Record-breaking financial results for Shell and BP have sparked a debate amid the energy crisis.
The industry body, Offshore Energies UK, says Harbour won't be the only one.Less than 5% of Shell's profits come from UK production, and only around 10% of BP's.
And if you were to impose a further tax on UK-based companies making profits earned outside the UK? Watch how fast they relocate their headquarters.So what about those share buybacks, suggested by the SNP? The first impact of going into the market is to increase demand and push up prices. But the longer-term effect is to concentrate share ownership, and raise dividends for those who continue to own shares.Image source,In a report published in October, left-leaning think tank, the Institute for Public Policy Research , found the value of corporate buy-backs of shares in the UK was more than £46bn by that stage of last year.
BP highlights its investments in next generation Scottish offshore wind power, and in plans to convert the Sahara sun of Mauritania and the Caribbean rays of Trinidad and Tobago into solar power, and then into exportable green hydrogen.But environmental groups point out that instead of winding down its fossil fuel operations by 40% between 2019 and 2030, BP now says that will look more like a 25% cut.
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