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Next Big Oil Discovery off the coast of Ireland??

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    #32
    JD DABA
    Registered Users Posts: 294 ✭✭JD DABA


    Nonoperational wrote: »
    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"?

    Well not saying that much is well thought out in this thread, but, Im sure some of them would be ready to forego re-election for a price.

    Probably a laughable price in bribe terms too.


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    #33
    the keen edge
    Closed Accounts Posts: 1,533 ✭✭✭the keen edge


    jjbrien wrote: »
    Well care to fill us in then?

    For a start don't attempt to compare Norwegain Proven hydrocarbon reserves with what is pretty much, at this stage, pub talk promoting the share price of Irish Exploration stock listings.


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    #34
    syklops
    Closed Accounts Posts: 18,969 ✭✭✭✭syklops


    JD DABA wrote: »
    Well not saying that much is well thought out in this thread, but, Im sure some of them would be ready to forego re-election for a price.

    Probably a laughable price in bribe terms too.

    Conspiracy theories is thataway ->


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    #35
    BBDBB
    Registered Users Posts: 26,899 ✭✭✭✭BBDBB


    Stetsons!

    Get your Genuine Ten Gallon Stetsons!

    3 sizes, Medium, Large, & Texan


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    #36
    upandcumming
    Registered Users Posts: 2,709 ✭✭✭upandcumming


    jjbrien wrote: »
    Well care to fill us in then?
    Chuck Stone wrote: »
    Educate us wise one.

    I'm not proclaiming to be the wise one.

    There is fuck all to say that we have viable amounts of oil in our jurisdiction. We don't have the money to do it ourselves so we have to entice private companies do it. And we have to make it attractive for them to do it. Only 6% of the licences available in the last round were taken up.

    It is completely ridiculous comparing Norway with us as apparently they have a one in four strike rate with Ireland's being one in one hundred and fifty.

    "But despite the 200 or so wells drilled off Ireland's shores in the past number of decades, only two have resulted in commercial fields – Kinsale and Corrib."

    Who would take a licence to explore with a strike rate like that if the tax rates were as high as Norway's? Nobody is the answer.


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    #37
    jjbrien
    Registered Users Posts: 2,678 ✭✭✭jjbrien


    the keen edge wrote: »
    For a start don't attempt to compare Norwegain Proven hydrocarbon reserves with what is pretty much, at this stage, pub talk promoting the share price of Irish Exploration stock listings.

    I am no oil expert and I don't ever admit to be. I was only pointing out that if our government did what the Norwegians did and made a state run company do the drilling could even be a PPP type company. Where the state owns 51% and private companies make up the rest. We need to make sure that the people of Ireland can reap the benefit of any oil we find. I for one dont trust our government.

    And yes the strike rate in Ireland has been terrible over the years. But as oil gets even more precious then they need to state looking in more places for whatever they can get.


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    #38
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    No need for Exxon, those leeches.

    Shure, I've a garden hose and a spare bath tub. I'll siphon it out no bother.


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    #39
    I Heart Internet
    Closed Accounts Posts: 4,678 ✭✭✭I Heart Internet


    As upandcumming says - there is a serious lack of info on this thread.

    - the oil and gas is ours (Ireland's)
    - we (like lots of countries) allow private enterprise to risk their own cash (€100 million for this Exxon drill) on drilling for the very elusive oil and gas around our coast
    - there has only been 3 projects developed in Ireland....essentially the Kinsale gas field and a few extensions. Th odds are not good.
    - the corporation tax on oil and gas companies is 25%. Twice that of all other companies.
    - there is an additional Profit Tax - from 0% to 15% depending on the fields profitability - on oil and gas projects.
    - exploration costs (inc those for other targets around our coast) can be written off against tax.

    Think of it this way. All the fish in the sea off our coast is ours (Ireland's) but no one ever suggests that the Dept of the Marine operate trawlers.

    Let the private sector take the risk and tax them accordingly.


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    #40
    flutered
    Registered Users Posts: 6,668 ✭✭✭flutered


    JD DABA wrote: »
    Well not saying that much is well thought out in this thread, but, Im sure some of them would be ready to forego re-election for a price.

    Probably a laughable price in bribe terms too.

    does this mean that we could have a party leader looking up trees somewhere.


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    #41
    joe swanson
    Registered Users Posts: 1,124 ✭✭✭joe swanson


    I can smell the crusties already. If i found a can of three in 1 oil in the garden there would be a camp set up within minutes.... Only leaving to collect dole obviously


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    #42
    darkhorse
    Closed Accounts Posts: 2,274 ✭✭✭darkhorse


    donegal_road wrote: »
    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

    I agree with you 100%.


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    #43
    dodderangler
    Registered Users Posts: 9,204 ✭✭✭dodderangler


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

    What kinda magic?
    David Blaine magic or Harry potter magic?


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    #44
    darkhorse
    Closed Accounts Posts: 2,274 ✭✭✭darkhorse


    the keen edge wrote: »
    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.

    Why do you think that its misleading.


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    #45
    darkhorse
    Closed Accounts Posts: 2,274 ✭✭✭darkhorse


    Nonoperational wrote: »
    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.

    But, haven't we paid billions to people that we never owed it to? At least there's a chance of a return from this.


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    #46
    darkhorse
    Closed Accounts Posts: 2,274 ✭✭✭darkhorse


    Nonoperational wrote: »
    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"?

    I know this maybe a shot in the dark, but would the answer to your quiz be, because the irish electorate kept them out of government for 14 years.


