2015年经济学人 油气 残酷之海

Oil and gas

The cruel sea

The government tries to block a Russian investment in the North Sea

THE business climate in Britain's oil and gas industry is as daunting¹ as the winter weather in the North Sea.

Even before the oil-price fall last year, elderly fields were depleting² fast and new finds were scarce.

The regulatory regime favours the existing owners of platforms and pipelines³ and deters⁴ newcomers.

Now the industry, which employs 450,000 people and pays almost 5 billion (7.7 billion) in taxes a year, faces the worst outlook in 40 years.

Exploration has slowed sharply; job losses are rising.

So one might think that a wealthy foreign investor⁵ would be welcome. LetterOne, a Luxembourg-based investment fund run by Mikhail Fridman,

a Russian tycoon⁶, this week paid 5.1 billion (3.6 billion, 5.6 billion) to buy 12 oil- and gasfields belonging to RWE, an ailing⁷ German energy conglomerate⁸,

with the possibility of more investment to come. But the British government is trying to force Mr Fridman to sell the assets to a third party.

Future sanctions imposed by America on Russia could, it fears, stop operations, entailing⁹ economic losses or safety risks.

The decision seems odd. Mr Fridman had instituted what someone close to the deal calls “belt and braces” safeguards to protect production in the event of new sanctions.

For the first year, ownership reverts¹⁰ automatically to RWE. After that, a Dutch foundation takes over.

Moreover, Mr Fridman is hardly a Kremlin crony. This weekend he flew from London to Moscow to attend the funeral of Boris Nemtsov,

the murdered opposition¹¹ leader (the rest of Russia's business elite¹² was mostly notable by its absence).

Britain's biggest energy company, BP, has a controversial but so far lucrative¹³ partnership¹⁴ with Rosneft, the main Russian oil company, which is close to the Kremlin.

The risk of that relationship going wrong should be a rather greater worry.

Another oddity is that the man Mr Fridman has chosen to chair LetterOne's energy division, Lord (John) Browne, is a former boss of BP.

He piloted the company through a bruising¹⁵ battle over strategy with its previous Russian partners,

TNK, a firm in which Mr Fridman happened to be a leading shareholder¹⁶. That tussle¹⁷ does not seem to have left lasting¹⁸ scars.

Lord Browne's recent memoir¹⁹ describes Mr Fridman as “civil and charming”, “tough and hardworking”, a “superb negotiator” and “extremely focused”.

Mr Fridman threatened to go to court, calling the government's objections to the deal belated, hurried and irrational²⁰.

On March 4th the energy minister, Ed Davey, backtracked, giving Mr Fridman a week to make his case.

A bigger worry should be the future of the North Sea. Britain's regime, unlike Norway's, does not encourage oilmen to keep going in lean years.

Statoil, the state-owned Norwegian company, has just invested 9 billion in the first phase of the new Johan Sverdrup field,

which will by 2025 produce more than all Britain's wells. Collapsing²¹ confidence now could leave six billion barrels of oil stranded²², says Sir Ian Wood,

a veteran industry-watcher.

True, some of the industry's woes²³ are of its own making, such as grotesquely²⁴ inflated²⁵ wage costs (now shrinking fast) and complacency (punctured).

But others are the result of haphazard²⁶ policymaking (14 energy ministers in 17 years) and high, complex taxation²⁷,

such as a supplementary²⁸ levy²⁹ introduced by George Osborne, the chancellor³⁰, in 2011. The marginal tax rate on some production is as much as 80%.

The government is tweaking the tax regime, offering companies the chance to offset³¹ more losses against costs.

It is offering to pay part of the multi-billion pound decommissioning bill.

Perhaps it should be a bit nicer to foreigners wanting to risk their cash in the North Sea's bracing³² climate.

