Oil Field Could Defeat Recession but Gloom Grows

caseyann

Has any one posted this yet?

http://www.istockanalyst.com/article/viewiStockNews/articleid/2997336


But contracts with foreign companies are preventing us from selling it and transforming us into the Saudi Arabia of Europe.

I just wanted some thoughts on it and if already posted i cant find it sorry.

Pete_Cavan

If contracts with foreign companies are preventing us from selling it and transforming us into the Saudi Arabia of Europe then where are all these foreign companies which should be set up here to get their share in the trillions? Considering they only "have to pay 25 per cent on the profit and most of this can be written- off against exploration and operating costs" (a fraction of the taxes in our countries with huge oil industries) you would think they would all be here.

Maybe they know there is nothing here and what little there is would be too expensive to extract, but maybe they will forget about that when they see that article...

RichardAnd

Ahh yes, the oil fields of gold rears it head once more. There may or may not be oil off the coast but you can be sure that if there was an oil field worth billions, then we would have oil companies all over the island. We don't.

danbohan

RichardAnd wrote: »

Ahh yes, the oil fields of gold rears it head once more. There may or may not be oil off the coast but you can be sure that if there was an oil field worth billions, then we would have oil companies all over the island. We don't.

its usually followed by a discussion of becoming the 51st state of USA , wonder which is the most likely

Lockstep

Proven oil reserves (bbl): 0
Current oil production (bbl a day): 0
Source

It's possible we have oil reserves but the question is whether it's profitable enough to justify its exploration.

Also, the source for that is the Daily Mirror so I'll remain dubious until a better source is found.

Sponge Bob

This is a 2009 pimp

http://www.indymedia.ie/article/90909

IBTL