TheTeapot Posted January 16 Share Posted January 16 3 minutes ago, Stu Peters said: We don't HAVE to - it's not like there's an army of others offering gazillions for the contract. Is there an emergency and decommissioning fund? 1 Link to comment Share on other sites More sharing options...
Stu Peters Posted January 16 Share Posted January 16 1 minute ago, HeliX said: But this matters, because its finite and we need to ensure we're getting a good price for our finite national resource. Which I'm not convinced the Gov has done. My understanding is that Crogga have jumped through more hoops than a showdog to get this far, and every part of their scheme has been scrutinised, dissected and challenged. It's more important to get this gas now if possible - in 20 years there'll be no market for it. 3 Link to comment Share on other sites More sharing options...
Stu Peters Posted January 16 Share Posted January 16 1 minute ago, TheTeapot said: Is there an emergency and decommissioning fund? Yes, I believe there is as part of the contract. Link to comment Share on other sites More sharing options...
TheTeapot Posted January 16 Share Posted January 16 2 minutes ago, Stu Peters said: Yes, I believe there is as part of the contract. Good, it's really important. Like completely essential, decommissioning rigs by all accounts difficult, dirty and expensive. I hope it's written in properly. I'd have made them put lots of their profit into it, and they can have it when it's all cleaned up and closed down. That would test their long term commitment to doing things right. I've spoken directly to some people that are or have been involved in Crogga, and its the people formerly involved who come across as more honest, which is the main reason I remain suspicious. I think that the Isle of Man should be licensing their sea floor for gas extraction, I'm not convinced these are the people to do it, although my opinion doesn't really matter. You say there isn't "an army of others" offering to do it, I assume you mean there isn't anyone else offering to do it, well I'd be inclined to leave it there for now then. There's another problem too. And it's the Government. I don't trust the IoM Governments ability to fully vet companies and individuals for projects, I worry there are flashing lights and pound signs in the minds of the parts of government keen for it to go ahead and I don't think the AGs are up to the job of writing the right licence/contract for this project. It would be nice to be wrong to have these concerns. 2 Link to comment Share on other sites More sharing options...
Mann O Mann Posted January 16 Share Posted January 16 1 hour ago, TheTeapot said: Good, it's really important. Like completely essential, decommissioning rigs by all accounts difficult, dirty and expensive. I hope it's written in properly. I'd have made them put lots of their profit into it, and they can have it when it's all cleaned up and closed down. That would test their long term commitment to doing things right. I've spoken directly to some people that are or have been involved in Crogga, and its the people formerly involved who come across as more honest, which is the main reason I remain suspicious. I think that the Isle of Man should be licensing their sea floor for gas extraction, I'm not convinced these are the people to do it, although my opinion doesn't really matter. You say there isn't "an army of others" offering to do it, I assume you mean there isn't anyone else offering to do it, well I'd be inclined to leave it there for now then. There's another problem too. And it's the Government. I don't trust the IoM Governments ability to fully vet companies and individuals for projects, I worry there are flashing lights and pound signs in the minds of the parts of government keen for it to go ahead and I don't think the AGs are up to the job of writing the right licence/contract for this project. It would be nice to be wrong to have these concerns. Good luck to Crogga , it could literally be the saving of the IOM. Ref the above points 1. Any licence holder has to demonstrate the required insurance to decommission which they will have been required to do. If you review the previous interviews there is no intention to have a fixed installation all subsea. Far neater than the Rigs you have pictured mentally dating back some 20 + years . 2. check the background of the new CEO, former head of geology for BP reporting directly into the BP CEO and has an actual track record in delivery , considered a global expert and highly regarded , I presume this is why the board wanted him on board and in my opinion the project being delivered has greatly increased especially when raising money from institutional investors! 3. share you concerns ref the government but they must bring in an outside body to do the HSEQ regulatory stuff. They are not equipped to do this themselves as super niche and specialist. 4 Link to comment Share on other sites More sharing options...