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    #47
    Nonoperational
    Registered Users Posts: 7,401 ✭✭✭Nonoperational


    darkhorse wrote: »
    But, haven't we paid billions to people that we never owed it to? At least there's a chance of a return from this.

    That's not a fair comparison man.


    And I still haven't heard any fully convincing argument that we would be in a better position now if we let the banks go to wall... These situations aren't black or white, that's why it's so frustrating. Maybe we should have let the banks go, and maybe we should invest billions in oil exploration, but maybe we shouldn't either. Nobody knows for sure, that's why it's so frustrating when people bang the drum and make out that everything would be perfect now if we did a complete turnabout on a decision or strategy.

    You get it every day, some people are 100% convinced that we should cut public sector pay massively. Some people thing that if we had a salary cap of €100k everything would be fine, others convinced it would lead to huge skills shortages and a severely depressed economy with devastating reductions in consumer spending. Some people think if we cut social welfare by 50% our books would balance and we'd be laughing, others are convinced that bankers should be publicly flogged and lending ramped up hundreds of percent. Some people think we would be perfect now if we were like Iceland and told Europe to shag off and had the punt back. People say we need to widen the tax base, others will go to jail before they'll pay property tax.

    You hear this single track, black or white stuff every day from different groups and there's no reasoning with them that maybe they're suggestion isn't actually practical or sensible. They're fully convinced they're idea or crusade is completely correct and will put an end to problems we find ourselves in.

    That's why posts implying that the fascists in government, on a whim, decided to hand over this fortune of oil and gas to greedy multinationals because they want to screw the country to be a bit much...
    darkhorse wrote: »
    I know this maybe a shot in the dark, but would the answer to your quiz be, because the irish electorate kept them out of government for 14 years.

    I don't know is there any answer to it!


    If there's one thing that really pisses me off, it's people going on a crusade about an issue, knowing full well the "solution" they are pretending to offer is an impossibility. It's easy say you'll do things when you know your not in a position to follow through. That rant by the muppet that is Neil Prendeville being a case in point. Stirring people up from behind his comfy desk and 6 figure salary.


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    #48
    JD DABA
    Registered Users Posts: 294 ✭✭JD DABA


    syklops wrote: »
    Conspiracy theories is thataway ->

    Politicians possibly taking bribes is conspiracy theory material now ??


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    #49
    Thatnastyboy
    Registered Users Posts: 1,254 ✭✭✭Thatnastyboy


    Nonoperational wrote: »


    If there's one thing that really pisses me off, it's people going on a crusade about an issue, knowing full well the "solution" they are pretending to offer is an impossibility. It's easy say you'll do things when you know your not in a position to follow through.

    Ahhh,

    The Shinners being a prime example.. vrt anyone?


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    #50
    pragmatic1
    Registered Users Posts: 5,573 ✭✭✭pragmatic1


    Really sickening to think that our natural resources are being given away for next to nothing. Ray Burke should be ****in hung as a traitor. We desperately need a proper leader in this country.


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    #51
    upandcumming
    Registered Users Posts: 2,709 ✭✭✭upandcumming


    pragmatic1 wrote: »
    Really sickening to think that our natural resources are being given away for next to nothing. Ray Burke should be ****in hung as a traitor. We desperately need a proper leader in this country.

    WHAT NATIONAL RESOURCES?


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    #52
    KyussBishop
    Closed Accounts Posts: 5,797 ✭✭✭KyussBishop


    Nonoperational wrote: »
    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"?
    They would do it, because it can personally make politicians involved, a lot of money through corruption/bribery and revolving-door industry 'favours' (i.e. legalized corruption/bribery).

    The same way a company or bank CEO, would deliberately destroy the company/bank, through accounting control fraud (showing massive short-term profits with unsustainable business practices and accounting trickery, at the cost of a future bust), which will personally net them a huge amount of money in the short-term, until it all comes crashing down, potentially taking the economy with it depending on the scale (at which point they walk away from the mess, with all their earnings intact, on to the next venture).

    Politicians that would do this, don't give a toss about the country, the same way fraudulent business CEO's, don't give a toss about the company (it's just a vehicle for generating them a crapload of profits) or society (they don't care who has to clean up the mess or the harm they cause others - they are sociopaths).


    Times of economic trouble, and particularly the austerity narrative, just give a convenient excuse for selling off state assets/resources (with, in the past, corruption ending in personal profits being the actual motive); it's selling off the family jewels, for a temporary boost in money to make a barely-noticeable dent in debts, when in the long-term we lose a hell of a lot more money, than if we had kept these resources for the state to earn from.

    It's the perfect time for this kind of corrupt privatization of natural resources and state assets, and it's why you see people like Bertie Ahern, at the head of lobby groups trying to get us to sell off forest assets, to private interests he is connected to, among more.


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    #53
    Menas
    Closed Accounts Posts: 12,318 ✭✭✭✭Menas


    The current tax regime for oil exploration has been in place for the last 20 years and as said earlier is there to encourage private speculation.
    There is no way the government could afford to do this themselves and had they tried the people would have been on the streets protesting.
    What has happened recently is that technology now makes it comercially viable to extract the oil provided the cost of a barrell stays above $50.
    The government will eventually get direct tax from the development of these fields. And the economy benifits from provision of services and labour. Don't know if this will lower the cost of petrol in our tank.
    I have had some shares in Providence for a few years now so glad for this discovery!


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