Next Big Oil Discovery off the coast of Ireland??

WakeUp

With the economic situation the country has been in over the past number of years there hasnt been much positive to talk about or look forward too but perhaps that is about to change in the not too distant future

Here is some of the article anyone who might be interested can have a look themselves..

"When thinking about where the next big oil discoveries will be made, Ireland is probably not up there on the list, however it may be time to add it."

"Both Providence and ExxonMobil say that the well will take around three months to complete, and that they hope to find an enormous reservoir of gas condensate, that could rival the world’s largest offshore discoveries from the past decade."

The big boys are involved in this so I believe there maybe something to this. The drilling is taking place 200kms of our west coast which falls easily within our 200 nautical mile exclusive economoice exclusive zone. Anything they find is ours. Has this thread come up on AH before?? does anyone know of any deals been struck by our government with any of the companies involved in the exploration. The reckon there is 10 million barrels of oil there aswell.

Maybe some good news in not far in the offering we just need to make sure we get our terms right and dont get walked over striking a deal if the drilling bears fruit:)
http://oilprice.com/Latest-Energy-News/World-News/Next-Big-Oil-Discovery-Off-the-Coast-of-Ireland.html

krudler

The Irish army should start training to fight the Yanks. Or our goverment will give it all away for some magic beans

kneemos

Ssssh The Eurovision.

Mint Sauce

Until we sell drilling rights, if not done so already.

galwayrush

I thought they found oil in 1979.
It'll suddenly become commercial when it's needed.

shedweller

kneemos wrote: »

Ssssh The Eurovision.

Da wha??

Praetorian Saighdiuir

It's my oil goddamnit!

returnNull

krudler wrote: »

The Irish army should start training to fight the Yanks

they would'nt invade us,would they? :pac:

woodoo

What will Johnny Taxpayer get from that?

Mint Sauce

returnNull wrote: »

they would'nt invade us,would they? :pac:

They've already a foot-in with an air base in Shannon.

charlemont

Magic beans and Americans..2 for the price of 1..1 being the oil..

shankespony

No doubt like Shell the irish exchequer will get sweet fa as usual , incompetents in govt will make sure of that

the keen edge

To the idiot who is inevitably thinking of posting that My Oil and Gas Norway/Ireland youtube video; please don't, it's complete erroneous misleading bollocks.

donegal_road

or could it be that two of the EU's smaller countries have been purposefully put over a barrel (no pun intended) in order to be stripped of their natural resources, it appears Greec are in the same boat

shruikan2553

woodoo wrote: »

What will Johnny Taxpayer get from that?

Once the rights have been sold off your hard working politicians who made it possible will receive a payrise or your dept to the EU will be paid of slightly

IM0

returnNull wrote: »

they would'nt invade us,would they? :pac:

you mean come home

Peregrine

What's our current tax rates on oil, does anybody know?

galwayrush

Nimrod 7 wrote: »

What's our current tax rates on oil, does anybody know?

about zero

Duiske

WakeUp wrote: »

"
"Both Providence and ExxonMobil say that the well will take around three months to complete, and that they hope to find an enormous reservoir of gas condensate, that could rival the world’s largest offshore discoveries from the past decade."

The big boys are involved in this so I believe there maybe something to this. The drilling is taking place 200kms of our west coast which falls easily within our 200 nautical mile exclusive economoice exclusive zone. Anything they find is ours.

Anything they find is theirs, not ours. Sure, they will pay tax on profits, but after taking into account tax breaks for research and development, exploration and extraction costs. our slice will be a mere pittance.

flutered

shankespony wrote: »

No doubt like Shell the irish exchequer will get sweet fa as usual , incompetents in govt will make sure of that

probably by then we will be in hock to the ecb/world bank, so they will give us our freedom for the oil, then after three years they will be giving us a another bailout.

Rhys Essien

OP,I hope you meant that they hope to find 10 billion barrels rather than 10 million.

Ireland alone uses 164,600 barrels of oil daily.

http://cia-world-fact-book.findthedata.org/q/315/129/How-much-oil-does-did-Ireland-consume-in-2011

Senna

Its not our oil, we have allowed these companies to explore and drill at will. They will pay 40% on profits, but that's after they write off ever last expense that went into the research, the exploration, drilling test well's, then finally the full costs to extract the oil.
Its a raw deal for Ireland, but the people who shout this the loudest haven't given a way to avoid it. Our only hope would be to leave any oil/gas reserves for about 10/15 years, by which time the price will be so high, the oil companies might gladly pay 40%+ in taxes on gross earnings.

holystungun9

krudler wrote: »

The Irish army should start training to fight the Yanks. Or our goverment will give it all away for some magic beans

Or just regular beans.

