Oil prospects in the Celtic Sea

mike65

Hunt for $1 trillion worth of Irish oil to begin

THE largest concerted oil and gas drilling campaign ever carried out off the coast of Ireland will begin this summer in search of reserves which a government study has suggested could be worth as much as $1 trillion at current prices.

Irish company Providence Resources is one of several Irish companies who are leading the exploration.

It has just secured a rig for its well programme in the Celtic Sea off the south coast, while Lansdowne Oil and Gas have begun to use sophisticated 3D survey equipment to pinpoint potential commercial fields.

Providence will shortly begin its drilling in the Celtic Sea’s Barryroe field which forms part of an ambitious $500 million project that will see it sink 10 wells in two years.

Lansdowne Oil and Gas, one of Providence’s partners in Barryroe, is also targeting fields in the Celtic Sea, hoping to extract 118 million barrels of oil or gas from the Amergin, Rosscarbery and Middleton licence areas.

http://www.lansdowneoilandgas.com/operations.htm

http://www.providenceresources.com/sel-207.aspx

Anyone think this offers much hope? Given the potential I'd have expected a bit more interest in this story but its largely been overlooked in the media.

Chuck Stone

As long as our corrupt bastard politicians don't give it away at a knock down price - I think it's quite exciting myself.

Tabnabs

Cost of exploration and drilling vs price of a barrel of oil. At the moment, the reward justifies the expenditure and this is also why west of Shetland and Barents Sea are also being opened up. However, these are still extremely inhospitable areas to work in, but currently worth the effort and expanse.

later12

$1 trillion, how does that figure arise?

Seems suspiciously round, doesn't it?

ei.sdraob

later10 wrote: »

$1 trillion, how does that figure arise?

Seems suspiciously round, doesn't it?

back of the envelope calculations they seem, 10 billion barrels at 100$ per barrel or so is a trillion, came from here most likely

The likelihood is that oil prices will reach $100 a barrel again this year. That would put the potential value of Ireland’s offshore energy resources at a 1,000 billion dollars. This is the only figure one can cite in relation to Ireland that makes the bank debts look small.

10 billion barrels is about the amount that is contained at ANWR for comparison

RichardAnd

Hmm this is a bit misleading. It might be worth a trillion dollars right now but that's only because of the current price of oil. If that fell, the total value of these reserves would fall too. And let's not forget, it takes oil to get oil and even then, it takes a long time to find an drill for what may be there.

I've heard so much about oil yet all it seems to be is talk. It would be a fine thing indeed if we could have an oil industry like Norway but I just don't think it will happen, the truth of irish reserves is just too wrapped up in inflated claimed so I can't take it seriously.

mike65

The price of oil is only going one way /\

Amhran Nua

This would give fairly permanent credence to the whole "luck of the Irish" thing if it turns out to be real. Economy run into a hole? Not a bother lads, we just found a trillion at the end of a drill-bit shaped rainbow, will you take cash or cheque?

More seriously though, its a big risk and the ones needing the luck will be the exploration companies, so best wishes to them, most of these expeditions come back empty handed. Have they already agreed the taxation and royalty clauses with the government, or are they waiting until after a significant find is struck? Or just operating under the general aegis of existing legislation?

ei.sdraob

mike65 wrote: »

The price of houses oil is only going one way /\

Then invest in it if its such a sure bet

mike65

Okay then you compare prospects of houses with outlook for oil for me.

whoopdedoo

Amhran Nua wrote: »

This would give fairly permanent credence to the whole "luck of the Irish" thing if it turns out to be real. Economy run into a hole? Not a bother lads, we just found a trillion at the end of a drill-bit shaped rainbow, will you take cash or cheque?

More seriously though, its a big risk and the ones needing the luck will be the exploration companies, so best wishes to them, most of these expeditions come back empty handed. Have they already agreed the taxation and royalty clauses with the government, or are they waiting until after a significant find is struck? Or just operating under the general aegis of existing legislation?

"luck of the Irish" and "big risk" me hole!! ye do realise providence is Tony O Reilly ya?!? a well informed (too well informed on some matters like above!) man who is part of a closed circle of people who has known about very real oil reserves for a long time at this stage.

when they do start to drill the oil reserves they own the only ones to benefit from the billion barrels will be them, their family and close friends, fcuking FACT!

