Ireland 'close to oil billions'

davet82

http://www.bbc.com/news/uk-northern-ireland-19889948

Providence Resources Plc, an Irish and UK company, has confirmed its Barryroe site, 30 miles off the Cork coast, should yield 280m barrels of oil.

So we're gonna be as rich as Sheiks! :rolleyes:


Well it is good news anyways for a change i guess

FatherLen

sure we can give that away for a fraction of that.
great plan

1ZRed

IIRC, didn't our gobshite government sell it off to private companies already?

the groutch

we'll get about tree fiddy out of that

who what when

The ordinary citizens of this country will never see a cent of the profits!

dreamers75

We should buy a premier league club!!!

dodderangler

Least all the ministers and Tds will get a good pay rise now
God knows they've suffered

uch

More like Gob-Shi'ites

Cravez

1ZRed wrote: »

IIRC, didn't our gobshite government sell it off to private companies already?

AFAIK we didn't sell it but allow private companies to search for oil - we get the tax from that oil however.

The gubberment could search for the oil but couldn't be arsed due to the costs.

charlemont

Oil extraction tax

davet82

i think its gonna be interesting how mismanaged the money will be...

we could do something fun like pay the bondholders with it :P

whatever happens you can be guaranteed our government got the worst deal possible and will no doubt squander the money

Jesus, i love ireland

Africa

Hopefully does some improvement. Glowing article, lets hope we ACTUALLY benefit.

hooradiation

1ZRed wrote: »

IIRC, didn't our gobshite government sell it off to private companies already?

That nonsense just isn't going the fuck away, is it?

Ellis Dee

Yet another story about how "close" we are to untold wealth. Always close, but never there.:rolleyes:

As they say down here in Laois: "Nearly" never bulled a cow.:):):)

--Kaiser--

I'll just post this before all the ignorant 'we're giving it all away!! <shakes fist>' posts

http://www.thejournal.ie/readme/column-for-now-ireland%E2%80%99s-oil-reserves-are-best-off-in-private-hands-256444-Oct2011/

(too late)

Heroditas

Must be a slow news day.
Is Tony Jr trying to boost Providence's share value?

CardBordWindow

Cue more 'Shell to Sea' type protests! :rolleyes:

SEPT 23 1989

Strange we have all these "discoveries" when we lose our sovereignty

JJJJNR

Sneaky bardtards already thinking they can fool the oirish population with there "280million barrels", it was reported before that it was closer to a couple of billion barrels

Bet they'll be sneaking out millions of barrels under our noses.

admiralofthefleet

dreamers75 wrote: »

We should buy a premier league club!!!

yeah bray wanderers are my favourite.

on topic, ray burke made sure we will never see any royalties so norway must be rubbing their hands. mind you, i havent seen pat rabitte rushing to changing the law governing royalties

BraziliaNZ

we hear this all the time and nothing happens

Rigol

ah yes I remember this one.
t'was just after the mammoth viewing tower/commercial park in Leitrim* and just before the mammoth Chinese industrial hub in Meath*.


*or other non-Dublin place

hooradiation

admiralofthefleet wrote: »

yeah bray wanderers are my favourite.

No, no, no, a real football team.

old hippy

SEPT 23 1989 wrote: »

Strange we have all these "discoveries" when we lose our sovereignty

We've lost our sovereignty? :eek:

I must have been off that day.... have you looked down the back of the sofa, yet?

admiralofthefleet

hooradiation wrote: »

No, no, no, a real football team.

sorry, shamrock rovers so

opinion guy

Rigol wrote: »

ah yes I remember this one.
t'was just after the mammoth viewing tower/commercial park in Leitrim* and just before the mammoth Chinese industrial hub in Meath*.


*or other non-Dublin place

Sure isn't there supposed to be a gold rush in waterford or wexford or some place ???

The real money is in rare earth metals - shouldn't someone start looking for them somewhere ?

