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Next Big Oil Discovery off the coast of Ireland??

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  • 18-05-2013 8:53pm
    #1
    WakeUp
    Closed Accounts Posts: 2,823 ✭✭✭


    With the economic situation the country has been in over the past number of years there hasnt been much positive to talk about or look forward too but perhaps that is about to change in the not too distant future :)

    Here is some of the article anyone who might be interested can have a look themselves..

    "When thinking about where the next big oil discoveries will be made, Ireland is probably not up there on the list, however it may be time to add it."

    "Both Providence and ExxonMobil say that the well will take around three months to complete, and that they hope to find an enormous reservoir of gas condensate, that could rival the world’s largest offshore discoveries from the past decade."

    The big boys are involved in this so I believe there maybe something to this. The drilling is taking place 200kms of our west coast which falls easily within our 200 nautical mile exclusive economoice exclusive zone. Anything they find is ours. Has this thread come up on AH before?? does anyone know of any deals been struck by our government with any of the companies involved in the exploration. The reckon there is 10 million barrels of oil there aswell.

    Maybe some good news in not far in the offering we just need to make sure we get our terms right and dont get walked over striking a deal if the drilling bears fruit:)
    http://oilprice.com/Latest-Energy-News/World-News/Next-Big-Oil-Discovery-Off-the-Coast-of-Ireland.html


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Comments

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    #2
    krudler
    Registered Users Posts: 34,788 ✭✭✭✭krudler


    The Irish army should start training to fight the Yanks. Or our goverment will give it all away for some magic beans


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    #3
    kneemos
    Registered Users Posts: 20,410 ✭✭✭✭kneemos


    Ssssh The Eurovision.


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    #4
    Mint Sauce
    Registered Users Posts: 29,294 ✭✭✭✭Mint Sauce


    Until we sell drilling rights, if not done so already.


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    #5
    galwayrush
    Registered Users Posts: 12,815 ✭✭✭✭galwayrush


    I thought they found oil in 1979.
    It'll suddenly become commercial when it's needed.


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    #6
    shedweller
    Closed Accounts Posts: 4,029 ✭✭✭shedweller


    kneemos wrote: »
    Ssssh The Eurovision.
    Da wha??


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    #7
    Praetorian Saighdiuir
    Closed Accounts Posts: 10,968 ✭✭✭✭Praetorian Saighdiuir


    It's my oil goddamnit!


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    #8
    returnNull
    Closed Accounts Posts: 1,235 ✭✭✭returnNull


    krudler wrote: »
    The Irish army should start training to fight the Yanks
    they would'nt invade us,would they? :pac:


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    #9
    woodoo
    Closed Accounts Posts: 5,219 ✭✭✭woodoo


    What will Johnny Taxpayer get from that?


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    #10
    Mint Sauce
    Registered Users Posts: 29,294 ✭✭✭✭Mint Sauce


    returnNull wrote: »
    they would'nt invade us,would they? :pac:

    They've already a foot-in with an air base in Shannon.


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    #11
    charlemont
    Closed Accounts Posts: 4,725 ✭✭✭charlemont


    Magic beans and Americans..2 for the price of 1..1 being the oil..


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    #12
    shankespony
    Registered Users Posts: 278 ✭✭shankespony


    No doubt like Shell the irish exchequer will get sweet fa as usual , incompetents in govt will make sure of that


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    #13
    the keen edge
    Closed Accounts Posts: 1,533 ✭✭✭the keen edge


    To the idiot who is inevitably thinking of posting that My Oil and Gas Norway/Ireland youtube video; please don't, it's complete erroneous misleading bollocks.


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    #14
    donegal_road
    Closed Accounts Posts: 1,281 ✭✭✭donegal_road


    or could it be that two of the EU's smaller countries have been purposefully put over a barrel (no pun intended) in order to be stripped of their natural resources, it appears Greec are in the same boat


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    #15
    shruikan2553
    Closed Accounts Posts: 6,113 ✭✭✭shruikan2553


    woodoo wrote: »
    What will Johnny Taxpayer get from that?

    Once the rights have been sold off your hard working politicians who made it possible will receive a payrise or your dept to the EU will be paid of slightly


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    #16
    IM0
    Closed Accounts Posts: 5,390 ✭✭✭IM0


    returnNull wrote: »
    they would'nt invade us,would they? :pac:

    you mean come home


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    #17
    Peregrine
    Moderators, Education Moderators Posts: 26,399 Mod ✭✭✭✭Peregrine


    What's our current tax rates on oil, does anybody know?


