Ireland Strikes Oil off Cork - Recession Over!

Mint Sauce

Waits on America to free us from our shackles of hatrid and opression. Or something like that.

Annie Cool Window wrote: »

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:

Ah shure, they'll only have to bomb the sh!te out of cork boi. This can only be a good thing.

:pac:

token101

Stiffler2 wrote: »

Could we not just get a massive circular saw and saw Cork off altogether ?
Then float them out to the ocean ?

You can if you want. I'll buy you a circular saw. We'll keep floating till we hit the f***ing Canaries and then we'll have our oil and the weather. And Sligo will still be a culchie sh*thole

murrayp4

That's it- recession over. Middle-aged men can start wearing pink shirts again while driving to the Galway races in their disgustingly big Jeeps. Woo!


Ireland oil strike raises hopes for exploration boom

Providence Resources boss Tony O'Reilly Junior said: 'I think this discovery also creates a reappraisal in the minds of global oil corporations about coming back to Irish waters to drill for oil'

Henry McDonald in Dublin
guardian.co.uk, Thursday 15 March 2012 15.51 GMT


Oil has been struck off the County Cork coast in a potentially multibillion-pound discovery that could help to drag Ireland's recession-stricken economy out of the mire.

Dublin-based Providence Resources announced on Thursday that oil has successfully started to flow from its Barryroe well in the first big find in Irish territorial waters.

The oilfield, which is about 50 kilometres off the Cork coast, has a flow of more than 3,500 barrels a day, a number which exceeds the company's original projections of 1,800 barrels.

One recent audit of the area found that it might contain the potential to produce almost 1bn barrels of oil, making the field worth billions at today's crude prices of well over $100 a barrel.

The test area off the Cork coast covered 300 sq km, which according to Providence is equivalent to a medium-to-large North Sea oil field. The oil was discovered at a depth of about 100 metres in the sea bed.

Successful drilling at the Barryroe well will increase pressure on the Irish government to grant permission for oil exploration at five further sites in Irish waters. These include the most controversial site, at Dalkey Island in Dublin Bay, close to an exclusive stretch of the capital's coastline which is home to Irish rock stars such as Bono and Enya.

If an oil rig were constructed near the uninhabited island it would be in the line of sight of homes belonging to celebrities on Dublin's so-called "gold coast". An alliance of community groups in one of the richest parts of Ireland as well as conservation groups such as Birdwatch Ireland and An Taisce, the republic's National Trust, are understood to be planning a campaign against the drilling project. The island is home to a seal colony and the waters around it are used for fishing pollock and mackerel as well sea diving.

Providence Resources, whose chief executive is Tony O'Reilly Jr, the son of the former boss of Independent News and Media, said it was pleased the flow rates from Barryroe were higher than the pre-drilling target.

O'Reilly said the discovery was a "seminal day for Ireland, especially in the runup to St Patrick's Day". Of the higher than expected oil flows he said: "As the Americans say, 'We didn't hit a home run, we knocked the ball out of the park'. I think this discovery also creates a reappraisal in the minds of global oil corporations about coming back to Irish waters to drill for oil. Irish territorial waters are massively under-explored." The oil was of good quality, described as "light but waxy crude".

O'Reilly said the company was exploring for oil in Northern Ireland near Rathlin Island and he hoped the Barryroe find would lead to the creation of an onshore oil industry in Ireland.

"We've always said as an Irish company we want to use as much Irish infrastructure and resources as we can. We don't have an oil industry in Ireland at present but I hope something like Barryroe and the success we are getting in that will thrive more interest in creating more of an infrastructure in Ireland."

While the find is small by the standards of the Middle East or even the North Sea it could reduce the republic's national energy bill and have a significant spinoff for the entire economy.

Ireland is heavily dependent on imported oil and gas. The Irish Offshore Operators' Association points out that more than 90% of Irish gas is imported while oil accounts for nearly 60% of overall Irish energy consumption.

Fergus Cahill of the Irish Offshore Operators' Association said: "It's very encouraging and positive. First of all it's the first discovery in Irish waters that looks to be declared commercial. The flow rates are encouraging. Secondly, it will encourage other explorers because one of the problems that have dogged Ireland has been the explorations in the past. Almost all of these discoveries were of gas, not oil. If it gets developed, which we hope it will, it will reduce our dependency on imports, increase taxation revenue and create jobs."

