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Theres Oil under them there waves....

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  • 15-03-2012 8:29pm
    #1
    Poor Uncle Tom
    Registered Users Posts: 14,545 ✭✭✭✭


    What seems like a significant oil find 50 kms off the Cork Coast in shallow waters. Providence Resources can bring in over 3,500 barrels a day and only needs to draw 2,000 barrels a day to make the field economically viable.

    The field is located at Barryrow, off the Cork coast. The same company is also testing for gas. This is the first major oil find by an Irish company in 50 years of searching and the largest find since a find half the size in the 1970's.

    The technologies are available now to extract the high quality oil reserves found using horizontal drilling methods from the oil rich basal sands.

    So what will this mean for the Irish economy, for Irish jobs and for jobs at sea?

    Also, will this mean anything to the price of motor fuel or home heating oil at the pumps?


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    #2
    JustAddWater
    Closed Accounts Posts: 1,990 ✭✭✭JustAddWater


    Poor Uncle Tom wrote: »
    So what will this mean for the Irish economy, for Irish jobs and for jobs at sea?

    Also, will this mean anything to the price of motor fuel or home heating oil at the pumps?

    Nothing, nothing and nothing

    We'll get corporation tax from providence and that'll be that


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    #3
    Nodferatu
    Registered Users Posts: 1,361 ✭✭✭Nodferatu


    don't you know we will be eventually screwed over by our own government if not already as regards to this.

    haven't our f*cking idiots in the fail... er sorry Dail already literally handed over our oil & gas under the waves to multi national corporate companies

    ''In recent years a number of Irish oil and gas reserves have been discovered. Together they are potentially worth hundreds of billions of euro. Despite the obvious strategic importance of these reserves the Dublin government has handed over the rights to all Irish oil and gas explorations to a host of domestic and foreign private energy companies.

    This ongoing act of economic treason is greatly exacerbated by the fact that energy prices are set to rise steeply over the coming decades as the world’s oil reserves dwindle. The human cost of these increasing energy prices is already apparent. In Ireland hundreds of thousands are struggling to heat their homes as the reality of fuel poverty takes hold in post-‘Celtic Tiger’ Ireland. A staggering 3,000 people die each year in Ireland due to preventable, cold-related illness.''


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    #4
    Cookie_Monster
    Registered Users Posts: 24,470 ✭✭✭✭Cookie_Monster


    Queue the hippy anti drilling brigade

    3, 2, 1...

    Good news no doubt despite the state or average punter seeing little from it


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    #5
    Poor Uncle Tom
    Registered Users Posts: 14,545 ✭✭✭✭Poor Uncle Tom


    Cookie_Monster wrote: »
    Good news no doubt despite the state or average punter seeing little from it
    I would have thought so anyway, it's hardly going to be bad news.

    I heard a figure of €700million to the Irish economy over the life of this well. That's an incredible figure, is there any banks our government can give it to? or will they actually do some good with it?


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    #6
    Tabnabs
    Moderators, Recreation & Hobbies Moderators, Sports Moderators Posts: 15,694 Mod ✭✭✭✭Tabnabs


    I'd say now's the time to be putting in the CV to http://www.mainport.ie


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    #7
    mp22
    Moderators, Business & Finance Moderators, Regional South Moderators Posts: 6,854 Mod ✭✭✭✭mp22


    Cookie_Monster wrote: »
    Queue the hippy anti drilling brigade

    3, 2, 1...

    To be honest I am surprised that the local and national protest nuts havent started up yet.
    Down here they are protesting and having meetings about a new salmon farm in the bay(bantry).


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    #8
    Jambo
    Registered Users Posts: 986 ✭✭✭Jambo


    mp22 wrote: »
    Cookie_Monster wrote: »
    Queue the hippy anti drilling brigade

    3, 2, 1...

    To be honest I am surprised that the local and national protest nuts havent started up yet.
    Down here they are protesting and having meetings about a new salmon farm in the bay(bantry).

    Supply and standby vessels serving the gsf artic platform seem to operating out of Liverpool rather than Cork since she has been in stationed out there.


