It’s Our Oil, Right?

at

The “real map” of Ireland from the Marine institute showing Ireland’s designated Irish Continental Shelf.

The South Porcupine basin identified by Petrel Resources as containing one billion barrels of oil.

Anyone?

One Billion Barrels Of Oil Found Off The South-West Coast (Irish Independent)

The Real Map Of Ireland (Marine.ie)

How Norway did it (Video) via Virginia Thomas

Map via Eamon Leonard

 

47 thoughts on “It’s Our Oil, Right?

  1. Spaghetti Hoop

    Oh rock on Rockall, you’ll never fall to Britain’s greedy hands
    Or you’ll meet the same resistance that you did in many lands
    May the seagulls rise and pluck your eyes and the water crush your shell,
    And the natural gas will burn your ass and blow you all to hell.

    Just in case anyone had ideas…

  2. Imagineer

    On the website for the Department of Communications, Energy and Natural Resources it states that there is a subdivision; Petroleum Affairs Division. Its states that the role of the division is “to maximise the benefits to the State from exploration for and production of indigenous oil and gas resources…”

    Looks to me that nothing has every been accomplished by this group.

    1. Ash

      if the government is changed though, can these decisions not be overturned? Ireland doesnt seem to have much luck with hindsight these days…

    2. chimpy

      Petrel Resources is an Irish owned company. If I’m not mistaken, I believe it is owned by John Teeling. The same John Teeling that owned and sold the Cooley distillery.

      1. Will Byrne

        Yes it is an Irish company …….. and unless you are a shareholder you wont benefit a cent from this Oil find .

    3. Blobster

      It is our oil. The governement (rightly in my opinion), rather than take it out of the ground on our behalf, issue concessions to private companies to spend their own money doing it. Government then taxes these companies at twice the going rate of corporation tax (+ an additional profit tax) less any legitimate write-offs.

      The state owns all the fish in our waters too but very few people call for the state to operate trawlers.

      1. Will Byrne

        oh yes tax …. which will dissolve itself throughout our corrupt governmental system ….. nice one

    1. paul

      It’s pretty sad that the oil companies could give us a much better deal than the ones the govt ‘negotiated’ (nice house there Ray). I was at a talk included a statoil rep who told us how ridiculous our oil & gas deals were, it was kind of embarrassing – the only counter argument being ‘crusties!’ or ‘shinners’ etc. try explaining that argument in a debate with wealthy scandinavians.

      1. KeithFahey’s Moustache

        When we have proven reserves that are accessible, then it becomes a game changer for licensing and contracts.

        I have said it before do you really thing that major oil companies would be spending billions drilling through 60 feet of Ice to get oil or going through the expensive and difficult oil sands process in Canada if it was that easy and cheap and so financially beneficial for them to just drill of the Irish coast? Of course they would now why is there no massive exploration going on again.

        Sure Paddy is giving away their oil and gas lets roll.

  3. Jess

    News of oil found just depresses me because we all no we will not see the benifit of it. If only we weren’t cursed with such lazy and cowardly politicians

  4. Kolmo

    Who is the well-placed politician that gave away this national gem? This is a wierd, backward ass place, no national backone and full of gangster scum.

    1. BigITup

      Meet former TD Ray Burke, last seen dodging tax and served time inside, one of the good ones, until he was caught. Like pretty much every other TD and public figure in Ireland (Quinn) and judging by the lot in there now, the status quo has remained in effect.

      So welcome to the sham that is the “Republic of we will sell our left kidney and ball to anyone that will give us money and power Ireland”

  5. BigITup

    Gathering 2015 has just been announced ……

    “Gathering 2015 – Together we can make Ireland Green – come with a shovel and pitch in the oil clean up (a few bob would be handy as well the oil tycoons took it with them after all)”

      1. crip

        its a huge argument . irelands oil find is barley ‘drillable’ even by todays deep water drilling standards

  6. Advertising On Police Cars

    Our Government squandered the future, if we had done what Newfoundland did in Canada (estimated $20 BILLION IN ROYALTIES ) we would be recession proof. Yet the media do nothing on this, criminal!!!

    Google The Hebron project

    “The Hebron project … will contribute between 60-70 percent of the offshore royalties to the province during its peak production period from 2021 to 2035.” Or in absolutist terms, it amounts to about $20 billion in royalties and taxes over its lifespan—depending, of course, on the cost of oil and the strength of the Canadian dollar.

    “Newfoundland Premier Kathy Dunderdale said: “As a government, we negotiated successfully to give Newfoundland and Labrador companies first dibs at work on offshore oil projects, such as Hebron. We want local companies to capture as many of those contracts as possible, and we are working to ensure no opportunity to secure that work is left unexplored.”

    http://theogm.com/2012/06/05/journey-to-hebron-newfoundland-offshore-is-a-boom/

  7. Sido

    Seriously, they had pictures of this map for children to colour in (for educational purposes) in one of the local butchers shops in Roscommon.

  8. D

    Yet again people persist with this false idea that we’re losing out. We’re not. Nobody is extracting any of this supposed oil so we’re not missing out. If and it’s a big if, anyone ever gets to the point of having something commercially viable we may see proper oil companies (not speculative E&P names) come and try to get involved. We’ll be more than able to change the terms at that point. For the moment though, there’s no oil being taken out and big oil despite people’s claims of how generous our regime is don’t seem to give a damn and would prefer explore in far more harsh environments than here.

    1. KeithFahey’s Moustache

      + 1 Billion, if it is so easy why are oil companies not lining up to drill?

      If it is so easy why do Oil Sands or Deep Sea under Polar ice instead?

      1. oscarthefuzz

        I agree totally with this, I don’t think we have given away feck all of anything yet .. by the time they actually get any oil out of there the price will be through the roof anyway so we’ll make more money when we change the royalty fee … tis all going to work out lads and lassies…

  9. droid

    We should all hope that this oil is never exploited. The prospects of human survival decrease significantly with ever ‘billion barrel’ find.

  10. Dbags

    “Its Our Oil Right? ” – em, well ….

    Any oil extracted will never belong to or benefit “Us” as in “We, The people”.

    But It may belong to and benefit a few very rich Irish(ish) businessmen. And The State might also get a a very small rate of tax (as the oil companies can right off huge amounts of their exploration costs through a very favorable tax arrangement)

    So, sure, yeah, why not.. its Ours.. al ours

  11. ray power

    Maybe we should just go in there (where ever “there” is) and take back the oil just like the Argentinians did recently taking possession of the oil being extracted by the State owned Spanish co. Repsol YPF in Argentine Territory.

    1. D

      Let me know how that works out for them. Argentinian policy of capping energy prices at lower than market prices is leading to chronic underinvestment and widespread blackouts recently. The whole YPF saga was an attempt by Kirchner to distract from her disastrous policies by stoking nationalistic fever. Repsol weren’t ripping them off and in the long run YPF will be crippled by underinvestment and in the end will probably come crawling back to some international oil major for help.

    2. C Sharp

      A cursory glance at Argentine economic history over the last 100 years (hell, the last 20) will tell you theirs is not the example to be following.

  12. Captain Obvious

    Please don’t link the that ‘How Norway did it’ video. It is full of inaccuracies. Putting hip young and attractive Scandinavian types into a video and telling them lies doesn’t make a good video.

Comments are closed.