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How much are we losing to SHELL?

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Comments

  • #122
    liammur
    Closed Accounts Posts: 3,461 ✭✭✭liammur


    Birdnuts wrote: »
    The strong crush the weak - and have the clout to bend the ear of governments for their benefit and advantage;)

    1st part of your statement is incorrect, 2nd is more accurate.


  • #123
    Birdnuts
    Registered Users, Registered Users 2 Posts: 9,900 ✭✭✭Birdnuts


    liammur wrote: »
    1st part of your statement is incorrect, 2nd is more accurate.

    I'm intrigued - please expand:)


  • #124
    liammur
    Closed Accounts Posts: 3,461 ✭✭✭liammur


    Birdnuts wrote: »
    I'm intrigued - please expand:)

    Suffice to say you will have to do your own research, but it is an interesting subject to study.


  • #125
    Scofflaw
    Registered Users, Registered Users 2 Posts: 23,283 ✭✭✭✭Scofflaw


    Birdnuts wrote: »
    Are we?? - care to produce some figures given that under the deal all SHELL's Irish cost are written off against tax.

    Shell are writing off €1.5bn of costs. The costs written off against the profits of the field have to be relevant to the development of the field, not just "Irish costs". On the other hand, "Irish costs" would be relevant to the corporation tax Shell pays.

    That leaves the remaining value of the field as largely profits - which depends on the value of gas. Of that, 25% is due in tax. The arithmetic isn't complicated - if the field is worth €7bn all told, and Shell have written off €1.5bn against tax, then the profit is c. €5.5bn, and the tax on the field's profits is €1.375bn.
    SHELL keep changing their figures on the exact seize of this field(and how much they've spent developing it of which their is no independent confirmation) so I wouldn't be calling the exact amount of gas yet

    In any case lets look at the facts as opposed to the SHELL/government spin.

    1) SHELL have built a massive refinery in North Mayo and have manged to deploy an amazing number and range of the states security apparatus to do it

    2) The have secured options on many hundreds of extra acres of state land to further expand this refinery as needs be(have they paid us for this - we still don't know)

    3) the state through Bord Gais have spent an enormous amount of money to service this refinery in terms of a brand new distribution network many hundreds of miles in extent

    Does all the above suggest that 1) the Corrib field is a mere cigarette lighter and 2) the Rockhall basin etc. is shaping up to be a big empty space in terms of oil and gas.

    I would ask people to please think about the above facts long and hard and use some common sense as opposed to falling back on empty corporate spin

    It suggests that it's worth building a refinery for Corrib, and that it's worth having the option to expand the refinery if there are further discoveries - whether by Shell or others - and not do so if there aren't. Hence "option".

    Again, that's hardly a Sherlock Holmes level of deduction - why is it you think you're on to some sort of sinister secret?

    regards,
    Scofflaw


  • #126
    Overheal
    Registered Users, Registered Users 2 Posts: 86,725 ✭✭✭✭Overheal


    why is it you think you're on to some sort of sinister secret?
    I don't know about him but I for one have been burning through a lot of seasons of 24 on DVD. Torture is good and everybody has an sinister motive.


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  • #127
    Birdnuts
    Registered Users, Registered Users 2 Posts: 9,900 ✭✭✭Birdnuts


    Scofflaw wrote: »
    .

    That leaves the remaining value of the field as largely profits - which depends on the value of gas. Of that, 25% is due in tax. The arithmetic isn't complicated - if the field is worth €7bn all told, and Shell have written off €1.5bn against tax, then the profit is c. €5.5bn, and the tax on the field's profits is €1.375bn.



    Come on Scoff, lets try and keep this in the real world:


    http://www.boards.ie/vbulletin/showpost.php?p=70615136&postcount=103


  • #128
    Scofflaw
    Registered Users, Registered Users 2 Posts: 23,283 ✭✭✭✭Scofflaw


    Birdnuts wrote: »
    Come on Scoff, lets try and keep this in the real world:


    http://www.boards.ie/vbulletin/showpost.php?p=70615136&postcount=103

    I am, laddie. You, on the other hand, appear to exist in one unconstrained by facts or logic. You can't route oil profits through a Bermuda subsidiary, unlike intellectual property charges. If you're going to attempt to patronise me, you'll need to be far more grounded in reality, and far better in touch with the facts.

    Unfortunately, that seems unlikely. The tax is 25% on the profits of the field. Your view of Corrib apparently means you simply can't take that fact on board, which means that reasonable discussion is not possible, because you have to spend a lot of your time claiming that facts are false rather than being able to work with them.

    I know oil companies. I've worked in the industry. They're not nice companies, but your paranoid fantasies are not necessary for that to be the case.

    regards,
    Scofflaw


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