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    #9
    Jambo
    Registered Users Posts: 986 ✭✭✭Jambo


    mp22 wrote: »
    Cookie_Monster wrote: »
    Queue the hippy anti drilling brigade

    3, 2, 1...

    To be honest I am surprised that the local and national protest nuts havent started up yet.
    Down here they are protesting and having meetings about a new salmon farm in the bay(bantry).

    Supply and standby vessels serving the gsf artic platform seem to operating out of Liverpool rather than Cork since she has been in stationed out there.


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    #10
    long range shooter
    Closed Accounts Posts: 1,493 ✭✭✭long range shooter


    Jambo wrote: »
    mp22 wrote: »
    Cookie_Monster wrote: »
    Queue the hippy anti drilling brigade

    3, 2, 1...

    To be honest I am surprised that the local and national protest nuts havent started up yet.
    Down here they are protesting and having meetings about a new salmon farm in the bay(bantry).

    Supply and standby vessels serving the gsf artic platform seem to operating out of Liverpool rather than Cork since she has been in stationed out there.

    Thats why its cheaper to get cement.baryte.brine.mud etc transported to Liverpool.rather than Cork.
    I remember it took many days to wait for a roadtanker from Aberdeen,the last time we supplied a rig outside Killybegs.


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    #11
    roundymac
    Registered Users Posts: 2,712 ✭✭✭roundymac


    mp22 wrote: »
    To be honest I am surprised that the local and national protest nuts havent started up yet.
    Down here they are protesting and having meetings about a new salmon farm in the bay(bantry).
    They can protest all they like. The oil is 50kms off shore and that is the nearest it will get to Ireland. It will be pumped directly into a shuttle tanker and taken to Milford Haven to be refined.


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    #12
    long range shooter
    Closed Accounts Posts: 1,493 ✭✭✭long range shooter


    roundymac wrote: »
    mp22 wrote: »
    To be honest I am surprised that the local and national protest nuts havent started up yet.
    Down here they are protesting and having meetings about a new salmon farm in the bay(bantry).
    They can protest all they like. The oil is 50kms off shore and that is the nearest it will get to Ireland. It will be pumped directly into a shuttle tanker and taken to Milford Haven to be refined.

    oh no worries there.The last thing i heard they wiill protest against tankers coming to Irish waters(like it never happen?before!!)
    They think a new exxon valdes is gonna happen in Irish waters?


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    #13
    mp22
    Moderators, Business & Finance Moderators, Regional South Moderators Posts: 6,854 Mod ✭✭✭✭mp22


    roundymac wrote: »
    They can protest all they like. The oil is 50kms off shore and that is the nearest it will get to Ireland. It will be pumped directly into a shuttle tanker and taken to Milford Haven to be refined.


    You would like to thing that whitegate would get a look in.


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    #14
    Poor Uncle Tom
    Registered Users Posts: 14,545 ✭✭✭✭Poor Uncle Tom


    Is Whitegate refining much oil now?


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    #15
    mp22
    Moderators, Business & Finance Moderators, Regional South Moderators Posts: 6,854 Mod ✭✭✭✭mp22


    I dont know how much they refine per year,but it is working away.
    Conocophilips own it and the storage on whiddy island.


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    #16
    Poor Uncle Tom
    Registered Users Posts: 14,545 ✭✭✭✭Poor Uncle Tom


    I remember the explosion in the early 80's when the Betelgeuse went up. I knew they were still refining there but I thought it had been scaled way back and had never recovered fully from that.


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    #17
    Poor Uncle Tom
    Registered Users Posts: 14,545 ✭✭✭✭Poor Uncle Tom


    I can't believe it was January 1979 :eek:

    http://en.wikipedia.org/wiki/Betelgeuse_incident

    Just remembering:
    We had a wall chart in school where we put pins of each of the Irish Ships on a Friday when we got the coordinates off the Times. We all moved the pins to the new locations. The Betelgeuse got it's own permanent black pin on Whiddy.