1 daunting   

adj.使人畏缩的

参考例句：

• They were faced with the daunting task of restoring the house.他们面临着修复房子的艰巨任务。
• Starting a new job can be a daunting prospect.开始一项新工作有时会让人望而却步。

2 depleting   

使大大的减少，使空虚( deplete的现在分词 )； 耗尽，使枯竭

参考例句：

• Regulations are outlawing certain refrigerants, such as chlorofluorocarbons, which contain ozone-depleting chemicals. 随后出台的政策禁用了部分制冷剂，如破坏臭氧层的氟氯碳化合物。
• Aging, being a series of continual losses, can be keenly depleting. 老龄化，作为一个系列的连续亏损，可以清楚地消耗。

3 pipelines   

管道( pipeline的名词复数 )； 输油管道； 在考虑（或规划、准备） 中； 在酿中

参考例句：

• The oil is carried to the oil refinery by pipelines. 石油通过输油管输送到炼油厂。
• The oil carried in pipelines. 石油用管道输送。

4 deters   

v.阻止，制止( deter的第三人称单数 )

参考例句：

• The filth here deters all but the invited guest. 这里污秽不堪，除非有事，外人是裹足不前的。 来自辞典例句
• Many people believe that capital punishment deters crime. 很多人相信极刑能阻止犯罪。 来自互联网

5 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

6 tycoon   

n.有钱有势的企业家，大亨

参考例句：

• The tycoon is on the verge of bankruptcy.那名大亨濒临破产的边缘。
• The tycoon has many servants to minister to his needs.那位大亨有很多人服侍他。

7 ailing   

v.生病

参考例句：

• They discussed the problems ailing the steel industry. 他们讨论了困扰钢铁工业的问题。
• She looked after her ailing father. 她照顾有病的父亲。

8 conglomerate   

n.综合商社，多元化集团公司

参考例句：

• The firm has been taken over by an American conglomerate.该公司已被美国一企业集团接管。
• An American conglomerate holds a major share in the company.一家美国的大联合企业持有该公司的大部分股份。

9 entailing   

使…成为必要( entail的现在分词 )； 需要； 限定继承； 使必需

参考例句：

• Israel will face harsh new trials entailing territorial and functional concessions. 以色列将面临严峻的考验，在领土和能源方面做出让步。
• Taking on China over North Korea option entailing the most strategic risk. 让中国处理朝鲜问题冒有最大的战略风险。

10 reverts   

恢复( revert的第三人称单数 )； 重提； 回到…上； 归还

参考例句：

• The mind reverts to the earliest days of colonial history. 我们回想到早期的殖民地历史。
• Macau reverts to Chinese sovereignty at midnight on December19. 澳门主权于十二月十九日零时回归中国。

11 opposition   

n.反对，敌对

参考例句：

• The party leader is facing opposition in his own backyard.该党领袖在自己的党內遇到了反对。
• The police tried to break down the prisoner's opposition.警察设法制住了那个囚犯的反抗。

12 elite   

n.精英阶层；实力集团；adj.杰出的，卓越的

参考例句：

• The power elite inside the government is controlling foreign policy.政府内部的一群握有实权的精英控制着对外政策。
• We have a political elite in this country.我们国家有一群政治精英。

13 lucrative   

adj.赚钱的，可获利的

参考例句：

• He decided to turn his hobby into a lucrative sideline.他决定把自己的爱好变成赚钱的副业。
• It was not a lucrative profession.那是一个没有多少油水的职业。

14 partnership   

n.合作关系，伙伴关系

参考例句：

• The company has gone into partnership with Swiss Bank Corporation.这家公司已经和瑞士银行公司建立合作关系。
• Martin has taken him into general partnership in his company.马丁已让他成为公司的普通合伙人。

15 bruising   

adj.殊死的；十分激烈的v.擦伤(bruise的现在分词形式)

参考例句：

• He suffered cracked ribs and bruising. 他断了肋骨还有挫伤。
• He slipped and fell, badly bruising an elbow. 他滑倒了，一只胳膊肘严重擦伤。 来自辞典例句

16 shareholder   

n.股东，股票持有人

参考例句：

• The account department have prepare a financial statement for the shareholder.财务部为股东准备了一份财务报表。
• A shareholder may transfer his shares in accordance with the law.股东持有的股份可以依法转让。

17 tussle   

n.&v.扭打，搏斗，争辩

参考例句：

• They began to tussle with each other for the handgun.他们互相扭打起来，抢夺那支手枪。
• We are engaged in a legal tussle with a large pharmaceutical company.我们正同一家大制药公司闹法律纠纷。

