'Europa Oil and Gas — which is sitting on an estimated five billion barrels of oil across seven licences off the west coast — said the bill hadn’t dampened appetite in Irish offshore prospects at this early stage.'
'The €3.5 million Seafuel project aims to demonstrate the value of using renewable energies, with no carbon footprint, to fuel transportation networks in remote Atlantic regions.'
The same the world over...
This woman was dragged out a town hall for listing the donations that politicians received from gas firms, as they debated gas drilling laws.
'A number of exploration leases are already in place... this legislation would ban all extraction licences. There are legal issues surrounding those companies who have already paid a lot of money for those licences, but these issues can be teased out and addressed at a later stage.
“If the government will not change, then others must forge ahead without them”
While the Bill can now proceed to Committee Stage, there are concerns the government could block the Bill at a later stage or water it down when amendments can be made to the wording.
'The Corrib licence was granted under an older licensing system. No royalties are payable, just corporation tax of 25pc less any allowances that the companies enjoy. That system was completely flawed and yet again we find that there are only marginal returns for taxpayers from new gas finds.
"It's important to remember that these are citizen-owned fields. Companies are here because we let them. We are effectively giving away our natural resources for very little return,"
Actually, the ownership of the resources is transferred under the Irish licences and Constitution We the citizens don't own them.
"Barryroe was found in 2012 to have more than 300 million barrels of recoverable oil."
'A recent spike in prices “shows how susceptible the market is to the supply picture” and that there is potential for “increased volatility going into 2018”.
The markets see the value of the asset. Regrettably, shamefully, disgracefully, the Irish government does not.
"Europa Oil & Gas Holdings saw its shares push higher today after the firm said it has identified the potential for more than 2.5 trillion cubic feet of gas in its exploration area, in the Slyne basin, adjacent to Ireland’s Corrib field.
Whilst there is a popular conception that Atlantic Ireland is deep water, high risk frontier exploration this is not true of the Sl...yne Basin where the multiple prospects we have identified are mostly in relatively shallow water (400-600m) and represent lower risk exploration and appraisal close to the producing Corrib gas field.
Europa has an inventory of seven licences offshore Ireland, spanning 5,818 square kilometres and host to some 30 prospects (identified to date) which have been estimated at the desktop to contain some 4.7bn barrels of crude and 1.5 TCF of gas."
'While the NGOs had a meeting with Minister for Climate Action and Environment Denis Naughten during COP23 where a positive atmosphere prevailed, “the vision to take radical action in areas such as ceasing issuing oil exploration licences or adopting a leadership position in the ongoing EU discussions on 2030 targets was less than hoped for".
The Paradise Papers just serve as a reminder of how wilfully negligent the Irish government's approach of handing over ownership of Irish natural resources to multinational corporations in return for the hope of some tax revenue is.
"The systems have a ring of familiarity - double taxation; tax inversion; trusts; shell companies etc. It's just we don't usually know who's in the schemes and what they are getting out of them."
'Offshore assets' indeed.
"The survey calls for a clear commitment from the Government to facilitate developments through changes to the planning and regulatory regime. Respondents felt the current regime was “not fit-for-purpose to enable large scale developments”.
They are trying to remove the royalties that we campaigned to get introduced in 2015.
And to relax the planning permission - basically it will be Corrib all over again....
If the people of Ireland let it happen. It's up to us all not to roll over on this.
'78pc said that an oil price in the range of $50-$70 per barrel would be required to support a progressive and sustainable Irish petroleum industry.
Prices are currently in the range of $50-$55 per barrel.
When asked about the steps that the Government can take to encourage further oil and gas exploration, maintaining or enhancing fiscal terms was seen as the most important measure, with 85pc of respondents expressing this view.'...
"Enhancing" here means 'giving more away to corporations'.
"Modern corporations today take advantage of near zero trading costs, spineless regulators, absurd tax regimes and frictionless borders to negate these so-called natural laws."
So-called natural resource licences.