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    #18
    mp22
    Moderators, Business & Finance Moderators, Regional South Moderators Posts: 6,854 Mod ✭✭✭✭mp22


    http://www.irishships.com/follow_the_fleet.html I was working on some of those ships at the time

    As for refining thats done in cork harbour,whiddy is just for storage http://uk.images.search.yahoo.com/images/view;_ylt=A0PDodrnlWNPZHsAI45NBQx.;_ylu=X3oDMTBlMTQ4cGxyBHNlYwNzcgRzbGsDaW1n?back=http%3A%2F%2Fuk.images.search.yahoo.com%2Fsearch%2Fimages%3Fp%3Dwhiddy%2Bisland%26fr%3Dyfp-t-710%26fr2%3Dpiv-web%26tab%3Dorganic%26ri%3D7&w=510&h=340&imgurl=www.irelandaerialphotography.com%2Fd_0457a.jpg&rurl=http%3A%2F%2Fwww.irelandaerialphotography.com%2Faerial_photos%2F000457_whiddy_bantry.html&size=42.7+KB&name=Whiddy+Island%2C+Bantry+Bay.+Aerial+photo+of+Conoco+Phillips+oil+storage+...&p=whiddy+island&oid=a6c72e81eac151b92ec5e91f521a591a&fr2=piv-web&fr=yfp-t-710&tt=Whiddy%2BIsland%252C%2BBantry%2BBay.%2BAerial%2Bphoto%2Bof%2BConoco%2BPhillips%2Boil%2Bstorage%2B...&b=0&ni=21&no=7&tab=organic&ts=&sigr=12f9aq7hq&sigb=139tl0hf2&sigi=11ck99mr8&.crumb=gSl000ZUfAB


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    #19
    roundymac
    Registered Users Posts: 2,712 ✭✭✭roundymac


    mp22 wrote: »
    You would like to thing that whitegate would get a look in.
    Whitegate can't refine that oil, it's a waxy crude, what Whitegate refines is North Sea Brent crude which is a light sweet crude.


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    #20
    who the fug
    Registered Users Posts: 4,041 ✭✭✭who the fug


    Poor Uncle Tom wrote: »
    I can't believe it was January 1979 :eek:

    http://en.wikipedia.org/wiki/Betelgeuse_incident

    Just remembering:
    We had a wall chart in school where we put pins of each of the Irish Ships on a Friday when we got the coordinates off the Times. We all moved the pins to the new locations. The Betelgeuse got it's own permanent black pin on Whiddy.


    re read the report a couple of weeks ago, amazing how a good safety plan in 1967, got amended by cost cutting and the reality of what the conditions were like.

    Any one know why the harbour at whiddy was of no use to the tugs


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    #21
    who the fug
    Registered Users Posts: 4,041 ✭✭✭who the fug


    Re the refinery at whiddy, it was a half assed idea by some Canadian, which met with allot of local opposition.


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    #22
    aindriu80
    Registered Users Posts: 1,968 ✭✭✭aindriu80


    Providence says oil field off Cork could contain 1.6 billion barrels
    Updated: 18:25, Wednesday, 25 July 2012
    http://www.rte.ie/news/2012/0725/providence-oil-find-could-have-1-billion-barrels-business.html

    Oil exploration company Providence has said the Barryroe oil field off the southern Cork coast probably contains over a billion barrels of oil.