18 lasting   

adj.永久的，永恒的；vbl.持续，维持

参考例句：

• The lasting war debased the value of the dollar.持久的战争使美元贬值。
• We hope for a lasting settlement of all these troubles.我们希望这些纠纷能获得永久的解决。

19 memoir   

n.[pl.]回忆录，自传；记事录

参考例句：

• He has just published a memoir in honour of his captain.他刚刚出了一本传记来纪念他的队长。
• In her memoir,the actress wrote about the bittersweet memories of her first love.在那个女演员的自传中，她写到了自己苦乐掺半的初恋。

20 irrational   

adj.无理性的，失去理性的

参考例句：

• After taking the drug she became completely irrational.她在吸毒后变得完全失去了理性。
• There are also signs of irrational exuberance among some investors.在某些投资者中是存在非理性繁荣的征象的。

21 collapsing   

压扁[平]，毁坏，断裂

参考例句：

• Rescuers used props to stop the roof of the tunnel collapsing. 救援人员用支柱防止隧道顶塌陷。
• The rocks were folded by collapsing into the center of the trough. 岩石由于坍陷进入凹槽的中心而发生褶皱。

22 stranded   

a.搁浅的，进退两难的

参考例句：

• He was stranded in a strange city without money. 他流落在一个陌生的城市里， 身无分文，一筹莫展。
• I was stranded in the strange town without money or friends. 我困在那陌生的城市，既没有钱，又没有朋友。

23 woes   

困境( woe的名词复数 )； 悲伤； 我好苦哇； 某人就要倒霉

参考例句：

• Thanks for listening to my woes. 谢谢您听我诉说不幸的遭遇。
• She has cried the blues about its financial woes. 对于经济的困难她叫苦不迭。

24 grotesquely   

adv. 奇异地,荒诞地

参考例句：

• Her arched eyebrows and grotesquely powdered face were at once seductive and grimly overbearing. 眉棱棱着，在一脸的怪粉上显出妖媚而霸道。 来自汉英文学 - 骆驼祥子
• Two faces grotesquely disfigured in nylon stocking masks looked through the window. 2张戴尼龙长袜面罩的怪脸望着窗外。

25 inflated   

adj.（价格）飞涨的；（通货）膨胀的；言过其实的；充了气的v.使充气（于轮胎、气球等）( inflate的过去式和过去分词 )；（使）膨胀；（使）通货膨胀；物价上涨

参考例句：

• He has an inflated sense of his own importance. 他自视过高。
• They all seem to take an inflated view of their collective identity. 他们对自己的集体身份似乎都持有一种夸大的看法。 来自《简明英汉词典》

26 haphazard   

adj.无计划的，随意的，杂乱无章的

参考例句：

• The town grew in a haphazard way.这城镇无计划地随意发展。
• He regrerted his haphazard remarks.他悔不该随口说出那些评论话。

27 taxation   

n.征税，税收，税金

参考例句：

• He made a number of simplifications in the taxation system.他在税制上作了一些简化。
• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。

28 supplementary   

adj.补充的，附加的

参考例句：

• There is a supplementary water supply in case the rain supply fails.万一主水源断了，我们另外有供水的地方。
• A supplementary volume has been published containing the index.附有索引的增补卷已经出版。

29 levy   

n.征收税或其他款项，征收额

参考例句：

• They levy a tax on him.他们向他征税。
• A direct food levy was imposed by the local government.地方政府征收了食品税。

30 chancellor   

n.(英)大臣；法官；(德、奥)总理；大学校长

参考例句：

• They submitted their reports to the Chancellor yesterday.他们昨天向财政大臣递交了报告。
• He was regarded as the most successful Chancellor of modern times.他被认为是现代最成功的财政大臣。

31 offset   

n.分支，补偿；v.抵消，补偿

参考例句：

• Their wage increases would be offset by higher prices.他们增加的工资会被物价上涨所抵消。
• He put up his prices to offset the increased cost of materials.他提高了售价以补偿材料成本的增加。

32 bracing   

adj.令人振奋的

参考例句：

• The country is bracing itself for the threatened enemy invasion. 这个国家正准备奋起抵抗敌人的入侵威胁。
• The atmosphere in the new government was bracing. 新政府的气氛是令人振奋的。