Nabber

Same day as oil is found a potential nuke site has been found

Nonoperational

krudler wrote: »

The Irish army should start training to fight the Yanks. Or our goverment will give it all away for some magic beans

shankespony wrote: »

No doubt like Shell the irish exchequer will get sweet fa as usual , incompetents in govt will make sure of that

On the other hand, spending billions on trying to develop a far from certain resource that could take decades to pay it's way is also a questionable practice at the moment.

Don't let that get in the way of the fashionable rant though...

syklops

irish-stew wrote: »

They've already a foot-in with an air base in Shannon.

What?

jjbrien

I think FF sold us out on this one already and the current government doesn't have the spine to change anything. If we were cleaver we could do as the norwegians did, but alas our goverment will hand it all on a plate to the US and Norwegians and we will still be heavy in debt.

On the other hand if they were to get their hands on this money they would never have learnt a thing and they would spend every penny of it till we have nothing left then another bailout required. :rolleyes:

Nonoperational

Just as a matter of interest, why would the government of the State, which has a much better chance of being re-elected and keeping their jobs if the country is doing well, deliberately **** us by "giving away" our "fortune"?

upandcumming

Serious lack of knowledge in this thread...

jjbrien

upandcumming wrote: »

Serious lack of knowledge in this thread...

Well care to fill us in then?

Chuck Stone

upandcumming wrote: »

Serious lack of knowledge in this thread...

Educate us wise one.

JD DABA

Nonoperational wrote: »

Just as a matter of interest, why would the government of the State, which has a much better chance of being re-elected and keeping their jobs if the country is doing well, deliberately **** us by "giving away" our "fortune"?

Well not saying that much is well thought out in this thread, but, Im sure some of them would be ready to forego re-election for a price.

Probably a laughable price in bribe terms too.

the keen edge

jjbrien wrote: »

Well care to fill us in then?

For a start don't attempt to compare Norwegain Proven hydrocarbon reserves with what is pretty much, at this stage, pub talk promoting the share price of Irish Exploration stock listings.

syklops

JD DABA wrote: »

Well not saying that much is well thought out in this thread, but, Im sure some of them would be ready to forego re-election for a price.

Probably a laughable price in bribe terms too.

Conspiracy theories is thataway ->

BBDBB

Stetsons!

Get your Genuine Ten Gallon Stetsons!

3 sizes, Medium, Large, & Texan

upandcumming

jjbrien wrote: »

Well care to fill us in then?

Chuck Stone wrote: »

Educate us wise one.

I'm not proclaiming to be the wise one.

There is fuck all to say that we have viable amounts of oil in our jurisdiction. We don't have the money to do it ourselves so we have to entice private companies do it. And we have to make it attractive for them to do it. Only 6% of the licences available in the last round were taken up.

It is completely ridiculous comparing Norway with us as apparently they have a one in four strike rate with Ireland's being one in one hundred and fifty.

"But despite the 200 or so wells drilled off Ireland's shores in the past number of decades, only two have resulted in commercial fields – Kinsale and Corrib."

Who would take a licence to explore with a strike rate like that if the tax rates were as high as Norway's? Nobody is the answer.

jjbrien

the keen edge wrote: »

For a start don't attempt to compare Norwegain Proven hydrocarbon reserves with what is pretty much, at this stage, pub talk promoting the share price of Irish Exploration stock listings.

I am no oil expert and I don't ever admit to be. I was only pointing out that if our government did what the Norwegians did and made a state run company do the drilling could even be a PPP type company. Where the state owns 51% and private companies make up the rest. We need to make sure that the people of Ireland can reap the benefit of any oil we find. I for one dont trust our government.

And yes the strike rate in Ireland has been terrible over the years. But as oil gets even more precious then they need to state looking in more places for whatever they can get.

smcgiff

No need for Exxon, those leeches.

Shure, I've a garden hose and a spare bath tub. I'll siphon it out no bother.

I Heart Internet

As upandcumming says - there is a serious lack of info on this thread.

- the oil and gas is ours (Ireland's)
- we (like lots of countries) allow private enterprise to risk their own cash (€100 million for this Exxon drill) on drilling for the very elusive oil and gas around our coast
- there has only been 3 projects developed in Ireland....essentially the Kinsale gas field and a few extensions. Th odds are not good.
- the corporation tax on oil and gas companies is 25%. Twice that of all other companies.
- there is an additional Profit Tax - from 0% to 15% depending on the fields profitability - on oil and gas projects.
- exploration costs (inc those for other targets around our coast) can be written off against tax.