The Irish exchequer will benefit from the potential oil boom as the republic's department of finance gains a 25% tax take from any oil or gas revenues.

© 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved.

John Doe1

thread already done

MadYaker

lock this bitch

RachaelVO

MadYaker wrote: »

lock this bitch

Don't be mean... merge it!

murrayp4

RachaelVO wrote: »

Don't be mean... merge it!

What she said *sob*

Chuck Stone

We've landed on the Moon!

Coriolanus

I honestly hope not. It'll set any chance we have of serious reform back decades.

Mint Sauce

Anyone hear the Americans coming?

Mint Sauce

token101 wrote: »

You can if you want. I'll buy you a circular saw. We'll keep floating till we hit the f***ing Canaries and then we'll have our oil and the weather. And Sligo will still be a culchie sh*thole

And when Lanzarote goes bang, you can be washed away by the impending tsunami.

bundyboy

its only a matter of time before we will have a regime change here with democracy restored and freedom for all...Fox news will be soon whittering on about us over here all being oppressed and our populace fleeing for fear of being stuck here

KeithAFC

I think this Oil belongs to the peoples Republic of Cork. It should be up to the people of Cork what happens to this Oil.

DEFTLEFTHAND

Will the tax revenue be the only benefit Ireland will receive from this? I presume the workers will be sourced from north sea rigs and the oil will be shipped abroad directly from the site.

Also according to Tullow Oil the extraction potential here is 5 per cent of what their currently mining in Ghana. What kind of quantity are we talking about here then, and what potential figure could the exchequer gain in tax.

RichieC

KeithAFC wrote: »

I think this Oil belongs to the peoples Republic of Cork. It should be up to the people of Cork what happens to this Oil.

There's no such thing as the peoples republic of cork tr- I mean keith.

InTheTrees

DEFTLEFTHAND wrote: »

and what potential figure could the exchequer gain in tax.

This is the big question everyone is asking. (other than when we'll all be getting free cars).

Is it going to make a difference? And if so how much? And if not why not?

And does this find make it more likely they'll find more in the other places they're looking?

Ellis Dee

old_aussie wrote: »

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

That wouldn't be a valid reason. Not of course that the United States of AmeriKKKa has ever needed any reason, valid or otherwise, to bomb other countries, just as long as they are smaller and weaker. :):)

Rhys Essien

DEFTLEFTHAND wrote: »

Will the tax revenue be the only benefit Ireland will receive from this? I presume the workers will be sourced from north sea rigs and the oil will be shipped abroad directly from the site.

Also according to Tullow Oil the extraction potential here is 5 per cent of what their currently mining in Ghana. What kind of quantity are we talking about here then, and what potential figure could the exchequer gain in tax.

The figures they are talking about now is 60 million barrels from this oil field.

Why should the oil have to be shipped abroad when there is an oil refinery in Cork harbour.

Ellis Dee

foxyboxer wrote: »

Cork has always been a bit like the Texas of Ireland anyway so this is quite appropriate.

Does that mean "all hat and no cattle"?:D:D

The_Thing

https://www.youtube.com/watch?v=hbMpyq-lEI4

InTheTrees

Rhys Essien wrote: »

Why should the oil have to be shipped abroad when there is an oil refinery in Cork harbour.

Maybe because the Cork refinery is already at or near its capacity and they never imagined this new find? Just guessing though.

It certainly would be nice to try and keep as much "ownership" (and therefore profit) from this in Ireland.

mikemac1

Seal the border

Anyone who comes up from the South we'll just call them Mexicans

al28283

irish-stew wrote: »

Anyone hear the Americans coming?

AHAHAHAHAHAHAHAHAHAHAHAHAHAA!
That's pretty funny, how did you come up with that all on your own?

oppenheimer1

DEFTLEFTHAND wrote: »

Will the tax revenue be the only benefit Ireland will receive from this? I presume the workers will be sourced from north sea rigs and the oil will be shipped abroad directly from the site.

Also according to Tullow Oil the extraction potential here is 5 per cent of what their currently mining in Ghana. What kind of quantity are we talking about here then, and what potential figure could the exchequer gain in tax.

