Ireland Strikes Oil off Cork - Recession Over!

cassel16

We're Irish, we'd find a way to f*ck up oil exploration

Born to Die

How will our politicians fcuk this one up?

Immaculate Pasta

So instead of everyone wondering round with Boston hoodies, they'll be Texans everywhere with cowboy hats. At least we have enough horses for them :cool:

Paparazzo

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.

As much as I hate Bertie and FF, wasn't what they did standard procedure?
Someone who knows more about it can correct me, but basically, Ireland isn't exactly known for it's oil, we can't afford to explore ourselves, so we make it cheap for private companies to explore. Hopefully they find oil or gas (which they did, corrib field) and then we know there's oil out there we can either make it a lot more expensive for private companies to explore, or do it ourselves. If we didn't do it, no one would ever explore there, and we wouldn't get a cent.

One thing that's certain, we didn't find 10 billion euros worth of oil then let Ray Burke sell it of for 10k in a brown envelope like you're suggesting.

I Heart Internet

Tonyandthewhale wrote: »

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.

The producing field (if it is actually brought to production) would likely produce a lot more than 3,512 barrels per day - that was just for one test well. It might be, say, 10-15,000 bopd. And the studies say there's 59 million barrels down there. It might only produce for 10 years - then whither away like the Kinsale gas field is doing now.

Born to Die

Immaculate Pasta wrote: »

So instead of everyone wondering round with Boston hoodies, they'll be Texans everywhere with cowboy hats. At least we have enough horses for them :cool:

All our horses are away this week.

token101

Nows the time to secede boy!! Cut the chaff!! I'll be f*cked if I'm sharing my black gold with some strawberry selling knacker from Wexford or some horseback tin stealer from Limerick. :pac:

smash

Born to Die wrote: »

How will our politicians fcuk this one up?

Ah sure we should let the nice lads in the oil companies have it. They might create 5 or 6 jobs.

token101

Immaculate Pasta wrote: »

So instead of everyone wondering round with Boston hoodies, they'll be Texans everywhere with cowboy hats. At least we have enough horses for them :cool:

Everythings bigger in Cork boy!!!!!!! **** your horse, I've a ferrari outside!! YEEEEE HAAAAWWWW!!!!

Born to Die

smash wrote: »

Ah sure we should let the nice lads in the oil companies have it. They might create 5 or 6 jobs.

Possibly the attitude that will prevail. Teachers against oil companies, we will be lucky to get a drop.

Run_to_da_hills

Anything of value we have will be foolishly handed over to the EU just like our fishing rights etc.

Rhys Essien

Tonyandthewhale wrote: »

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.

Is that not only with one oil rig.If they get 10 rigs drilling,does that figure not multiply by 10?

Duggys Housemate

If Cork does secede I can volunteer to help build the Fence.

Plazaman

I Heart Internet wrote: »

Oh yeah, no, Statoil is Norwegian.

Norweigians ? :eek: They be worser and worser. They're the equivilent to gandland cousins of the Swedes.

smash

Duggys Housemate wrote: »

If Cork does secede I can volunteer to help build the Fence.

All the way around Cork and cut it off from the rest of Ireland?

Win/Win situation!

Duggys Housemate

Or better yet, a wall.

EDIT:

Large wall, sunken Fence, 3 mile wide moat, and another large wall is my best offer.

blaze1

Thats great news.

But knowing the way this country is run, it will probobly still be cheaper to import it from saudi.

I can just Enda starting to drive around in platinum cars and declaring himself as an oil shiek.

faceman

We only get a small tax cut from that oil field, the rate needs to be hiked to 80%/90% IMO. (Similar to Norway)

Duggys Housemate

AND NO BRIDGES!! They can take the ferry to Hollyhead, and from there to Wexford, passport permitting.

Duggys Housemate

faceman wrote: »

We only get a small tax cut from that oil field, the rate needs to be hiked to 80%/90% IMO. (Similar to Norway)

yeah, lets do that for oil exploration in uncertain waters. See how that works out for us.

fishy fishy

blaze1 wrote: »

Thats great news.

