Irish - UK oil

aindriu80

Providence hoping to drill 530 million barrels at Rathlin
Friday, January 25, 2013
http://www.irishexaminer.com/business/providence-hoping-to-drill-530-million-barrels-at-rathlin-220634.html
By Geoff Percival

Providence Resources plans to commence drilling next year at its Rathlin Basin assets, off the Co Antrim coast, with the company saying its prospects there could contain up to 530 million barrels of oil.

The Tony O’Reilly Jr-headed exploration company is due to drill at two more of its high-potential prospects — Dalkey Island, off the Dublin coast, and Dunquin off the Dingle peninsula — this year.

However, yesterday it gave an update on another of its highly anticipated prospects; saying that newly acquired data from an airborne survey has revealed a number of prospective structures within the P1885 and PL5/10 licences within Rathlin Basin. Both of these licences are 100% owned and operated by Providence at the current time.

The fresh data has revealed the presence of five areas deemed prospective for hydrocarbon exploration. The main one of these — called the Polaris Prospect — lies ‘structurally on-trend’ with an onshore well, which when test-drilled four years, ago recovered good oil quality.

Polaris is located close to shore, which gives Providence an option to drill it from an onshore location in the North, with “high-level potential surface-well locations” currently being evaluated.

“The Rathlin Basin has always been considered prospective, due to the presence of a rich oil-prone source rock. However, poor seismic imaging has historically rendered it difficult to determine the basin’s true hydrocarbon entrapment potential,” John O’Sullivan, Providence’s technical director said.

However, he added: “We believe that our application of new technologies should allow for a complete reassessment of this frontier basin. We have now commenced planning for a future drilling programme in 2014, which includes necessary site investigations, local permitting requirements, together with regulatory and local stakeholder liaison.”

I don't know how much 530 million barrels of oil works out to in Euro but is there much oil off the north's coast ? I guess it will help pay for the north a bit but nothing to replace the north sea oil.

I think we could be 100% renewable and export whatever oil we had, it might make the whole thing worth it.

Nody

Your first mistake was to assume that Providence has any clue what they are talking about; your second mistake was to not read up on their history (they have make these type of claims about every 6 months for the last decade give or take with out producing anything of note to date).

hfallada

Even at 530 million barrels only something like a third to half is recoverable. Second why do we want people to drill for oil in Ireland. The royalties for the government are so of the lowest in the world. Plus hardly any irish people would be employed in it.

Unless a good deal for done for Ireland. Oil should not be drilled and im very much pro business and non of that socialist bs. But I knew when it's a bad deal and this is a bad deal for the Irish people

hfallada

hfallada wrote: »

Second why do we want people to drill for oil in Ireland.

They don't want to drill here. Does it not strike you as a little bit suspicious that on the one hand, we are practically giving the "oil" away, and on the other, there is nobody here drilling for this precious, free oil?

[Jackass]

Any high volume oil sites off the coast that are Government owned?

How are these sites in private hands, like the gas fields off the west coast? Surely the tax revenue from these is only worth a fraction of their potential value if sold off / given to private companies to exploit?

ArmaniJeanss

[Jackass] wrote: »

Any high volume oil sites off the coast that are Government owned?

There are no known high volume oil sites off the coast government owned or not, we have never raised as much as a barrel of oil.

[Jackass] wrote: »

How are these sites in private hands, like the gas fields off the west coast? Surely the tax revenue from these is only worth a fraction of their potential value if sold off / given to private companies to exploit?

The actual market value of each field (our Western coast is divided into around 1000 fields) is roughly Zero at the moment. Hence we have to give high incentive terms for any company willing to take a shot at doing a bit of exploration (which is an expensive enterprise to undertake).

Godge

Didn't the Occupy Movement succeed in getting our oil back:rolleyes:?

Scortho

[Quote=[Jackass];82897332]Any high volume oil sites off the coast that are Government owned?[/Quote]
Yep the undiscovered ones!

[Quote=[Jackass];82897332]
How are these sites in private hands, like the gas fields off the west coast? Surely the tax revenue from these is only worth a fraction of their potential value if sold off / given to private companies to exploit?[/Quote]

Since its so easy and cheap to find oil and gas in your books anyway why don't you go off and do a bit of prospecting.

I much prefer the current situation where we sell a block to a private company who take the risk in drilling wells. 100s of wells have been drilled with a very poor strike rate. Of that strike rate even more have not been commercially viable.