Nody

mike65 wrote: »

Anyone think this offers much hope? Given the potential I'd have expected a bit more interest in this story but its largely been overlooked in the media.

They have drilled since the 70s with out finding anything significant and put down 150 odd holes. Now they put down another 10 and think they will hit gold? Those are some pretty long odds...

Sponge Bob

The old Atlantic Resources Recession Busting Scam is still going almost 30 years later except that a new generation of O Reillys are in the driving seat. In fact Atlantic Resources had such a bad name they changed it to Providence Resources.

Providence has been resolutely useless at bringing commercial oil to market in the 30 years since it was founded in 1981.

Only difference nowadays is we get the hype twice a year instead of every two years

http://www.ise.ie/app/equityHGraph.asp?INSTRUMENT_ID=74651

WalterMitty

Even if there was a trillion out there and prices stayed at current levels, how much would it cost to extract? You hear BoydBarrett types spouting nonsense about all our problems being sorted with our offshore energy stocks but it is in most likelyhood a pipedream.

mike65

Well if it can't be done at a profit the oil stays in the ground. Thats self evident.

man.about.town

Nody wrote: »

They have drilled since the 70s with out finding anything significant and put down 150 odd holes. Now they put down another 10 and think they will hit gold? Those are some pretty long odds...

not really, the technology has advanced, it is deep sea wells they are trying this time as deep as the deep sea hoirizon well in the gulf. they could only drill 30% of the dept last time they tried in the 70's, thats why there is new hope. however, as seen in the gulf, this practice is risky and the irish sea in all its glory is a hell of alot worse than the gulf

Sponge Bob

Very interesting discussion on the Barryroe ...emm 'field' if you can call it that here earlier this year. It is a likely fragmented reservoir below a known fragmented reservoir...that is the Seven Heads Field Gas Field developed by Ramco in the past.

eigrod

whoopdedoo wrote: »

when they do start to drill the oil reserves they own the only ones to benefit from the billion barrels will be them, their family and close friends, fcuking FACT!

Indeed. They will give the minnions jobs , some tax relief and 120% mortgages and convince us that the good times are here forever and in return we will vote them in election after election after election.

Then it will all come tumbling down like a house of cards and we'll be told we were all to blame.

Meanwhile, the chosen few will be in the Caymans counting their money.

later12

eigrod wrote: »

Meanwhile, the chosen few will be in the Caymans counting their money.

chosen by whom?

Irish people need to get over their serf complex tbh, and stop pretending that opportunity and wealth is beyond their supposedly innocent, unassuming, humble ara-shure-wat-would-i-know-about-money self pity. This attitude seriously pisses me off.

Amhran Nua

later10 wrote: »

Irish people need to get over their serf complex tbh, and stop pretending that opportunity and wealth is beyond their supposedly innocent, unassuming, humble ara-shure-wat-would-i-know-about-money self pity. This attitude seriously pisses me off.

You've your parties muddled up I'm afraid, this particular train of thought is the spawn of the political far left/conspiracy theory gallery.

eigrod

later10 wrote: »

chosen by whom?

Irish people need to get over their serf complex tbh, and stop pretending that opportunity and wealth is beyond their supposedly innocent, unassuming, humble ara-shure-wat-would-i-know-about-money self pity. This attitude seriously pisses me off.

I cannot agree.

It depends on how you define Opportunity and wealth though. I firmly believe that all most people want is enough, maybe a little more than enough, to lead a good quality of life. A quality of life without boredom and with a purpose to getting up every day and doing a decent days work.

Of course there are a number (significant enough) who don't want to do that and want to be provided for by the State.

But then there is the number (again, a significant number) who are greedy, who want far more than 'enough'. In my opinion it is these that fuelled the problems we are now paying for. Perhaps "Chosen few" is an incorrect description, but there was undeniably a coctail that existed (and still exist) in banks, politics and business that went on a get (personally) rich quick roadtrip that should not have been allowed to happen. They were clever enough to ensure that all boats rose in the tide, hence the cocktail was allowed to stay together for far longer than it should have been.

later12

eigrod wrote: »

I cannot agree.

It depends on how you define Opportunity and wealth though. I firmly believe that all most people want is enough, maybe a little more than enough, to lead a good quality of life. A quality of life without boredom and with a purpose to getting up every day and doing a decent days work.

Of course there are a number (significant enough) who don't want to do that and want to be provided for by the State.