2112 Posted January 16 Share Posted January 16 2 hours ago, TheTeapot said: Good, it's really important. Like completely essential, decommissioning rigs by all accounts difficult, dirty and expensive. I hope it's written in properly. I'd have made them put lots of their profit into it, and they can have it when it's all cleaned up and closed down. That would test their long term commitment to doing things right. I've spoken directly to some people that are or have been involved in Crogga, and its the people formerly involved who come across as more honest, which is the main reason I remain suspicious. I think that the Isle of Man should be licensing their sea floor for gas extraction, I'm not convinced these are the people to do it, although my opinion doesn't really matter. You say there isn't "an army of others" offering to do it, I assume you mean there isn't anyone else offering to do it, well I'd be inclined to leave it there for now then. There's another problem too. And it's the Government. I don't trust the IoM Governments ability to fully vet companies and individuals for projects, I worry there are flashing lights and pound signs in the minds of the parts of government keen for it to go ahead and I don't think the AGs are up to the job of writing the right licence/contract for this project. It would be nice to be wrong to have these concerns. You are merely voicing the concerns many of the GMP have and feel. I don’t think you are wrong in your assessment. Link to comment Share on other sites More sharing options...
2112 Posted January 16 Share Posted January 16 2 hours ago, TheTeapot said: Is there an emergency and decommissioning fund? Yes, IOM Taxpayers. 3 Link to comment Share on other sites More sharing options...
asitis Posted January 16 Share Posted January 16 2 hours ago, TheTeapot said: and I don't think the AGs are up to the job of writing the right licence/contract for this project. This x 100 ! A lawyer described most Government contracts to me as easy to drive a coach and horses through, maybe this is why we are saddled to Liverpool and other disasters and couldn't walk away ! 4 1 Link to comment Share on other sites More sharing options...
Omobono Posted January 16 Share Posted January 16 4 minutes ago, asitis said: This x 100 ! A lawyer described most Government contracts to me as easy to drive a coach and horses through, maybe this is why we are saddled to Liverpool and other disasters and couldn't walk away ! lets face it if the lawyers were any good they wouldn't be working for government , things were much better when Government employed proven specialist lawyers from the private sector including the occasional QC , 4 1 Link to comment Share on other sites More sharing options...
hissingsid Posted January 16 Share Posted January 16 I really hope that they have engaged a specialist lawyer in this case and have not tried to be smart arses and cobbled something up themselves. Link to comment Share on other sites More sharing options...
quilp Posted January 17 Share Posted January 17 (edited) 17 hours ago, Stu Peters said: My understanding is that Crogga have jumped through more hoops than a showdog to get this far, and every part of their scheme has been scrutinised, dissected and challenged. It's more important to get this gas now if possible - in 20 years there'll be no market for it. Bit more on this from the CEO of Crogga... "It is a risky business!" £65 a share, min investment of 200 shares. £13,000 initial layout. If all goes to plan, those shares could be worth min £1000 once all is up and running. Worth a watch. Edited January 17 by quilp 1 Link to comment Share on other sites More sharing options...
Banker Posted January 17 Share Posted January 17 1 hour ago, quilp said: Bit more on this from the CEO of Crogga... "It is a risky business!" £65 a share, min investment of 200 shares. £13,000 initial layout. If all goes to plan, those shares could be worth min £1000 once all is up and running. Worth a watch. If it’s a minimum of say £2/3k I would be interested but not £13k 1 Link to comment Share on other sites More sharing options...
Mann O Mann Posted January 17 Share Posted January 17 3 hours ago, Banker said: If it’s a minimum of say £2/3k I would be interested but not £13k My son has grouped together with some friends under one person on the basis of that is what they are prepared to loose if it does not come off . 1 Link to comment Share on other sites More sharing options...
Mann O Mann Posted January 17 Share Posted January 17 https://www.reuters.com/business/energy/uk-oil-gas-licensing-round-attracts-115-bids-2023-01-17/ Link to comment Share on other sites More sharing options...
Mann O Mann Posted January 17 Share Posted January 17 2 minutes ago, Mann O Mann said: https://www.reuters.com/business/energy/uk-oil-gas-licensing-round-attracts-115-bids-2023-01-17/ The North Sea transition authority ( who the Isle of Man Government should appoint/ consult with to regulate the Isle of Man - hopefully they have figured that out !) have had 115 bids for licences - we are not alone in the dash for gas as it will be needed for decades to come !!! Link to comment Share on other sites More sharing options...
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