But knowing the way this country is run, it will probobly still be cheaper to import it from saudi.

I can just Enda starting to drive around in platinum cars and declaring himself as an oil shiek oily sh*te.

fyp

dulpit

Duggys Housemate wrote: »

AND NO BRIDGES!! They can take the ferry to Hollyhead, and from there to Wexford, passport permitting.

Why would we want to go to either Holyhead or Wexford... Cork has it all...

Rhys Essien

The government should now be on their way to Norway to find out how to setup and run a state oil company.(Ministry for Oil)

We have a lot of oil around the country but will end up losing a lot of it to private companies.

Now is the time for them to get the finger out.

I Heart Internet

Rhys Essien wrote: »

Is that not only with one oil rig.If they get 10 rigs drilling,does that figure not multiply by 10?

There'll normally only be one producing platfrom (rig) with several wells out like spider's legs from it. The test well was vertical and allowed the oil to come out under natural pressure. Producing wells would likely be slanty (to use the technical term :rolleyes:) and possible extract it under pressure. Only the producers can say (once they do all the sums) how much per day it could produce with a certain number of wells. Of course, the faster you extract it, the faster you empty (or effectively empty) the reservoir.

flanzer

https://www.youtube.com/watch?v=wLCBQB1JCsg

I Heart Internet

Rhys Essien wrote: »

The government should now be on their way to Norway to find out how to setup and run a state oil company.(Ministry for Oil)

We have a lot of oil around the country but will end up losing a lot of it to private companies.

Now is the time for them to get the finger out.

How will we fund this state oil company???

token101

Duggys Housemate wrote: »

AND NO BRIDGES!! They can take the ferry to Hollyhead, and from there to Wexford, passport permitting.

Why would we want to leave Cork? And if some extraordinary reason we did, would we the f*** would we want to go via Wexford? Do you wade through a river of sewerage when your leave your house? Jesus boy think that over now!

All we need here in Cork is our oil and maybe a Starbucks, and when we get that ye can f***ing have yer recession. YEEEE HAAAAW!!!!

ArmaniJeanss

I Heart Internet wrote: »

How will we fund this state oil company???

By the money we get from letting other companies do all the exploration, and then taking it off them when they find oil, or upping the tax rate to 95% when they get it to shore.


Simples really, those stupid exploration companies will fall for this every time apparently.

R0ot

I Heart Internet

ArmaniJeanss wrote: »

By the money we get from letting other companies do all the exploration, and then taking it off them when they find oil, or upping the tax rate to 95% when they get it to shore.


Simples really, those stupid exploration companies will fall for this every time apparently.

They will, they'll keep coming back doing our exploration for nothing and we take all the profits. Cos Ireland is the centre of the oil universe don't ya know.

Paparazzo

Rhys Essien wrote: »

The government should now be on their way to Norway to find out how to setup and run a state oil company.(Ministry for Oil)

We have a lot of oil around the country but will end up losing a lot of it to private companies.

Now is the time for them to get the finger out.

The difference between up and Norway, is Norway has a shíte load of oil and gas. They did it the exact same way as us. Cheap for companies to explore, once the word is out that there's loads of resources, other companies come in and you can tax them massively.
Thing is, in Ireland, we do it like that and when the first couple of companies find oil, we go mental with the government for "giving it away" and the rent a crowd head down to protest.

Stiffler2

Here's what should happen :

the oil well should be sold off directly to the ECB / IMF for exactly 178billion or the figure we owe to the ECB / IMF. This will clear all Irish debts immediately.

A curfew should be put in place with martial law around the oil well.
Any protesters should be shot or have their dole removed.

A letter should be sent to Murkel and so cosy telling them that we the Irish have struck oil and to stick their austerity budgets and EU policies up their german and french ass's.

After this is completed we should then step away from the Euro & EU altogether. We don't want another kuntree like Greece taking us out becuase we are in the same system.