But then there is the number (again, a significant number) who are greedy, who want far more than 'enough'. In my opinion it is these that fuelled the problems we are now paying for. Perhaps "Chosen few" is an incorrect description, but there was undeniably a coctail that existed (and still exist) in banks, politics and business that went on a get (personally) rich quick roadtrip that should not have been allowed to happen. They were clever enough to ensure that all boats rose in the tide, hence the cocktail was allowed to stay together for far longer than it should have been.

This is exactly the kind of attitude from which we need to release ourselves. The idea that there is a somehow universal understanding of “enough“ is ludicrous enough... it is also unworkable and unnecessarily inhibitory. Why shouldnt I want helicopters and horses in my future, why shouldnt I want to see South America and the North Pole in the same week if I could afford it. We have forgotten the joy in money, the stuff is terrific fun. It is best enjoyed copiously in my opinion. I want to gather and blow as much of it as is humanly possible over my anticipated years on this planetç and like many others, dont particularly appreciate that being referred to as greed by people who seem to believe that there ought to be a prescribed limit on money - or fun, as one natural extension.

Besides, we are human beings - wonderfully unsatisfied creatures, and rightly so. We didnt leave our more lethargic and unambitious siblings deep inside the caves, nor seek out frontiers beyond the swamp to be satisfied with “enough“.

creeper1

I'm not impressed with all this talk of drilling for oil. My home is in the west of Ireland. I have moved abroad to Asia to escape recession and make a few bob.

Yet one of the things I appreciate about Ireland far more now than when I lived there is that Ireland is truely alive. The grass, the sea and the mountains, the fresh air.

I am in Asia. It's all dead. So, so many people. Pollution everywhere. The grass can barely fecking grow. There aren't even any birds in this dead place. There are few farms. THose that do exist keep their animals inside in appauling factory conditions.

Why am I saying all this? I believe our fish and our environment is more important than any oil. It would break my heart if some oil company spilt oil in the ocean off Donegal and killed all the fish.

I see no benefit and only drawbacks of oil exploration.

hairy sailor

creeper1 wrote: »

I'm not impressed with all this talk of drilling for oil. My home is in the west of Ireland. I have moved abroad to Asia to escape recession and make a few bob.

Yet one of the things I appreciate about Ireland far more now than when I lived there is that Ireland is truely alive. The grass, the sea and the mountains, the fresh air.

I am in Asia. It's all dead. So, so many people. Pollution everywhere. The grass can barely fecking grow. There aren't even any birds in this dead place. There are few farms. THose that do exist keep their animals inside in appauling factory conditions.

Why am I saying all this? I believe our fish and our environment is more important than any oil. It would break my heart if some oil company spilt oil in the ocean off Donegal and killed all the fish.

I see no benefit and only drawbacks of oil exploration.

I fly over parts of east scotland in a chopper on my way home from work off a oil rig & i have to say it's beautiful beaches & countryside & no sign of pollution after decades of drilling & gas production which has created 10's of thousands of jobs & is giving me a excellent standard of living at home while unfortunately the rest of ireland sink's.I'd love to see the an oil boom here with the thousands of highly paid jobs for normal joe soaps like me & my son in the future.there's guy's out here earning £40,000 sterling a year for sweeping deck's.you can't live & pay the bill's on beautiful scenery as you found out the hard way by emergrating,maybe it might be the only way for you to come home to your family some day.

Scofflaw

mike65 wrote: »

Okay then you compare prospects of houses with outlook for oil for me.

The main difference, I suppose, is that when you sell a house "off plans", there is at least a reasonable expectation that your purchase will in fact turn out to be a usable house, as opposed to, say, a doll's house, a house broken up into a thousand pieces, or nothing at all.

The article you cited could equally well be titled "small oil company claims enormous prospects on the basis of very little indeed" - except that 20% of Providence is owned by a media baron, and that's the only solid figure involved.

cordially,
Scofflaw

Sponge Bob

Things are not helped by the low grade of moron that writes in Irish newspapers.

Even if 1 billion barrels were found in a decent reservoir the recoverability factor will be betwen 10% and 25%. The first thing you do with any reservoir is write off 75%.

Yet the average gobsh1te Irish Journalist ( and Shell to Sea) count it all as recoverable.

