Ireland Strikes Oil off Cork - Recession Over!

Spacedog

HAPPY DAYS, BLACK GOLD PEOPLE, NO MORE WORRIES, AND NO MORE CORRUPT FF GOVERNMENT TO HANDOVER OUR CONSTITUTIONAL OWNED NATURAL RESOURCES TO PRIVATE CORPORATIONS!

http://www.independent.ie/business/irish/oil-in-irish-waters-cork-well-raises-3514-barrels-a-day-3051267.html

*does the dance Gollem does when he finally gets the ring in 'return of the king'*

YAS! YAAAAAAAAAAAAAAAAAAAASSSSSSSSS!

(funny there is no word on RTE about this considering all the jobs and revenue this will generate for ireland.)

AngryBollix

Cue years of protests by tree hugging free loaders who think it is bad for the environment and an 8 figure garda overtime bill

Chuck Stone

C'mere a sec... what's this 'Ireland' business, bai?

fishy fishy

are you sure we own it anymore, ah sure even if we did, they would probably give it to some other outfit for free.

mconigol

I'm going to buy 4 apartments :pac:

foxyboxer

I DRINK YOUR MILKSHAKE BOY!

Lumbo

Will TV3 be doing an expose on the Barryroe Hillbillies?

foxyboxer

* Waits for exponential increase in US Military aircraft landing at Shannon.

AngryBollix

Lumbo wrote: »

Will TV3 be doing an expose on the Barryroe Hillbillies?

Yeah and their counterfeit cigarette empire

howwedoin

I'm on the way home from Australia!!

Spacedog

Chuck Stone wrote: »

C'mere a sec... what's this 'Ireland' business, bai?

Ireland owns 100% of the oil according to the constitution. Our problems are over.

Ghandee

fryup

must go out and buy a stetson

yaa haaa!!

Cantona's Collars

Surveys are also continuing for possible mining locations in Wicklow & Wexford.

We all remember the fuss that was made over a few trees in The Glen O' The Downs,imagine if they start mining the area?

Hope the fuck this shower don't do a Bertie on it & sell away the rights to the oil for a quick buck.

benway

zerks wrote: »

Hope the fuck this shower don't do a Bertie on it & sell away the rights to the oil for a quick buck.

Didn't Ray Burke sell off these rights in the late 80s? Not 100% sure, mind.

Tony O'Reilly, chief executive of Providence, said flow rates of 3,514 bopd have been discovered at 100-metre depth in the North Celtic Sea Basin.

"The well has also confirmed that the basal sands are laterally continuous, highly productive and that the oils are of a very high quality," he said.

AJF Junior? I've got a bad feeling about this....

krudler

zerks wrote: »

Surveys are also continuing for possible mining locations in Wicklow & Wexford.

We all remember the fuss that was made over a few trees in The Glen O' The Downs,imagine if they start mining the area?

Hope the fuck this shower don't do a Bertie on it & sell away the rights to the oil for a quick buck.

"Enda, tell the people of Ireland what you spent the oil money on instead of saving the country?"
"curse you magic beans!"
"oh stop blaming the beans"

Rhys Essien

Picture of Cork Harbour in 2030

ArmaniJeanss

Short term boost to Providence share price.
Providence and Independent Newspapers both partowned by the O'Reilly family.

Expect this news to be forgotten about in a week, and a 'field not viable' paragraph hidden at the bottom of page 37 sometime in July.

mikehunts

fishy fishy wrote: »

are you sure we own it anymore,

Jock and JR are flying in from Dallas to see what all the fuss is about.

eth0

This is unlikely to improve petrol prices or do anything about the recession. Thats just how things are done here. A big company will be making millions from our oil and we'll see no benefit.

Spacedog

zerks wrote: »

Surveys are also continuing for possible mining locations in Wicklow & Wexford.

We all remember the fuss that was made over a few trees in The Glen O' The Downs,imagine if they start mining the area?

Hope the fuck this shower don't do a Bertie on it & sell away the rights to the oil for a quick buck.

They would want to be complete idiots who hate Ireland and everyone in it to even consider such a thing.

The Snipe

And now America will try and invade, or our country will give it away!

Duggys Housemate

eth0 wrote: »

This is unlikely to improve petrol prices or do anything about the recession. Thats just how things are done here. A big company will be making millions from our oil and we'll see no benefit.

petrol prices are always set by the global market. Of course it will help fight the recession as it will increase jobs and exports.

old_aussie

You do realise that the US now has a valid reason to bomb the **** out of Ireland.

srsly78

eth0 wrote: »

This is unlikely to improve petrol prices or do anything about the recession. Thats just how things are done here. A big company will be making millions from our oil and we'll see no benefit.

