? Happy for income tax to go up to 40%? The licence is not a public document, but the terms of it are mentioned in the Moulton interview with Crogga posted in the gas deposit thread. Wealth taxes don't work. Wealth is mobile.

You're wide of the mark on many levels I'm afraid. It was proved in 1982 gas is present. You'd trust government to develop the field? It's the global norm for the development of the resource to be given to a private company. The government risks no money and stands to gain massively from the license terms which will already be agreed (cap on price at 80p/therm and the tax rate on extraction) They can do this because the Island will only use 5% of the volume of the field. The other 95% will be sold via the existing gas interconnector at market rates. So to say its only Crogga shareholders (most of whom are local by the way) are the only ones to benefit if the project is successful is just wrong, although they are the ones putting their money where mouths are and taking the financial risk. Why wouldn't government take this chance with no risk to itself? It would pay for the transition to renewables and generate a national wealth fund, providing energy to the Island that is not dictated by uninfluencable market/geopolitical forces. It will take as long to install new interconnectors as it will to be in a position to benefit from the gas, and interconnectors still leaves you vulnerable to the UK/market energy prices. Whether the greens like it or not, natural gas will still make up 30/40% of the global energy supply by 2050, and we will be relying upon our gas power station until at least 2040 realistically. Our field will be developed and used for carbon capture within 20 years and the Island will be sustainably energy self sufficient. My understanding is the licence terms agreed also include provisions that the overall development is carbon neutral, so the plan is that wind turbines will be installed as part of the overall development to provide power for the small gas cleaning plant that will be required, with excess being sold back to MUA possibly. So actually, the project is proposing to install the first MW wind turbine on the Island to meet the conditions of the licence. How much more can be expected? Our emissions are but a drop in the ocean globally, trying to reduce that to half a drop spending long millions the government doesn't have is nonsensical. The greens have no realistic plan how to finance the renewables. The gas field is a golden opportunity for the Island it really is and I really struggle to understand people that can't see this. Think mini-Norway.

I purposely didn't listen to this as when I heard it advertised I knew it would wind me up! Defies all logic arguing that a potential £8bn is not in the best interests of the people of the Isle of Man. No clue whatsoever about how the energy market works, or what a once in a generation chance this development is to have energy security at a reasonable price and brings high skilled jobs/opportunities to the Island

Are MHK's allowed 2nd jobs?

Passed the spot yesterday and there was a hi-vis man with what looked like a theodolite there...