Revert to our punt, reduce our corporation tax further to piss off the EU and profit ??

Spacedog

Paparazzo wrote: »

The difference between up and Norway, is Norway has a shíte load of oil and gas. They did it the exact same way as up. Cheap for companies to explore, once the word is out that there's loads of resources, other companies come in and you can tax them massively.
Thing is, in Ireland, we do it like that and when the first couple of companies find oil, we go mental with the government for "giving it away" and the rent a crowd head down to protest.

That's not the truth...

Norway actively discouraged oil exploration and development to protect their dominant industry: fishery. when they finally decided to develop their resources, they already knew they had oil, and there was likely to be a lot more (considering the large area of their territorial waters.) they set up a state owned oil company - Statoil, and profited greatly from their resources.

nelly17

Stiffler2 wrote: »

Here's what should happen :

the oil well should be sold off directly to the ECB / IMF for exactly 178billion or the figure we owe to the ECB / IMF. This will clear all Irish debts immediately.

A curfew should be put in place with martial law around the oil well.
Any protesters should be shot or have their dole removed.

A letter should be sent to Murkel and so cosy telling them that we the Irish have struck oil and to stick their austerity budgets and EU policies up their german and french ass's.

After this is completed we should then step away from the Euro & EU altogether. We don't want another kuntree like Greece taking us out becuase we are in the same system.

Revert to our punt, reduce our corporation tax further to piss off the EU and profit ??

Ah yes but if you do that a bomb will go off somehwere in town!

ArmaniJeanss

Stiffler2 wrote: »

Here's what should happen :

the oil well should be sold off directly to the ECB / IMF for exactly 178billion or the figure we owe to the ECB / IMF. This will clear all Irish debts immediately.

A curfew should be put in place with martial law around the oil well.
Any protesters should be shot or have their dole removed.

A letter should be sent to Murkel and so cosy telling them that we the Irish have struck oil and to stick their austerity budgets and EU policies up their german and french ass's.

After this is completed we should then step away from the Euro & EU altogether. We don't want another kuntree like Greece taking us out becuase we are in the same system.

Revert to our punt, reduce our corporation tax further to piss off the EU and profit ??

Congratulations, the single most clueless post in the history of boards.

Paparazzo

Spacedog wrote: »

That's not the truth...

Norway actively discouraged oil exploration and development to protect their dominant industry: fishery. when they finally decided to develop their resources, they already knew they had oil, and there was likely to be a lot more (considering the large area of their territorial waters.) they set up a state owned oil company - Statoil, and profited greatly from their resources.

Ah right. There was a norwegian guy on the radio a while back who knew about the industry, he was saying ireland are doing what is absolutely standard internationally. I thought he said Norway did it similar back in the day. I stand corrected on that bit!

Lone Stone

I bet the government sell it for like 50 euro

Stiffler2

ArmaniJeanss wrote: »

Congratulations, the single most clueless post in the history of boards.

er durka durka, backa dacka lacka ?

Fran1985

Stiffler2 wrote: »

Here's what should happen :

the oil well should be sold off directly to the ECB / IMF for exactly 178billion or the figure we owe to the ECB / IMF. This will clear all Irish debts immediately.

A curfew should be put in place with martial law around the oil well.
Any protesters should be shot or have their dole removed.

A letter should be sent to Murkel and so cosy telling them that we the Irish have struck oil and to stick their austerity budgets and EU policies up their german and french ass's.

After this is completed we should then step away from the Euro & EU altogether. We don't want another kuntree like Greece taking us out becuase we are in the same system.

Revert to our punt, reduce our corporation tax further to piss off the EU and profit ??

Did you mean "Country" when you said "Kuntree"?

Also, the government is asking us to show entreprenuerial spirit. They should lead by example, and visit the Norweigians for talks on whether its viable or not for us to go for it. Take advice from people who've done well out of it. Would it be mad to presume this has already been done by one form of government?