About €125m. According to Davy stockbrokers the return on a barrel of oil after accounting for the overheads in this location would be about €9, yielding a total gross profit for Providence of about €500m. This is taxed at 25%.

This is small beans. However it is an important find as it shows that there is viable oil to be found in Irish waters.

Tazz T

In other news today:

ENDA CLAIMS JOB BRIDGE SCHEME IS A SUCCESS AS OIL COMPANY STRIKE IT BIG AND CREATE TEA LADY INTERN POSITION

followed by:

US CLAIM IRELAND MUST RELINQUISH ITS NUCLEAR ARMAMENT PROGRAMME OR FACE CONSEQUENCES

InTheTrees

oppenheimer1 wrote: »

About €125m.

Wait...what?

:eek:

DEFTLEFTHAND

Rhys Essien wrote: »

The figures they are talking about now is 60 million barrels from this oil field.

Why should the oil have to be shipped abroad when there is an oil refinery in Cork harbour.

I was listening to a discussion panel on radio and the general consensus of the industry representatives present was that the oil would not be taken ashore. I agree with you though the facilities in Cork Harbour should be utilised.

Well I would just like to say.... Day-yam that Tony O Reilly, hes one fine male.

Id let him plunder me for oil any day ...;)

DEFTLEFTHAND

DEFTLEFTHAND wrote: »

I was listening to a discussion panel on radio and the general consensus of the industry representatives present was that the oil would not be taken ashore. I agree with you though the facilities in Cork Harbour should be utilised.

It really depends on whether the refinery can process the oil, different fields produce different types of oil the wrong type will give the refinery "indigestion" unless it is reconfigured to take that oil.

With the relatively small amounts being produced, they may just run small pipelines to the coast just like they do at several small pumping stations off the south coast of England.

If I understand it correctly, this field is more like bubblewrap rather than a single large reservoir of oil, lots of drilling to "pop" each bubble of oil.

That's why it has been left until now.

Mint Sauce

Tazz T wrote: »

In other news today:

ENDA CLAIMS JOB BRIDGE SCHEME IS A SUCCESS AS OIL COMPANY STRIKE IT BIG AND CREATE TEA LADY INTERN POSITION

followed by:

US CLAIM IRELAND MUST RELINQUISH ITS NUCLEAR ARMAMENT PROGRAMME OR FACE CONSEQUENCES

The most Nuclear thing in our country is the Irish Sea off the East Coast, and the farts from our cattle.

:pac:

Solair

That and the reactor at UCC!

Brian_Zeluz

No chance this will get us out of the recession, they probably won't even bother to extract it. Maybe in a few years it will be economical and go ahead but even then it won't make a dent in our usage.

Rhys Essien

oppenheimer1 wrote: »

About €125m. According to Davy stockbrokers the return on a barrel of oil after accounting for the overheads in this location would be about €9, yielding a total gross profit for Providence of about €500m. This is taxed at 25%.

This is small beans. However it is an important find as it shows that there is viable oil to be found in Irish waters.

This oil is found 100m below water in the Celtic Sea.This is considered very shallow waters i.e low costs to extract.
Dont know where Davy are getting their figures.

Rhys Essien

Rhys Essien wrote: »

This oil is found 100m below water in the Celtic Sea.This is considered very shallow waters i.e low costs to extract.
Dont know where Davy are getting their figures.

Lots and lots of small pockets of oil each one needs to be drilled individually, just like popping bubblewrap!

Rhys Essien

Brian_Zeluz wrote: »

No chance this will get us out of the recession, they probably won't even bother to extract it. Maybe in a few years it will be economical and go ahead but even then it won't make a dent in our usage.

At the price of oil now, the well is viable to start production.Bear in mind it will take a few years to have the oil flowing.

This field is est.60 million barrels.

I read a while ago that there is also a field with est.700 million barrels

The price of oil is only going one way and I truly believe this is the start of big things for us.

El Guapo!

Let's be realistic.....to the people on the ground, (you and me), this isn't going to make the slightest bit of difference. People are going on like they personally struck oil in their back garden. Sure, it's nice for the economy if it is viable and if it's handled correctly by the government. But we aren't gonna be an oil super power any time soon.

Serious question though........if the oil field is viable and the country starts taking a cut of the profits, can the EU basically say that we have to hand it all over?