WalterMitty

later10 wrote: »

This is exactly the kind of attitude from which we need to release ourselves. The idea that there is a somehow universal understanding of “enough“ is ludicrous enough... it is also unworkable and unnecessarily inhibitory. Why shouldnt I want helicopters and horses in my future, why shouldnt I want to see South America and the North Pole in the same week if I could afford it. We have forgotten the joy in money, the stuff is terrific fun. It is best enjoyed copiously in my opinion. I want to gather and blow as much of it as is humanly possible over my anticipated years on this planetç and like many others, dont particularly appreciate that being referred to as greed by people who seem to believe that there ought to be a prescribed limit on money - or fun, as one natural extension.

Besides, we are human beings - wonderfully unsatisfied creatures, and rightly so. We didnt leave our more lethargic and unambitious siblings deep inside the caves, nor seek out frontiers beyond the swamp to be satisfied with “enough“.

Well the resources of the earth are limited and humans get easily bored with current situation and want more. When a guy gets his dream car, theres always a newer one a few months later that catches his eye. Any pleasure that is bought with money is short lived and ultimately frustrating. It is the desire of all the billions of poor on this planet to live like americans that will see the earth destroyed.

Scofflaw

WalterMitty wrote: »

Well the resources of the earth are limited and humans get easily bored with current situation and want more. When a guy gets his dream car, theres always a newer one a few months later that catches his eye. Any pleasure that is bought with money is short lived and ultimately frustrating. It is the desire of all the billions of poor on this planet to live like americans that will see the earth destroyed.

That is unfortunately the case. To the extent that it can be done without that happening, though, it can and should be done. The argument against increasing global wealth is practical, not moral.

cordially,
Scofflaw

NIMAN

We will probably strike black gold just in time for the IMF/EU/ECB/Germany/France to say thanks lads, thats us all square now.:rolleyes:

ei.sdraob

WalterMitty wrote: »

Well the resources of the earth are limited and humans get easily bored with current situation and want more. When a guy gets his dream car, theres always a newer one a few months later that catches his eye. Any pleasure that is bought with money is short lived and ultimately frustrating. It is the desire of all the billions of poor on this planet to live like americans that will see the earth destroyed.

Yes because everyone deserves to live in poverty and toil in muck:(

Wishing to improve ones life and provide better life for ones children is what has dragged humans out of caves, now its somehow a "dirty" concept.

Tho I am not suprised that some environmentalists would see nothing better than for humanity to "return to nature" :rolleyes:

Increasing global standards of living is the best thing that could be done for the planet, more prosperous countries have lower birth rates often below replacement, leveling and eventually falling population would help the planet, keeping people poor will only ensure things get worse for us and the environment.

later12

WalterMitty wrote: »

It is the desire of all the billions of poor on this planet to live like americans that will see the earth destroyed.

No, it is not so much their desire to live in this manner that will see the earth destroyed, the earth would be destroyed if their desire were ever to be realised.

There must be rich, and there must be poor. I am not advancing an argument that blank cheques be written for anybody or that suitcases of cash be sprinkled from helicopters, by any means. I'm saying that in my opinion, aspiring to anything productive, including wealth, is to be encouraged. We should celebrate money, just as we celebrate knowledge for all the good that it too can do and for all of the joy it can inspire. To simply condemn wealth is as ignorant as to unreasonably condemn Proust, or Joyce, or indeed human progress itself.

Amhran Nua

WalterMitty wrote: »

It is the desire of all the billions of poor on this planet to live like americans that will see the earth destroyed.

Why? It's not like there is any shortage of resources. Sure, oil may be on the downslope, but places like China are already mass producing short run electric cars, and we are positively drowning in the means to create electricity.

Nody

Amhran Nua wrote: »

Why? It's not like there is any shortage of resources. Sure, oil may be on the downslope, but places like China are already mass producing short run electric cars, and we are positively drowning in the means to create electricity.

Because today's society is built on the fact that there are cheap labour some where to do the majority of the work. If everyone charged US manufacturing salaries (talking 80k in the good days in Detroit for example) the goods would be insanely expensive require higher salaries etc. which simply don't work.

Amhran Nua

Nody wrote: »

Because today's society is built on the fact that there are cheap labour some where to do the majority of the work. If everyone charged US manufacturing salaries (talking 80k in the good days in Detroit for example) the goods would be insanely expensive require higher salaries etc. which simply don't work.