    There is a possibility that it could contain up to 1.6 billion barrels.
    In a statement to the Stock Exchange, the company said it was up to four times previous expectations.
    The assessment was based on data from six oil wells drilled by Barryroe, together with 3D seismic data, as well as other regional data.
    Providence is listed on the Dublin's ESM and the AIM in London.
    The Chief Executive of Providence Resources has said work will now commence on figuring out how much oil can be extracted economically from the Barryroe oil field.
    Tony O'Reilly Jnr said new plans and maps would be drawn up to see how the recovery could be maximised as cost effectively as possible.
    Providence is to start looking for partners to continue the project through to first production.
    Mr O'Reilly said the quality of oil tested was better than expected.
    Analysis had shown it to be a ''sweet, light crude that moves well through the reservoir'' which he likened to ''a full bodied claret''.
    'Major oil field, even by North Sea standards'
    Mr O'Reilly described Barryroe as a major oil field, even by North Sea standards.
    However, he stressed that the estimated one billion barrels of oil in the field should be described as "oil in place."
    "You obviously have to then look at the abstraction technology to see exactly how much of that you can get out of the ground," Mr O'Reilly said.
    "The key industry metric that everyone looks at is what is the recovery rate, we haven't put out any formal recovery rates yet, but to give you some guidance in the North Sea the average recovery rate from oil fields is about 38%."
    "It may be a little bit less, it may be more, it really depends on the level of investment you make and the methodology you use to extract."
    In relation to any potential concerns by local communities about the extraction process, Mr O'Reilly said that one of the fundamental differences about the future Barryroe development is that it is offshore.
    Mr O'Reilly said local concerns are something that a company has to be aware of.

    Does anyone know how much Ireland will get out of it in tax and the like ?


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    #23
    ex_infantry man
    Closed Accounts Posts: 1,827 ✭✭✭ex_infantry man


    fcuk all i'd say, this was prob sold off by the government during the haughey era for a brown paper bag full of cash


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    #24
    roundymac
    Registered Users Posts: 2,712 ✭✭✭roundymac


    Tax at 25%, that's it, same princeple as the UK uses.


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    #25
    aindriu80
    Registered Users Posts: 1,968 ✭✭✭aindriu80


    so they expect to get around €7billion euro profit ? thats like €1.5 for Ireland, not exactly awesome


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    #26
    seanmacc
    Closed Accounts Posts: 771 ✭✭✭seanmacc


    Knock off industries is now the name of the game. Helicopter companies, engineering companies, tanker companies, security ect. are all going to be needed. Under EU law the government can't set up or give favourable assistance these companies so its up to the Irish Entrepreneur to get his posterior in gear and get investment and strong companies together to get the spin off contracts (building and supply ect.) for this industry or Jacques foreigner will hoover them all up.


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    #27
    tricky D
    Closed Accounts Posts: 9,700 ✭✭✭tricky D


    roundymac wrote: »
    Whitegate can't refine that oil, it's a waxy crude, what Whitegate refines is North Sea Brent crude which is a light sweet crude.

    Talk on the radio yesterday suggested Rotterdam was most likely for the refining.


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    #28
    Tabnabs
    Moderators, Recreation & Hobbies Moderators, Sports Moderators Posts: 15,694 Mod ✭✭✭✭Tabnabs


    aindriu80 wrote: »
    so they expect to get around €7billion euro profit ? thats like €1.5 for Ireland, not exactly awesome

    Step 1. Hand out a licence

    Step 1. Invest no state capital

    Step 3. ?

    Step 4. PROFIT



    Sounds like an easy way to make €1.75 billion :confused:


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    #29
    murphym7
    Registered Users Posts: 2,035 ✭✭✭murphym7


    Worked for Seahorse years ago and a couple of the old lads on board were telling me to buy Providence shares - they were 0.03 cents a share at the time, they are 8.41 now. Isnt hindsight a wonderful thing!

    This find is great for Ireland, it gets the bigger companies more interested. The Irish government can start shifting the goal posts a little then for the subsequent companies that come over here, inclusion of royalties etc... Nothing too drastic, but enough to sweeten the deal a bit for Ireland. It would have been foolish to have the Scandavian model before now - nobody would have bothered with us.


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    #30
    323
    Registered Users Posts: 1,135 ✭✭✭323


    See Providence are already talking about the next step, now looking for a partner to move do developing this find, and to cough up about €1 Billion to get started.

    “Follow the trend lines, not the headlines,”



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    #31
    goldie fish
    Closed Accounts Posts: 3,195 ✭✭✭goldie fish


    They wouldn't ask unless it would be worth their, and their prospective partners time. SBP had a positive write up about it too.


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