Think of it this way. All the fish in the sea off our coast is ours (Ireland's) but no one ever suggests that the Dept of the Marine operate trawlers.

Let the private sector take the risk and tax them accordingly.

flutered

JD DABA wrote: »

Well not saying that much is well thought out in this thread, but, Im sure some of them would be ready to forego re-election for a price.

Probably a laughable price in bribe terms too.

does this mean that we could have a party leader looking up trees somewhere.

joe swanson

I can smell the crusties already. If i found a can of three in 1 oil in the garden there would be a camp set up within minutes.... Only leaving to collect dole obviously

darkhorse

donegal_road wrote: »

or could it be that two of the EU's smaller countries have been purposefully put over a barrel (no pun intended) in order to be stripped of their natural resources, it appears Greec are in the same boat

I agree with you 100%.

dodderangler

krudler wrote: »

The Irish army should start training to fight the Yanks. Or our goverment will give it all away for some magic beans

What kinda magic?
David Blaine magic or Harry potter magic?

darkhorse

the keen edge wrote: »

To the idiot who is inevitably thinking of posting that My Oil and Gas Norway/Ireland youtube video; please don't, it's complete erroneous misleading bollocks.

Why do you think that its misleading.

darkhorse

Nonoperational wrote: »

On the other hand, spending billions on trying to develop a far from certain resource that could take decades to pay it's way is also a questionable practice at the moment.

But, haven't we paid billions to people that we never owed it to? At least there's a chance of a return from this.

darkhorse

Nonoperational wrote: »

Just as a matter of interest, why would the government of the State, which has a much better chance of being re-elected and keeping their jobs if the country is doing well, deliberately **** us by "giving away" our "fortune"?

I know this maybe a shot in the dark, but would the answer to your quiz be, because the irish electorate kept them out of government for 14 years.

Nonoperational

darkhorse wrote: »

But, haven't we paid billions to people that we never owed it to? At least there's a chance of a return from this.

That's not a fair comparison man.


And I still haven't heard any fully convincing argument that we would be in a better position now if we let the banks go to wall... These situations aren't black or white, that's why it's so frustrating. Maybe we should have let the banks go, and maybe we should invest billions in oil exploration, but maybe we shouldn't either. Nobody knows for sure, that's why it's so frustrating when people bang the drum and make out that everything would be perfect now if we did a complete turnabout on a decision or strategy.

You get it every day, some people are 100% convinced that we should cut public sector pay massively. Some people thing that if we had a salary cap of €100k everything would be fine, others convinced it would lead to huge skills shortages and a severely depressed economy with devastating reductions in consumer spending. Some people think if we cut social welfare by 50% our books would balance and we'd be laughing, others are convinced that bankers should be publicly flogged and lending ramped up hundreds of percent. Some people think we would be perfect now if we were like Iceland and told Europe to shag off and had the punt back. People say we need to widen the tax base, others will go to jail before they'll pay property tax.

You hear this single track, black or white stuff every day from different groups and there's no reasoning with them that maybe they're suggestion isn't actually practical or sensible. They're fully convinced they're idea or crusade is completely correct and will put an end to problems we find ourselves in.

That's why posts implying that the fascists in government, on a whim, decided to hand over this fortune of oil and gas to greedy multinationals because they want to screw the country to be a bit much...

darkhorse wrote: »

I know this maybe a shot in the dark, but would the answer to your quiz be, because the irish electorate kept them out of government for 14 years.

I don't know is there any answer to it!


If there's one thing that really pisses me off, it's people going on a crusade about an issue, knowing full well the "solution" they are pretending to offer is an impossibility. It's easy say you'll do things when you know your not in a position to follow through. That rant by the muppet that is Neil Prendeville being a case in point. Stirring people up from behind his comfy desk and 6 figure salary.

JD DABA

syklops wrote: »

Conspiracy theories is thataway ->

Politicians possibly taking bribes is conspiracy theory material now ??

Thatnastyboy

Nonoperational wrote: »

If there's one thing that really pisses me off, it's people going on a crusade about an issue, knowing full well the "solution" they are pretending to offer is an impossibility. It's easy say you'll do things when you know your not in a position to follow through.

Ahhh,

The Shinners being a prime example.. vrt anyone?

pragmatic1

Really sickening to think that our natural resources are being given away for next to nothing. Ray Burke should be ****in hung as a traitor. We desperately need a proper leader in this country.

upandcumming

pragmatic1 wrote: »

Really sickening to think that our natural resources are being given away for next to nothing. Ray Burke should be ****in hung as a traitor. We desperately need a proper leader in this country.

WHAT NATIONAL RESOURCES?