Pherekydes

hooradiation wrote: »

No, no, no, a real football team.

Like the Green Bay Packers?

admiralofthefleet

opinion guy wrote: »

Sure isn't there supposed to be a gold rush in waterford or wexford or some place ???

The real money is in rare earth metals - shouldn't someone start looking for them somewhere ?

south wicklow/north wexford

Duggy747

My Oil & Gas Norway bollox video should be due along any minute now.

Government let's private companies search for resources and let them foot the bill while we tax their production:

"RABBLE, RABBLE, GAVE IT ALL AWAY, RABBLE RABBLE, WE WERE ONLY GIVING A PACK OF JAFFA CAKES FOR THE QUADRILLIONS WORTH, RABBLE RABBLE, WAKE UP SHEEPLE!!"

OR

Government spends a lot of money searching for the resources themselves:

"RABBLE, RABBLE, GAVE ALL THE MONEY AWAY, RABBLE, RABBLE, NO MONEY FOR CRUMLIN, RABBLE RABBLE, SHOWER OF IDIOTS IN LEINSTER HOUSE, RABBLE RABBLE!!"

Slurryface

1ZRed wrote: »

IIRC, didn't our gobshite government sell it off to private companies already?

Have you any idea just how much it cost providence to drill the test wells so far?And that without any guarentee of success.
No, by your post obviously you dont, clearly you think it makes economic sense for private companies to risk hundreds of millions looking for oil, only to hand it over foc to the state!

opinion guy

Duggy747 wrote: »

My Oil & Gas Norway bollox video should be due along any minute now.

Government let's private companies search for resources and let them foot the bill while we tax their production:

"RABBLE, RABBLE, GAVE IT ALL AWAY, RABBLE RABBLE, WE WERE ONLY GIVING A PACK OF JAFFA CAKES FOR THE QUADRILLIONS WORTH, RABBLE RABBLE!!"

OR

Government spends a lot of money searching for the resources themselves:

"RABBLE, RABBLE, GAVE ALL THE MONEY AWAY, RABBLE, RABBLE, NO MONEY FOR CRUMLIN, RABBLE RABBLE, SHOWER OF IDIOTS IN LEINSTER HOUSE, RABBLE RABBLE!!"

Mmmmmmmm jaffa cakes mining venture............

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

hidinginthebush

Duggy747 wrote: »

My Oil & Gas Norway bollox video should be due along any minute now.

Government let's private companies search for resources and let them foot the bill while we tax their production:

"RABBLE, RABBLE, GAVE IT ALL AWAY, RABBLE RABBLE, WE WERE ONLY GIVING A PACK OF JAFFA CAKES FOR THE QUADRILLIONS WORTH, RABBLE RABBLE, WAKE UP SHEEPLE!!"

OR

Government spends a lot of money searching for the resources themselves:

"RABBLE, RABBLE, GAVE ALL THE MONEY AWAY, RABBLE, RABBLE, NO MONEY FOR CRUMLIN, RABBLE RABBLE, SHOWER OF IDIOTS IN LEINSTER HOUSE, RABBLE RABBLE!!"

But... but they asked Norwegian citizens what they thought after spoon-feeding them their incorrect view of the facts.

All it was missing was kids and we would have had a Kony situation on our hands.

csallmighty

Does this mean we're going to get invaded by America?

davet82

csallmighty wrote: »

Does this mean we're going to get invaded by America?

They're saying Mary Harneys arse is a weapon of mass destruction so its looking likely

Son Of A Vidic

old hippy wrote: »

SEPT 23 1989 wrote: »

Strange we have all these "discoveries" when we lose our sovereignty

We've lost our sovereignty? :eek:

I must have been off that day

Obviously, but I suspect you were 'off' for more than a day.

Lando Griffin

Dosent the rare and shy black back crab live near the oil well. Surly such an endangered species needs protecting.

Pherekydes

csallmighty wrote: »

Does this mean we're going to get invaded by America?