And yet Germany, not noted as a low wage destination, was only pushed off the top spot as number one world exporter by China last year. In fact most of the top exporters of manufactured products are fully developed countries.

And even if wages were increased you get the multiplier effect, which means higher wages equal more money sloshing around the economy - in fact the ideal is probably a huge middle class, a minimal or non existent low wage group, and whatever amount of wealthy people.

Spacedog

sell the oil before its found at discount and then buy it back as a 'global commodity' of 100% its value. This the is the Irish way.

The Chinese way is to:
-buy 1 research boat,
-hire manufacturers to 'help' build 5 research boats at cost.
-build a fleet of research boats and do it themselves

but hey, what the fuck do the Chinese know about economics.

BTW oil is a non-renewable resource,
Houses are piles of bricks, and wood that fall apart in 50 years.

The longer you leave an oilfield untapped, that more rare and valuable it will become, even if only as a rare chemical substance.

Half the people here never did junior cert geography by the looks of things.

later12

Spacedog wrote: »

Half the people here never did junior cert geography by the looks of things.

Junior certificate technical graphics either, perhaps

Spacedog wrote: »

Houses are piles of bricks, and wood that fall apart in 50 years.

mike65

http://www.oilvoice.com/n/Providence_Resources_Barryroe_oil_in_place_resource_update/7714f747ebba.aspx

Speaking today, Tony O'Reilly, Chief Executive of Providence said,

"We are delighted to be in a position to provide such a significant increase in the Barryroe oil in place resources. The subsurface mapping and geological modeling results have confirmed that the Barryroe structure covers a very large area, and comprises four distinct hydrocarbon bearing reservoir zones. Interestingly, our most recent well was situated c. 900 ft down-dip from the structural crest and still encountered oil to the base of the primary Basal Wealden Sand. In fact, the lack of any logged water bearing reservoir intervals in the lower c. 1,500 ft of our recent 48/24-10z attests to the resource potential within the Barryroe structure and strongly suggests that there may also be material hydrocarbon potential at deeper reservoir intervals within the structure. It is clear from these studies that Barryroe is a substantial oil accumulation across multip

Very promising and makes some of the comments here now look rather "previous" in their pessimism.

The Snorre field off Norway is about the same size as the current estimate, 3 times the water depth.

http://www.offshore-technology.com/projects/snorre/

Scofflaw

mike65 wrote: »

http://www.oilvoice.com/n/Providence_Resources_Barryroe_oil_in_place_resource_update/7714f747ebba.aspx



Very promising and makes some of the comments here now look rather "previous" in their pessimism.

Eh, maybe - until it's been examined by someone other than Providence and the estimates independently confirmed, I'd still pour a lot of cold Celtic seawater on that piece of hot news.

cordially,
Scofflaw

Sponge Bob

"ATLANTIC Resources" at it again during thin summer trading. Just like they were in 1983 or so.

Scofflaw

Sponge Bob wrote: »

"ATLANTIC Resources" at it again during thin summer trading. Just like they were in 1983 or so.

Shortly after Barryroe was first discovered.

cordially,
Scofflaw

Sponge Bob

Sponge Bob (In this here very thread in April 2012) wrote:

The old Atlantic Resources Recession Busting Scam is still going almost 30 years later except that a new generation of O Reillys are in the driving seat. In fact Atlantic Resources had such a bad name they changed it to Providence Resources.

Providence has been resolutely useless at bringing commercial oil to market in the 30 years since it was founded in 1981.

Only difference nowadays is we get the hype twice a year instead of every two years

I'll go for an upgrade Scofflaw if you don't mind.

Only difference nowadays is we get the hype three times a year instead of every two years

Same as back in summer 1983 the small guy who piles late into those Atlantic Providence Resources shares after reading about it in the Indo will inevitably be burnt.

maninasia

creeper1 wrote: »

I'm not impressed with all this talk of drilling for oil. My home is in the west of Ireland. I have moved abroad to Asia to escape recession and make a few bob.

Yet one of the things I appreciate about Ireland far more now than when I lived there is that Ireland is truely alive. The grass, the sea and the mountains, the fresh air.

I am in Asia. It's all dead. So, so many people. Pollution everywhere. The grass can barely fecking grow. There aren't even any birds in this dead place. There are few farms. THose that do exist keep their animals inside in appauling factory conditions.

Why am I saying all this? I believe our fish and our environment is more important than any oil. It would break my heart if some oil company spilt oil in the ocean off Donegal and killed all the fish.