Speak for yourself, I got some providence shares :P

LostCorkGuy

yay independence for cork fcuk off ireland this is our oil

Brendog

Que Enda giving it away trying to make friends

getz

old_aussie wrote: »

You do realise that the US now has a valid reason to bomb the **** out of Ireland.

dont get to excited its only because blackpool sent over two tons of sand,so you could drill for you own

fishy fishy

lidl is having a large kango hammer sale next week. get in line now, drill your own oil.

Plazaman

zerks wrote: »

Hope the fuck this shower don't do a Bertie on it & sell away the rights to the oil for a quick buck.

Already done I'd say. The first drop of oil wasn't out of the pump by the time Inda was on the phone to the Swedes.

Stig av vårt land, detta är vår olja.

Spacedog

Duggys Housemate wrote: »

petrol prices are always set by the global market. Of course it will help fight the recession as it will increase jobs and exports.

help? 100bn worth of oil 100% belonging to the Irish State puts us back on the international bond markets tomorrow if we want. AH YEAH TO DA MAX!

I Heart Internet

ArmaniJeanss wrote: »

Short term boost to Providence share price.
Providence and Independent Newspapers both partowned by the O'Reilly family.

Expect this news to be forgotten about in a week, and a 'field not viable' paragraph hidden at the bottom of page 37 sometime in July.

Wow - someone as cynical as me about Providence .

No - I think this time it's the real deal. They've had many, many dissapointments in the past. The evidence stacks up for this one though.

eth0 wrote: »

This is unlikely to improve petrol prices or do anything about the recession. Thats just how things are done here. A big company will be making millions from our oil and we'll see no benefit.

You're 100% right on the petrol price. Same as Corrib will not give us cheap gas (gas price is set at the UK National Balance Point). A good sprinkling of Corrib size gas projects around western Europe would see the UK NBP (wholesale) price decreases, but one project that happens to be off our west coast will not give us cheaper gas. Similar story with Barryroe. Oil, even more than gas, is internationally traded. No cheap petrol because of this.

Don't get me wrong, this is a good development for Ireland and the private companies involved. Ireland gets 25% corporation tax of this. The private companies pay for the work and take the risk. This could just as easily have turned out to be a massive waste of money.

arybvtcw0eolkf

I for one welcome our new American liberators/overlords... Its the 30 days of bombing the sh*t out of us I'm dreading :mad:

I Heart Internet

Plazaman wrote: »

Already done I'd say. The first drop of oil wasn't out of the pump by the time Inda was on the phone to the Swedes.

Stig av vårt land, detta är vår olja.

The Swedes??? Huh?

phanley

I'm curious as to what exactly does this mean for the country. Obviously Providence shares will(and have) rise/risen, and since its an Irish company looking to further develop in Ireland this means some jobs for chemists, geologists etc..

But

I know that in the corrib gas field shell pretty much take all of the profit and don't have to pay tax or a fee for taking the resources. Does the same policy apply to all resources in Ireland or what exactly is government policy on these things.

also not looking for a load of anti FG/FF/ Labour etc remarks about people running the country! asking on the effect on the exchequer

Born to Die

Will this lead to Civil War between the Republic of Cork and Republic of Ireland?

Just the boost the economy needs.

I Heart Internet

phanley wrote: »

I'm curious as to what exactly does this mean for the country. Obviously Providence shares will(and have) rise/risen, and since its an Irish company looking to further develop in Ireland this means some jobs for chemists, geologists etc..

But

I know that in the corrib gas field shell pretty much take all of the profit and don't have to pay tax or a fee for taking the resources. Does the same policy apply to all resources in Ireland or what exactly is government policy on these things.

also not looking for a load of anti FG/FF/ Labour etc remarks about people running the country! asking on the effect on the exchequer

Phanley. You're right, this project will produce jobs for the companies involved and their contractors, operations in the port of cork, perhaps more activity in Whitegate refinery. It will also rekindle interest by other investors and companies in the Irish offshore which could see other similar knock-on effects and perhaps (some) successes.

As for direct revenues for the state, this project will be taxed at 25% (up to 40% if its above a certain level of profitability - I don't know what that figure is tbh). The companies involved will be able to write-off their exploration and development work to date on this project before starting to pay the 25%. This compares with 12.5% corporation tax for other sectors.

The oil is "ours" as a nation. Problem is, oil exploration is very, very, very expensive and relatively unsuccessful in Ireland. If it's a choice between beds for sick kids in crumlin hospital or setting up An Bord Black Stuff and pumping hundreds of millions (perhaps billions) into the atlantic in exploration wells.........then I'd prefer to let private investors roll the dice. Let us take a chunk of the gains and them take the losses. Makes a HELL of a change from the ****ing banks!!!

dulpit

Born to Die wrote: »

Will this lead to Civil War between the Republic of Cork and Republic of Ireland?