Only if we elect a left-wing government.

hooradiation

Pherekydes wrote: »

Like the Green Bay Packers?

As long as it's not the Denver Broncos.

1ZRed

Slurryface wrote: »

Have you any idea just how much it cost providence to drill the test wells so far?And that without any guarentee of success.
No, by your post obviously you dont, clearly you think it makes economic sense for private companies to risk hundreds of millions looking for oil, only to hand it over foc to the state!

Ffs can someone ask a question without a pack of people waiting to jump down their throat to correct them in the most pompous way?
Get off your horse good man.

fishy fishy

the groutch wrote: »

we'll get about tree fiddy out of that

I keep laughing since I read this. :o

Menas

I am not sure why this article is appearing on the BBC now, there is nothing new in there.

But all these comments about giving this stuff away makes me laugh. The Irish govenment could never have afforded, or wanted to spend, the estimated €3bn that has been spent exploring irish waters over the past two decades.

Providence stuck it out and using new technology have discovered that these fields are viable for deep well drilling and the flow rate is there to make this profitable.
The Irish governments have incentives in place to attract companies to explore in the hope that something is found at no cost to the exchecer and that some day the will get some tax. It is a long game and in this case they have literally struck oil.

Do I need to declare here that I am a Providence shareholder?

death1234567

Misleading title, can a mod change it to " Providence Resources Plc 'close to oil billions' "

charlemont

I'm just hoping some day immigrants make up the majority in politics. :pac:

Feelgood

Maybe its about time we listened to our Norwegian buddies.....

https://www.youtube.com/watch?v=76VOnzXQMsU

mike65

Hopefully this will encourage more exploration drilling, given the size of Ireland oil needs the fields don't need to be big in global terms just large enough to warrant the investment. It would be nice to be able to tell Russia to feck off.

28064212

death1234567 wrote: »

Misleading title, can a mod change it to " Providence Resources Plc 'close to oil billions' "

Nope, it should be "Providence Resources Plc release yet another press release claiming to be 'close to oil billions'". They do this at regular intervals, they've probably got another shareholder's meeting coming up.

https://www.google.ie/search?num=50&hl=en&safe=off&biw=1440&bih=808&tbs=sbd%3A1%2Car%3A1&tbm=nws&q=Providence+billions+oil+ireland&oq=Providence+billions+oil+ireland&gs_l=serp.3...7190.8164.0.8298.8.8.0.0.0.0.66.326.8.8.0...0.0...1c.1.788cZUIUDAs

K-9

The O'Reilly's have said this for 30 years or more but a stopped clock is right twice a day so maybe.

28064212

mike65 wrote: »

Hopefully this will encourage more exploration drilling, given the size of Ireland oil needs the fields don't need to be big in global terms just large enough to warrant the investment. It would be nice to be able to tell Russia to feck off.

Providence are a private company, they aren't going to sell it cheap to Ireland when they can get a better price on the world market. Unless you're suggesting the Irish state take over oil exploration? I'd rather the state didn't spent €3 billion in an area they have no qualifications

--Kaiser--

Feelgood wrote: »

Maybe its about time we listened to our Norwegian buddies.....

https://www.youtube.com/watch?v=76VOnzXQMsU

Congratulations on winning the 'dumbass of the thread' award.
You can't compare Norway to Ireland in terms of natural resources. Read the article I linked earlier in the thread

marco_polo

death1234567 wrote: »

Misleading title, can a mod change it to " Providence Resources Plc 'close to oil billions' again this week apparently"

And then change it again please.

mike65

28064212 wrote: »

Providence are a private company, they aren't going to sell it cheap to Ireland when they can get a better price on the world market. Unless you're suggesting the Irish state take over oil exploration? I'd rather the state didn't spent €3 billion in an area they have no qualifications

Ireland will have to pay the going rate obviously. I'm thinking about security of supply, not cheaper petrol/diesel/home heating oil