how to solve irelands debt

jakdelad

i am lead to believe ireland has an abundance of oil and gas around our coasts
can this not be tapped into ???
if the uk and the arab countries can produce their own oil
why cant ireland??
could we not tender for oil companies to come in and extract
this valuable resource at our time of need??
and bring badly needed finance to our people
[no corrib protest posts]
its just a basic question

RichardAnd

This comes up about once a month on this forum. Do a quick search and you'll find plenty of threads on the topic.

dan_d

I understand the reason is because some politician sold...the rights to it (?) to some other country, or corporation.

You make a fair point, and your thread title asks the question that merits some serious consideration.

But we seem to prefer fighting among ourselves rather than trying to solve the problem.Go figure.

faceman

At current oil and gas prices its not financially viable to do it. But that won't always be the case as prices increase

RichardAnd

The truth of what Ireland has in regards to oil is a very shady area so full of exageration and claims from so called "experts" that the facts are hard to see. It seems that there is some manner of oil deposite off our shores but, from what I know, it is not economically viable to drill for it.

The Shell to Sea persons would have us believe that there is a big box with about 500 billion euro sitting off the west coast, this is clearly not true. The other end of the scale might claim there is nothing there so, as with many thigns, the truth is probably somewhere in the middle.

My own opinion is that there may be oil there but it takes years to make a profit when drilling for oil and we lack the money/equipment/expertise/experience to attempt drilling alone. Perhaps, if there is a profit to be made we could make a deal with an oil company but I don't expect a miracle.

Put simply, there is no quick and easy solution to Ireland's ill.

Nody

jakdelad wrote: »

i am lead to believe ireland has an abundance of oil and gas around our coasts
can this not be tapped into ???

You were lead to believe incorrectly then.

if the uk and the arab countries can produce their own oil
why cant ireland??

Because to date very very limited amounts of oil has been found at very difficult places making things such as the sand oil in Canada being more profitable then drilling here (and that stuff require oil at 100+ per barrel to be considered).

could we not tender for oil companies to come in and extract
this valuable resource at our time of need??

They drilled, they have found nothing of note; what exactly are they to extract if there is nothing to extract?

and bring badly needed finance to our people
[no corrib protest posts]
its just a basic question

See above answers.

Scofflaw

jakdelad wrote: »

i am lead to believe ireland has an abundance of oil and gas around our coasts
can this not be tapped into ???
if the uk and the arab countries can produce their own oil
why cant ireland??
could we not tender for oil companies to come in and extract
this valuable resource at our time of need??
and bring badly needed finance to our people
[no corrib protest posts]
its just a basic question

And it has a very basic answer, which has been repeated on the forum ad nauseam. To the extent that there is any oil and gas out there, it is being actively sought, but the results are really not impressive. The only known development ready field is Corrib.

Feel free to ask again if the situation changes - for the moment, there isn't actually anything to discuss, unless you believe that the absence of oil and gas is the result of a shady conspiracy by the oil companies, in which case I'd suggest a thread in CT.

moderately,
Scofflaw