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    #18
    galwayrush
    Registered Users Posts: 12,815 ✭✭✭✭galwayrush


    Nimrod 7 wrote: »
    What's our current tax rates on oil, does anybody know?

    about zero


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    #19
    Duiske
    Registered Users Posts: 3,087 ✭✭✭Duiske


    WakeUp wrote: »

    "
    "Both Providence and ExxonMobil say that the well will take around three months to complete, and that they hope to find an enormous reservoir of gas condensate, that could rival the world’s largest offshore discoveries from the past decade."

    The big boys are involved in this so I believe there maybe something to this. The drilling is taking place 200kms of our west coast which falls easily within our 200 nautical mile exclusive economoice exclusive zone. Anything they find is ours.

    Anything they find is theirs, not ours. Sure, they will pay tax on profits, but after taking into account tax breaks for research and development, exploration and extraction costs. our slice will be a mere pittance.


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    #20
    flutered
    Registered Users Posts: 6,668 ✭✭✭flutered


    shankespony wrote: »
    No doubt like Shell the irish exchequer will get sweet fa as usual , incompetents in govt will make sure of that

    probably by then we will be in hock to the ecb/world bank, so they will give us our freedom for the oil, then after three years they will be giving us a another bailout.


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    #21
    Rhys Essien
    Registered Users Posts: 3,029 ✭✭✭Rhys Essien


    OP,I hope you meant that they hope to find 10 billion barrels rather than 10 million.

    Ireland alone uses 164,600 barrels of oil daily.

    http://cia-world-fact-book.findthedata.org/q/315/129/How-much-oil-does-did-Ireland-consume-in-2011


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    #22
    Senna
    Registered Users Posts: 8,800 ✭✭✭Senna


    Its not our oil, we have allowed these companies to explore and drill at will. They will pay 40% on profits, but that's after they write off ever last expense that went into the research, the exploration, drilling test well's, then finally the full costs to extract the oil.
    Its a raw deal for Ireland, but the people who shout this the loudest haven't given a way to avoid it. Our only hope would be to leave any oil/gas reserves for about 10/15 years, by which time the price will be so high, the oil companies might gladly pay 40%+ in taxes on gross earnings.


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    #23
    holystungun9
    Registered Users Posts: 2,933 ✭✭✭holystungun9


    krudler wrote: »
    The Irish army should start training to fight the Yanks. Or our goverment will give it all away for some magic beans

    Or just regular beans.


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    #24
    Nabber
    Registered Users Posts: 2,855 ✭✭✭Nabber


    Same day as oil is found a potential nuke site has been found


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    #25
    Nonoperational
    Registered Users Posts: 7,401 ✭✭✭Nonoperational


    krudler wrote: »
    The Irish army should start training to fight the Yanks. Or our goverment will give it all away for some magic beans
    shankespony wrote: »
    No doubt like Shell the irish exchequer will get sweet fa as usual , incompetents in govt will make sure of that

    On the other hand, spending billions on trying to develop a far from certain resource that could take decades to pay it's way is also a questionable practice at the moment.

    Don't let that get in the way of the fashionable rant though...


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    #26
    syklops
    Closed Accounts Posts: 18,969 ✭✭✭✭syklops


    irish-stew wrote: »
    They've already a foot-in with an air base in Shannon.

    What?


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    #27
    jjbrien
    Registered Users Posts: 2,678 ✭✭✭jjbrien


    I think FF sold us out on this one already and the current government doesn't have the spine to change anything. If we were cleaver we could do as the norwegians did, but alas our goverment will hand it all on a plate to the US and Norwegians and we will still be heavy in debt.

    On the other hand if they were to get their hands on this money they would never have learnt a thing and they would spend every penny of it till we have nothing left then another bailout required. :rolleyes:


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    #28
    Nonoperational
    Registered Users Posts: 7,401 ✭✭✭Nonoperational


    Just as a matter of interest, why would the government of the State, which has a much better chance of being re-elected and keeping their jobs if the country is doing well, deliberately **** us by "giving away" our "fortune"?


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    #29
    upandcumming
    Registered Users Posts: 2,709 ✭✭✭upandcumming


    Serious lack of knowledge in this thread...


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    #30
    jjbrien
    Registered Users Posts: 2,678 ✭✭✭jjbrien


    upandcumming wrote: »
    Serious lack of knowledge in this thread...

    Well care to fill us in then?


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    #31
    Chuck Stone
    Closed Accounts Posts: 13,030 ✭✭✭✭Chuck Stone


    upandcumming wrote: »
    Serious lack of knowledge in this thread...

    Educate us wise one.


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