I see no benefit and only drawbacks of oil exploration.

Asia is kind of a big place, talk about ridiculous. On my weekends I can see dozens of eagles and hawks, I'm surrounded by natural forests with 1000s of plant species, try spotting an eagle or wild forest in Ireland. If you want to put down a whole continent and it's people you have a serious problem.
By the way it is not the oil companies that kill the fish (even the deep sea horizon spill had minimal impact), it's the farmers and their effluent, the fishemen, and people who eat fish who kill the fish

maninasia

Amhran Nua wrote: »

Why? It's not like there is any shortage of resources. Sure, oil may be on the downslope, but places like China are already mass producing short run electric cars, and we are positively drowning in the means to create electricity.

Essentially true, if you mean by destroyed that the environment as we now know it is severely damaged and the Earth is warmed by a significant factor.
This a mathematical fact.

The problem is far beyond cars. As an example, for somebody who visits China regularly the whole place is jammed with typical petrol engined cars and millions more are added every year. The problem is that people want air conditioning. They want to eat meat. They want to take holidays and air travel. They want computers. They want refrigerators. They want washing machines. They want newer better housing. They want better roads and infrastructure. This all takes energy.

Look at this article.
http://www.aljazeera.com/indepth/opinion/2012/06/2012610131431227431.html

In the United States, consumption of energy for air-conditioning homes and vehicles has more than doubled just since the mid-1990s. In India, total consumption for air-conditioning is projected to climb as much as ten-fold over the coming decade; air-conditioners already reportedly account for a staggering 40 per cent of all electricity consumption in the city of Mumbai. In Brazil, air-conditioning demand has more than tripled in just five years, contributing to a surge in electricity consumption. Unusually steep increases in electricity demand in southern European countries are being blamed on the proliferation of air-conditioning.


Take it from me, it is VERY hard to not use air conditioning once you get used to, at 30C heat never mind the 40C heat they regularly experience in India.

creedp

maninasia wrote: »

Essentially true, if you mean by destroyed that the environment as we now know it is severely damaged and the Earth is warmed by a significant factor.
This a mathematical fact.

The problem is far beyond cars. As an example, for somebody who visits China regularly the whole place is jammed with typical petrol engined cars and millions more are added every year. The problem is that people want air conditioning. They want to eat meat. They want to take holidays and air travel. They want computers. They want refrigerators. They want washing machines. They want newer better housing. They want better roads and infrastructure. This all takes energy.

Look at this article.
http://www.aljazeera.com/indepth/opinion/2012/06/2012610131431227431.html

In the United States, consumption of energy for air-conditioning homes and vehicles has more than doubled just since the mid-1990s. In India, total consumption for air-conditioning is projected to climb as much as ten-fold over the coming decade; air-conditioners already reportedly account for a staggering 40 per cent of all electricity consumption in the city of Mumbai. In Brazil, air-conditioning demand has more than tripled in just five years, contributing to a surge in electricity consumption. Unusually steep increases in electricity demand in southern European countries are being blamed on the proliferation of air-conditioning.


Take it from me, it is VERY hard to not use air conditioning once you get used to, at 30C heat never mind the 40C heat they regularly experience in India.

Ah dont worry when we in Ireland move from our rural houses into the cities so as to stop commuting with our cars, or maybe buy electric cars that use fossil fuel to charge, the global warming phenomonen will be no more and the demand for air-conditioning will reduce dramatically!!! Should only take a couple of years!!

everdead.ie

Anyone heard of fastnet?
Irish Oil exploration company with interests in the Celtic sea at Mizzen and Molly Malone.

Well independant tests reckon there is 15 billion Barrels of Unrisked Oil in the two stakes.

Now this independant report doesn't say the Oil is definetly there but it supports the conclusions that fastnet have come to.

Even if there was only a fraction of the amount there it would still surely be one of the largest Oil fields in Europe.

If there really is 15b barrels there using providences 16% recoverable mark that would be 2.4 billion barrels recoverable and using the North Sea rate of 36% it wold 5.4 billion recoverable.

Either way I do think it is important that Irish people interested in this sector start training now because by the time all this exploration is done any kind of work on it is likely 2-3 years away.


Article
http://www.independent.ie/business/irish/report-offers-good-news-on-fastnets-oil-prospects-in-irish-waters-3179745.html