How would you feel if you were to wake up in the morning to hear that the government had pissed away a billion looking for oil and got nothing back in return?

If Ireland is so oil rich, where are the oil and gas companies. There are only a handful of commercially viable wells of our coastline.
Now if these start picking up you will then see an increase in return per well to the government.
But no company is going to take the financial risk involved in getting an unknown well to the production stage for the government to come in and say right lads you've done a good job now feck off its ours!

[Jackass]

Scortho wrote: »

Yep the undiscovered ones!



Since its so easy and cheap to find oil and gas in your books anyway why don't you go off and do a bit of prospecting.

I much prefer the current situation where we sell a block to a private company who take the risk in drilling wells. 100s of wells have been drilled with a very poor strike rate. Of that strike rate even more have not been commercially viable.

How would you feel if you were to wake up in the morning to hear that the government had pissed away a billion looking for oil and got nothing back in return?

If Ireland is so oil rich, where are the oil and gas companies. There are only a handful of commercially viable wells of our coastline.
Now if these start picking up you will then see an increase in return per well to the government.
But no company is going to take the financial risk involved in getting an unknown well to the production stage for the government to come in and say right lads you've done a good job now feck off its ours!

I'll presume you misinterpreted the tone of my post and aren't just being a condescending prat answering a simple question...

Absolute Zero

[Jackass] wrote: »

I'll presume you misinterpreted the tone of my post and aren't just being a condescending prat answering a simple question...

He actually gave you a good reply

fionnsda

Godge

Video won't play for me - is it interesting or is it the usual they stole all our non-existent oil, why can't we be like Norway?

Scortho

[Quote=[Jackass];82927763]

I'll presume you misinterpreted the tone of my post and aren't just being a condescending prat answering a simple question...[/Quote]

Looks like I have. However do you have anything to add to your post or are you going to just attack the poster?

I used to be all against shell and the fact tgat they and a few other investors held the corrib gas field.
Until i actually checked up how much they'd spent finding the gas field, how much they invested developing the refinery and 15 years on they still have to invest a further 800 million before they can harvest any of it! And it won't be until 2015 until they begin to do so!

antoobrien

Godge wrote: »

Video won't play for me - is it interesting or is it the usual they stole all our non-existent oil, why can't we be like Norway?

The usual rubbish that they are taking money form oil - not knowing the history of the taxation regime involved.

323

Godge wrote: »

Video won't play for me - is it interesting or is it the usual they stole all our non-existent oil, why can't we be like Norway?

Could not view either but guessing it is exactly as you say.

All the same, could be interesting to see how this prospect turns out for Providence.

Scofflaw

antoobrien wrote: »

The usual rubbish that they are taking money form oil - not knowing the history of the taxation regime involved.

Yup - synopsis for what I could be bothered watching:

The video consists of:

1. why is Norway rich? Answer - lots of Norwegians saying "oil".

2. who owns that oil? Lots of Norwegians saying "we do".

3. Lots of Norwegians saying "we tax the oil companies heavily".

4. Was Norway prosperous before oil? LON (lots of Norwegians) saying "No".

5. How would you feel if your government gave the oil and gas away? LON shaking fists.

etc etc.

cordially,
Scofflaw

Scofflaw

Hmm. Providence 'temporarily' giving up their Dalkey licence:

Dalkey oil drilling plan shelved

Tuesday, February 12, 2013 - 04:44 PM
An energy company planning to test drill for oil about six miles from some of Ireland’s most sought after real estate has been forced to postpone explorations.

Providence Resources has given up its licence amid concerns that it faced legal challenges and undue delays over the lack of clarity around regulations on Environmental Impact Assessments (EIA).

The energy company plans to make a new application to drill once EU rules from 1999 have been put in place.

Tony O’Reilly, chief executive of Providence, said errors in how European regulations have been transposed into Irish law would have seen the licence challenged in court.

“Whilst it is frustrating that this situation has arisen and caused a delay to our planned activities, we feel it is in the best interests for all concerned to surrender the licence and allow the Government to make the necessary amendments,” he said.

“Despite the delay to the planned drilling activities, we remain very excited about the potential of this exploration prospect.”

http://www.irishexaminer.com/breakingnews/ireland/dalkey-oil-drilling-plan-shelved-584520.html

cordially,
Scofflaw