Comments by "Nigel Johnson" (@nigeljohnson9820) on "Oil exploration: Norway government proposes 136 new drilling licences in North Sea" video.

Is Norway going to pay for the inevitable oil spill clean ups? Who is going to pay when the oil companies go bust?
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@lpdude2005 it is an example of extreme arrogance to assume that your technology will save you from disaster. If it can go wrong it will, if it can't it still will. Norway will find an excuse as to why it should not clean up the mess it makes.
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@banger2998 I will remind you of the post when the first big spill occurs. Given the climate change emergency facing the planet, the oil would be better remaining in the ground.
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@banger2998 so Norway is going to add to the glut of a product with a falling demand. Synthetic oil made from waste would be a better investment. The cost of climate change will out weight any profits made from extracting more oil from the ground.
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@banger2998 it is not going to skyrocket. Best estimates predict that oil demand will peak in 2030, after a modest rise following the covid pwndemic. It will still be less than 1970 levels. However, these predictions do not take account of a number of factors, such as increasing efforts to control climate change and the move of aviation to none fossil fuels. Extraction from deep water will always be more expensive than land based supplies. The cost of climate change will rapidly exceed any profits made from fossil fuels.
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@banger2998 not embarrassment, it is just not relevant.
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@banger2998 I suspect you are reading reports produced pre 2019, and by companies seeking new oil and gas investment. None of the predictions I have examined predict a significant increase in demand, quite the opposite. Following the peak in 2030, all predictions are for a decline in demand, the only question is how quick the decline. Your assumption that the oil from Norway will so show replace that from other producers does not stand up to analysis. All that will happen is a scramble between the producers, to supply a declining market. This will suppress the price, until the more uneconomic producers drop out. Zero carbon commitments, will force many industries to switch to bio fuels and synthic oils. As global warming gain momentum, the destruction of economies will force the reduction in demand for oil. Off shore oil is one of the most expensive to produce, only exceeded by shale oil, the lack of demand for which has already forced the latter industry into significant debt. When the full effects of climate change start to bite, oil producers will not be able to give the stuff away. A situation we have already seen during the covid pandemic.
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@banger2998 do you consider OPEC to be an unreliable source? Even the oil companies are predicting a decline in demand, with many planning to diversify into Green energy. The unreliable reports date before 2019 and/or are produced by investment companies attempting to drum up support for their dying cash cow.
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@banger2998 if we have past the point of no return for climate change, any prediction for 60 years in the future is irrelevant, as there won't be a population to use the oil, let alone produce it, and the idea of money and profit will no longer exist. Hasn't any one told you there's no profit to be made on a dead planet.
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@banger2998 are you suggesting that climate change can be restricted to one country? Will Norway's release of CO2 from this new oil field only result in the heating of Norway, or is it going to affect the whole world? There is little point in trying to modify the behaviour of my own government, if such measures are not echoed by all other countries. A major oil spill in Norwegian Waters is unlikely respect borders and remain a Norwegian problem, unlike the profits, which Norway will most definitely keep. In other words, if there is a profit it's for Norway, if there is a loss, it is global.
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@banger2998 you confuse the individual with the country, and you failed to address the questions I asked. It is clear the actions of Norway drilling new oil fields will have an impact on climate change globally. In as much as the problems will be global, and the benefits will be limited to Norway, it is perfectly reasonable to criticize Norway's actions, as just another government who is putting the survival of the human race at risk.
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@banger2998 so you will use Britain's bad behaviour to justify similar behaviour by Norway. That way, we all burn together. In the end it won't matter, as soon you will not be able to give the stuff away, and any profits will be more than compensated for by the losses associated with the effects of climate change.
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@banger2998 don't be ridiculous, Norway is the one planing new oil fields.
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@banger2998 and when I have the opportunity to criticise that decision I will. But this thread is about Norway's decision to drill more wells. The fact that the UK is opening more wells, just means there will be over production and the price of oil will fall. For the planet, it would be better if the oil stays in the ground.
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@banger2998 the only problem with your idea of price control, is that different groups do not corporate. As for price control working, it failed during the pandemic, when prices of crude went negative for a time, because there was insufficient demand and storage was limited. Do you think the coming climate change emergency will do the same thing? Air travel is at an all time low, the 747s have been sent to the breakers yard. Do you really think the demand for aviation fuel is going to recover any time soon? Western governments are switching to electric transport to meet their zero carbon emision commitments. Do you really think the demand is going to increase in the future? Offshore oil is one of the most expensive to obtain, how competitive do you think it will be against land based extraction, particularly as demand falls?
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