This is fracking unbelievable, restart the gravy train, Leitrim to the rescue

Rabidlamb

http://www.irishtimes.com/newspaper/finance/2012/0201/1224311046794.html?via=mr

The good.

Leitrim has $55bn gas reserves, firm claims

INITIAL INDICATIONS from exploration drilling in the northwest show that the area could hold enough natural gas to supply Irish needs for 12 years and create a total of 3,000 jobs.

Tamboran Resources, which has exploration drilling licences on both sides of the Border in the northwest region, said yesterday that its initial studies have confirmed the existence of a “substantial natural gas field” in northern Leitrim.

Tamboran’s findings suggest that production there could ultimately reach 2.2 trillion cubic feet of gas, worth $55 billion at yesterday’s prices, which were around $2.50 per 1,000 cubic feet in New York.

The seemingly good but on second read, not so much.

It could also yield a substantial benefit for the State, which could get €4.9 billion in corporate, exploration and employment taxes.

Tamboran says it intends investing €7 billion in the region. Along with this, if the find hits its commercial targets, it has pledged to create a local investment fund that will channel €2 million a year into Leitrim.

Late last year, Mr Moorman told The Irish Times that the company had talks with Sligo Institute of Technology about the possibility of providing training for prospective workers.

Tamboran is one of three companies carrying out onshore natural gas exploration in Ireland.

Tamboran is a privately held Australian and Canadian-based exploration company with licences and assets in Ireland, Australia and Africa.

Summary:
Private firm find €55 billion woth of gas in Leitrim.
Irish government only gets 10%, if we're lucky.

smash

Better than nothing. Plus, they'll create jobs.

biko

Trusty 'ol Leitrim!

Tipp Man

Rabidlamb wrote: »

http://www.irishtimes.com/newspaper/finance/2012/0201/1224311046794.html?via=mr

The good.



The seemingly good but on second read, not so much.



Summary:
Private firm find €55 billion woth of gas in Leitrim.
Irish government only gets 10%, if we're lucky.

Ever hear of costs???

DB21

Cue the anti-fracking outrage in 3, 2, 1...

Eric Cartman

Inb4 shell2sea bullshít or that propoganda tripe "my oil and gas" video

CardBordWindow

That's gas!

SEPT 23 1989

Maybe they can afford a second set of traffic lights now:D

Morlar

DB21 wrote: »

Cue the anti-fracking outrage in 3, 2, 1...

Cue the greens with their thundering mandate of 0% seats in the last general election. But of course that was all due to being partners with FF and nothing whatsoever to do with a total rejection of their financially penal approach.

Rabidlamb

Tipp Man wrote: »

Ever hear of costs???

Yep, it was being flippant anyway, Norway must fall around laughing everytime they look at us.
More luck to the private firm, fair play to them, they played by the rules & took a punt, their shareholders will be pleased.
At least we might get a few jobs a bit of crusty/Shinner bashing out of this.

I wonder if those Ghost Estates up in the Mid-West might be restarted.
Probably not cause there in NAMA, it'll take 6 years & 4 reports to recognise an opportunity in front of their faces.

The King of Moo

While I'm not normally one to jump to the defence of large corporations, they did actually find the gas, not the government, so I don't think it's such a bad deal.

It's better than nothing, which is the amount of money most people expected us to get out of Leitrim, unless they develop Shergar's possible resting place into a tourist attraction.

Immaculate Pasta

Back of the net!

fishy fishy

sure these plonkers will probably let them have it for nothing, just like the last plonkers did. :rolleyes: I'll tell you one thing tho, it won't mean diddly squat to the ordinary folk.

ejmaztec

The King of Moo wrote: »

While I'm not normally one to jump to the defence of large corporations, they did actually find the gas, not the government, so I don't think it's such a bad deal.

It's better than nothing, which is the amount of money most people expected us to get out of Leitrim, unless they develop Shergar's possible resting place into a tourist attraction.

The gas is probably a build-up from the fumes of his rotting corpse.:(

danniemcq

Its ok the anti fraking brigade is here...

Personally i don't care that there is that Gas under leitrim. If the only way to get it out is by fraking then its not worth it.

It has been shown to be very damaging to local enviorments and also led to flames coming from taps in the states.

So far the majority of councils (if not all) have said no to the process too.

Now if councils are even saying no then something must be up

Kerrigooney

Well it didn`t take long for this thread to populate itself with complete idiots. Obviously none of ye live in the part of the country that`s gonna get poisoned by the fracking. It`s very easy to look over to Leitrim from Meath or Kildare or wherever you are and say,"frack the hell outta the place...sure we`re grand up here in the east". Yes,it`ll make the country some money,but at what cost? Money isn`t the be all and end all...it was during the Celtic Tiger years and that`s turned out well hasn`t it? What price will we pay if this is let go ahead?