Just the boost the economy needs.

*People's Republic of Cork.

We'll be having our oil, feck off back to the pale with the lot of ye...

fryup

united irish emirates

mmmm has a certain ring to it

Frank Black

eth0 wrote: »

This is unlikely to improve petrol prices or do anything about the recession. Thats just how things are done here. A big company will be making millions from our oil and we'll see no benefit.

That's the spirit!

Born to Die

dulpit wrote: »

*People's Republic of Cork.

We'll be having our oil, feck off back to the pale with the lot of ye...

I'm on your side boi, this is massive. We can give the lot up in the pale some water, it will be more valuable to them than oil soon.

phanley

I Heart Internet wrote: »

Phanley. You're right, this project will produce jobs for the companies involved and their contractors, operations in the port of cork, perhaps more activity in Whitegate refinery. It will also rekindle interest by other investors and companies in the Irish offshore which could see other similar knock-on effects and perhaps (some) successes.

As for direct revenues for the state, this project will be taxed at 25% (up to 40% if its above a certain level of profitability - I don't know what that figure is tbh). The companies involved will be able to write-off their exploration and development work to date on this project before starting to pay the 25%. This compares with 12.5% corporation tax for other sectors.

The oil is "ours" as a nation. Problem is, oil exploration is very, very, very expensive and relatively unsuccessful in Ireland. If it's a choice between beds for sick kids in crumlin hospital or setting up An Bord Black Stuff and pumping hundreds of millions (perhaps billions) into the atlantic in exploration wells.........then I'd prefer to let private investors roll the dice. Let us take a chunk of the gains and them take the losses. Makes a HELL of a change from the ****ing banks!!!

Id agree to letting private investment take the risk, cant really be afforded right now. 25% up to 40% is a very nice return for the public purse for doing nothing.

Cheers for the info

LostCorkGuy

LostCorkGuy wrote: »

yay independence for cork fcuk off ireland this is our oil

Just make sure to tell the Yanks that when they come bombing. Maybe they'll leave the rest of Ireland alone.

smash

Providence has an 80% stake in Barryroe, with Lansdowne Oil & Gas holding the remaining 20%.

So it's 100% owned by private companies...

fryup

i wonder what cha & mia would think of it

Tonyandthewhale

3514 barrels a day at 100e a barrel (rough guess) is 351,400e a day or 128,261,000e a year gross. Considering you have to take a huge chunk of over-heads off before you even get to the point where you can take a mere percentage of that as tax income then I'm not sure this spells the end of the recession for everybody.

Still good news I suppose though.

Dyr

Born to Die wrote: »

Will this lead to Civil War between the Republic of Cork and Republic of Ireland?

Just the boost the economy needs.

Give the langers the f**king oil, if it get's rid of them then its a price worth paying :pac:

Plazaman

I Heart Internet wrote: »

The Swedes??? Huh?

If my memory serves when Ray "Give-It-All-Away" Burke was Minister for Energy in the mid to late 80's, one of the biggest deals he "brokered" was with the Swedes and Statoil. Read about this recently can't find it on google but something similar HERE.

Charles Haughey had entered his third term as Taoiseach of a country plunging further and further into crisis. Ray Burke was made Minister for Energy.

The oil companies through their Irish Offshore Operators Association were seriously lobbying for change arguing that the Irish terms were too harsh. Burke acquiesced and started to dismantle the basis of Keating’s ideas. He allowed the companies to write 100% of tax off against all exploration and construction costs over the past 25 years.

Even Ray Burke felt it would be over generous to reduce the 50% corporation tax (something Bertie Ahern would disagree with 5 years later, see below) so it remained. This was a good start for the oil companies as all costs of exploration were effectively transferred onto the people of Ireland as the companies were paying less tax on something that belonged to the people of the country.

I Heart Internet

phanley wrote: »

Id agree to letting private investment take the risk, cant really be afforded right now. 25% up to 40% is a very nice return for the public purse for doing nothing.

Cheers for the info

No problem.

In fairness, there are some who would say 25% or 40% is not enough, it's our oil and we should have it all. Or that we should have a royalty and a tax on profits, etc.

fishy fishy

yes, and already it has stated in the piece that all workers, machinery etc will come from OUTSIDE ireland, so Ireland can yet again bugger off.

I Heart Internet

Plazaman wrote: »

If my memory serves when Ray "Give-It-All-Away" Burke was Minister for Energy in the mid to late 80's, one of the biggest deals he "brokered" was with the Swedes and Statoil. Read about this recently can't find it on google but something similar HERE.

Oh yeah, no, Statoil is Norwegian.