'The Government has been called on to review seismic testing for oil and gas in Irish waters.'
Here's Ireland's elected leader publicly boasting about being a puppet for Corporate interests in matters of energy resource management and planning.
It beggars belief.
Europa Oil is fast tracking development of 2.5 Trillion Cubic Feet of gas assets, off Corrib:
'Europa is sitting on around five billion barrels of oil, and 2.5 trillion cubic feet of gas, in seven licences off the west coast.'
"All of the prospects we have identified in Ireland are potential company makers....
We believe 2.5 tcf of undiscovered Gas Initially In Place (GIIP) is likely to translate into commercially significant prospective resources.
We understand that the recovery factor at the Corrib field is ~ 80%.
Water depths are comparatively shallow (400-600m) and do not require harsh environment sixth generation drillships therefore drill costs are lower."*
The exact opposite of what the Irish Government says when defending the world's most generous licence terms for corporations.
'Last year, 20 directors and key management personnel at Vermilion shared a pay pot of $25m made up of $5.1m in pay and $20.1m in share-based payments.
The annual report states that "we do not expect to incur any current income taxes in the Irish business unit for the foreseeable future".
When corporations / markets own & run natural assets, Governments go cap-in-hand to them...
“At 5.45am this morning we issued a ‘Gas Deficit Warning’ to the market.
“This is an indication to the market that we’d like more gas to be made available to ensure the safe and reliable operation of the national gas network....
“We are in communication with industry partners and are closely monitoring the situation.”
'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."