Mint Sauce

Dean09 wrote: »

Let's be realistic.....to the people on the ground, (you and me), this isn't going to make the slightest bit of difference. People are going on like they personally struck oil in their back garden. Sure, it's nice for the economy if it is viable and if it's handled correctly by the government. But we aren't gonna be an oil super power any time soon.

Serious question though........if the oil field is viable and the country starts taking a cut of the profits, can the EU basically say that we have to hand it all over?

Meaning they will still want their huge cut, and no savings to us compared to importing it in.

evolving_doors

Rhys Essien wrote: »

At the price of oil now, the well is viable to start production.Bear in mind it will take a few years to have the oil flowing.

This field is est.60 million barrels.

I read a while ago that there is also a field with est.700 million barrels

The price of oil is only going one way and I truly believe this is the start of big things for us.

Who's us?

Has the price of gas come down thanks to 'our' offshore find at the Corrib gasfield...

Mightn't be too bad for rig workers though but that's about it,, anything the Gov gets goes straight back into paying 'de mortgage'

ringadingding

Ireland drills 3,500 barrels a day..... For 3 days :D

Brian_Zeluz

Rhys Essien wrote: »

At the price of oil now, the well is viable to start production.Bear in mind it will take a few years to have the oil flowing.

This field is est.60 million barrels.

I read a while ago that there is also a field with est.700 million barrels

The price of oil is only going one way and I truly believe this is the start of big things for us.

This is not the start of anything for 'us', the government ****ed up any chance of that a long time ago. Never for one minute put an ounce of faith or trust in an oil company.

Rhys Essien

K-9

DEFTLEFTHAND wrote: »

Will the tax revenue be the only benefit Ireland will receive from this? I presume the workers will be sourced from north sea rigs and the oil will be shipped abroad directly from the site.

Also according to Tullow Oil the extraction potential here is 5 per cent of what their currently mining in Ghana. What kind of quantity are we talking about here then, and what potential figure could the exchequer gain in tax.

Without going through the usual tax and Government rants that are well covered, O'Reilly made the point that they had to use personnel from Aberdeen as obviously we don't really have a oil technology industry, not much need for it yet. If and the O'Reillys have a 20 year history of press releases amounting to nothing, this is drill-able economically and other finds come along, it's a new industry we could develop.

K-9

Dean09 wrote: »

Let's be realistic.....to the people on the ground, (you and me), this isn't going to make the slightest bit of difference. People are going on like they personally struck oil in their back garden. Sure, it's nice for the economy if it is viable and if it's handled correctly by the government. But we aren't gonna be an oil super power any time soon.

Wel as it will be 3 or 5 years at best before it will be developed, not much in the short term. Still, if we become a new favourite place of oil companies in 5 years time, it could be a valuable tax raising and employment growth area in the future, as long as prices stay high and technology develops.

Serious question though........if the oil field is viable and the country starts taking a cut of the profits, can the EU basically say that we have to hand it all over?

Well they can't take our fish in the sense of that myth but I don't know how competition rules would allow Norwegian models of state exploration. We do have to have one Corporation Tax rate but there obviously are exceptions, if this field turns out be a gold rush type one, we can tax at 40%, so there obviously is room there.

California Man

Another Irish dream story. A whole massive 4000 barrels a day, and we're rich. Wow.

Do you know much the state of Texas produces per day?

KeithAFC

California Man wrote: »

Another Irish dream story. A whole massive 4000 barrels a day, and we're rich. Wow.

Do you know much the state of Texas produces per day?

You mean steals from Arab countries?

Jev/N

California Man wrote: »

Do you know much the state of Texas produces per day?

Do you know the size of the state?

California Man

Jev/N wrote: »

Do you know the size of the state?

Do you know the population of Ireland? Any significant amount of oil would be great as it has a tiny popuation. i.e. enough to go around..

4k barrels a day is pittance.

California Man

KeithAFC wrote: »

You mean steals from Arab countries?

Yawn

Rolli

California Man wrote: »

Do you know the population of Ireland? Any significant amount of oil would be great as it has a tiny popuation. i.e. enough to go around..

4k barrels a day is pittance.

FFS, Stop trolling! Its not even slightly funny any more!

J. Marston

Go home, Yank. 'Tis my oil.

Our oil. I meant our oil.