Balmed Out

I do think this could result in civil war. Not petween Cork and the 25 lesser counties which to be fair after pretty much bringing the British empire to their knees all on our own would be simplicity personified but between West Cork and the rest of Cork.
Those uppity so and so's have I believe been waiting for the day when they would have the financial option of becoming independant.
When asked where their from they never ever say Cork they always have to specify West Cork, the snobby gits.

LostCorkGuy

token101 wrote: »

Why would we want to leave Cork? And if some extraordinary reason we did, would we the f*** would we want to go via Wexford? Do you wade through a river of sewerage when your leave your house? Jesus boy think that over now!

All we need here in Cork is our oil and maybe a Starbucks, and when we get that ye can f***ing have yer recession. YEEEE HAAAAW!!!!

We already have star bucks

mikemac1

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.

It was a long time ago

Ray Burke is the man you are thinking of

The test area covered 300 sq km

That's a huge area, the oil belongs to Kerry too

ghostdancer

Paparazzo wrote: »

As much as I hate Bertie and FF, wasn't what they did standard procedure?
Someone who knows more about it can correct me, but basically, Ireland isn't exactly known for it's oil, we can't afford to explore ourselves, so we make it cheap for private companies to explore. Hopefully they find oil or gas (which they did, corrib field) and then we know there's oil out there we can either make it a lot more expensive for private companies to explore, or do it ourselves. If we didn't do it, no one would ever explore there, and we wouldn't get a cent.

One thing that's certain, we didn't find 10 billion euros worth of oil then let Ray Burke sell it of for 10k in a brown envelope like you're suggesting.

exactly, this is common practice around the world.
if we didn't make it favourable to them to drill, then the oil companies wouldn't bother.


but god forbid we miss a chance to get in a FF/Government witch-hunt.... :rolleyes:

fungun

59 million barrels in total, hmm?

So after write offs we can prob expect a tax take of the equivalent of maybe 10 million barrels. 100e a barrel, thats 1 billion over the lifetime of the project

Sure that'll pay the public sector wage bill for about 2 and a half weeks.

Spacedog

Paparazzo wrote: »

Ah right. There was a norwegian guy on the radio a while back who knew about the industry, he was saying ireland are doing what is absolutely standard internationally. I thought he said Norway did it similar back in the day. I stand corrected on that bit!

Well if it's the word of some Norwegian guy on the radio as reported from a randomer off the internet, I guess you've proven me wrong.

Now if you'll excuse me, I'm off to organise a mass burning of Leaving Cert Geography textbooks that say otherwise.

Duiske

Stiffler2 wrote: »

the oil well should be sold off directly to the ECB / IMF for exactly 178billion or the figure we owe to the ECB / IMF. This will clear all Irish debts immediately.

Slight problem with that plan. There's an estimated 60m barrels of oil in that well. 60m barrels @ $125pb = $7.5 Billion = €5.74 Billion. Looking for €178 billion for that well would be a bit like advertiseing an 02 Fiat Punto on Donedeal with an asking price of €30,000.

token101

LostCorkGuy wrote: »

We already have star bucks

Where?

K-9

The annual O'Reilly "we've struck oil" press release!

Does look encouraging this time, as long as prices stay high at the pumps!

Stiffler2

Fran1985 wrote: »

Did you mean "Country" when you said "Kuntree"?

Also, the government is asking us to show entreprenuerial spirit. They should lead by example, and visit the Norweigians for talks on whether its viable or not for us to go for it. Take advice from people who've done well out of it. Would it be mad to presume this has already been done by one form of government?

I'm well aware on how to spell country. The reason I spell it that way is because it has a deeper meaning to me.

KyussBishop

Even if we're in economic hard times, we don't need this oil now to the extent that we have to basically give it away almost free to private companies, to get a relatively small return.

Don't see why we can't wait 10 or more years to build up a fund to pay for exploration and whatnot ourselves, and then 100% own all the profits from it; in 10-20 years, the oil will be worth a LOT more too.