In these interesting times we may need to look outside our usual patch to keep our people busy through 2015. But Bethlehem? OK, not exactly Bethlehem, but perhaps not far away from that little town.
Israel just announced a major new gas discovery (reportedly 3.2 trillion cubic feet). While many of us were transfixed by the oil price, Israel was holding its first ever international oil and gas conference.
There used to be an Israeli joke that Moses had delivered the Jews to the only place in the Middle East with no oil or gas.
Times have changed; and we are not talking about olive oil. Israel has offshore gas, and lots of it. It also has significant oil infrastructure (the recently reported pipeline breach is fixed, but the remedial work will take many months). Like a number of other prospects, Israel is an emerging market with political issues.
Yes, their issues are worse than Scotland’s referendum, but by Middle East standards they should be manageable. Israel should be on your radar.
Christmas, and the New Year’s Honours List, brings prospective Lords to mind. Those who are now our Oil Barons tell their stories of when Houston’s finest followed the economic star to Aberdeen.
One such prospective Aberdeen Lord’s epiphany came when a Texan visiting his fishing business told the taxi driver to wait and “keep the meter running”. Yes, “keep the meter running”.
There is still money in this industry. I recently made a site visit by chartered plane. Our prestige taxis are kept very busy. But the UKCS is a high cost mature basin. To misquote that perennial airport book, our cheese is moving.
The Texans have stolen a march on us when it comes to Israel, with Noble Energy being a lead player (recently reporting higher natural gas demand and deliverability in Israel) but there is plenty more work to be done there.
Perhaps no bad thing to be second, as my colleague David Laing has recently been quoted as saying: “many make a virtue of being ‘first followers’ who watch the prime movers and learn from their experience!”
The shepherds got to Bethlehem first, but it is the kings’ names we remember!
Aberdeen’s equivalent of the three kings are already traversing afar. We are reminded of that by their recognisable number plates prominently parked at Aberdeen Airport.
However, at risk of dampening the festive cheer, as a lawyer, I am obliged to warn you about bearing gifts. Gold, Frankincense and Myrrh are no longer recommended. The real gifts are much more valuable, but you knew that.
PS – book accommodation in advance. I have it on good authority there is not always room at the Inn.
Peter Murray is a partner at Scottish law firm Ledingham Chalmers where he specialises in UK corporate law and international projects.