Run_to_da_hills

danniemcq wrote: »

Now if councils are even saying no then something must be up

They won't get back in if they say yes.

Hopefully the days of the fat brown envelope are over.

Radharc na Sleibhte

Why is it never an indigenous firm that wants to extract the gas?
Is it not viable?

Plazaman

DB21 wrote: »

Cue the anti-fracking outrage in 3, 2, 1...

Sligo County Council recently passed a motion to object to/place a ban on fracking as did Leitrim CoCo if I'm not mistaken (or Donegal, not quite sure). However they then turned around and said these motions aren't worth anything as it the Dept of Environment who calls the shots

If this Gas Field is to be utilised the current spineless-in it for themselves- policitians who won't reverse the clusterfúck/corrupt decision of Haughey Government made back in the 80's to make a deal with the multinational oil companies. Minister Ray Burke (who was later jailed for corruption) changed the law in 1987, reducing the State’s share in our offshore oil and gas from 50% to zero and abolishing royalties.

Then in 1992, Minister Bertie Ahern reduced the tax rate for the profits made from the sale of these resources from 50% to 25%. Good man Bertie, how's your €150,000 pension these days.

minidazzler

Rabidlamb wrote: »

The seemingly good but on second read, not so much.


Summary:
Private firm find €55 billion woth of gas in Leitrim.
Irish government only gets 10%, if we're lucky.

No no, it's still good, Irish govt gets 10% in taxes, Irish workers then make another let's say 100 million a year if there is 3000 jobs, they buy stuff with that, reinvigorating local economy, and for everything purchased 23& is paid in VAT.

It's pretty decent really.


Also, Frackng? Isn't Battlestar Galactica fake?

ejmaztec

I can hear the flip-flopping of ten thousand crusties swarming towards Leitrim.

hooradiation

Kerrigooney wrote: »

Obviously none of ye live in the part of the country that`s gonna get poisoned by the fracking.

How would we even tell the difference?

Mr Benevolent

Nobody lives in Leitrim.

SafeSurfer

ejmaztec wrote: »

I can hear the flip-flopping of ten thousand crusties swarming towards Leitrim.

There are already many "crustie" and alternative types happily living and working in Leitrim. Attracted there by clean air and water and a relaxed pace of life. Leitrim has seen innovation in alternative energy wind power, micro hydro and in sustainable living like the organic centre in Rossinver. It is arguably one of the "greenest" counties in Ireland.

If you look into what the fracking process invloves you will see that massive volumes of water are invloved. This water is mixed with chemicals and pumped into cracks in the earth.

When the government is introducing mandatory septic tank inspections under the auspices of protecting the quality of ground water, locals are right to be angry at the duplicity of government in the standards required for citizens versus those required for large multinational corporations.

Kerrigooney

hooradiation wrote: »

How would we even tell the difference?

That`s helpful. Thanks.

:rolleyes:

Swampy

Better get me some shares in that company.

Now all I need is some money to buy the shares.

Sky King

Tipp Man wrote: »

Ever hear of costs???

Yes, costs are what companies use as a means to avoid paying tax. Pat Rabbitte told us all about jacking up the tax rate on profits made from Corrib, but it's pretty easy to pay 'consultancy fees' of 25% turnover to a company based in Bermuda (also owned by the same expoloration company).

Profit made in Ireland : €0
Tax paid on profit made in ireland is nice high percentage... of €0

Rabidlamb

SafeSurfer wrote: »

There are already many "crustie" and alternative types happily living and working in Leitrim. Attracted there by clean air and water and a relaxed pace of life. Leitrim has seen innovation in alternative energy wind power, micro hydro and in sustainable living like the organic centre in Rossinver. It is arguably one of the "greenest" counties in Ireland.

If you look into what the fracking process invloves you will see that massive volumes of water are invloved. This water is mixed with chemicals and pumped into cracks in the earth.

When the government is introducing mandatory septic tank inspections under the auspices of protecting the quality of ground water, locals are right to be angry at the duplicity of government in the standards required for citizens versus those required for large multinational corporations.

That's all very nice but the green spin only works in affluent times.
For 5 billion I'd frack my grandmother, on TV, live, to the death.

hooradiation

Kerrigooney wrote: »

That`s helpful. Thanks.

:rolleyes:

Well that's certainly convinced me to care about your cause.
Excellent job.

SafeSurfer

Rabidlamb wrote: »

That's all very nice but the green spin only works in affluent times.
For 5 billion I'd frack my grandmother, on TV, live, to the death.

Suffers from gas does she?

Kerrigooney

hooradiation wrote: »

Well that's certainly convinced me to care about your cause.
Excellent job.

Do you know anything about fracking? If you do then I shouldn`t have any convincing to do...
You asked an idiotic question and I responded. That`s all.