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They Are Laughing At Us
# 1 : Saturday 15-10-2011 @ 08:09
Our Oil and Gas
Why do articles that discuss Ireland’s poverty conceal Ireland’s riches?

Ireland has at least € 5.4 trillion euros ($7.38 trillion) worth of oil and gas reserves off its western coast – which is enough to pay off Ireland’s national debt of € 60 billion nearly a hundred times over.

A report by Petroleum Affairs Division of the Department of Communications, Marine and Natural Resources stated: “Volumetric assessment and expulsion modeling shows volumes of over 130 billion barrels of oil, plus 50 trillion cubic feet of gas off Ireland. At minimum, the potential is at least 10 billion barrels of oil, most of it in an underwater ridge known as the Atlantic Margin, which runs parallel to Ireland’s western shore.”

The Dunquin gas field, 125 miles off the coast of Kerry, contains 25 trillion cubic feet of natural gas, plus 4,130 million barrels of oil. This alone would meet Ireland’s gas needs (at present consumption levels) for the next 62 years.

The Spanish Point field, 125 miles off the coast of Clare, has known reserves of 1.25 trillion cubic feet of gas, plus 206 million barrels of oil.

Further north lies the Corrib field, with an estimated value of between € 6 and € 50 billion euros ($8.2 billion - $68.4 billion).

The Lough Allen basin (an inland field) has 9.4 trillion cubic feet of gas, plus 1.5 billion barrels of oil valued at € 75 billion euros ($102.6 billion).

Ireland has so much oil and gas that the masses need not submit to the IMF. So what’s the problem?

The problem is that Irish politicians intentionally locked up this oil and gas wealth by selling contracts to foreign oil companies, which take 95% of the profits, and give kickbacks to the politicians that wrote the contracts.

For example, Exxon Mobil is developing the Dunquin field, while Shell, Marathon and Statoil are developing the Corrib field.

These companies get all the money. Corporations harvesting the Corrib gas fields need pay only 25 percent of the profit to Ireland, and most of that 25% is withheld as exploration and operating costs.

Result: Ireland collects only 5% of the profits from its own oil and gas.

Oil companies whine that they must pay about € 70 million euros each time they do an exploration drill. But if they must drill – say -- 1,000 exploration wells to exploit all of Ireland’s oil and gas reserves, then for € 70 billion they get a 71-fold profit of € 5 trillion. This is like getting $3,550 from an investment of fifty bucks. Not bad.

The Irish masses want the government to re-negotiate its contracts with foreign oil companies – but that would mean less kickbacks to Irish politicians. Hence the politicians (especially those of the ruling Green - Fianna Fáil coalition) insist on taking IMF debt, since politicians will not have to pay for it. The masses will.

Investors see all this, and are buying oil futures, knowing that IMF debt (which taxpayers, not investors must repay) will backstop the investors’ gambles. Consequently the price for West Texas Intermediate crude futures has hit $83 a barrel, and continues to climb.

The Irish masses could demand more money from corporations that are extracting Ireland’s trillions in oil and gas. The masses could also reign in the speculators, and have a genuinely public bank. They could all share in prosperity.

But for that to happen, Ireland would need honest politicians.
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# 2 : Saturday 15-10-2011 @ 10:36
We don't have any indigenous oil exploration companies of sufficient size to go after this oil and gas.
And the fuss generated trying to get the the oil or gas ashore is probably enough to scare the bravest oil companies away from Ireland.
Even environmentally friendly projects like windfarms meet the most ridiculous objections and hindrances .
It's much easier for oil companies to drill in third world countries where there are no objections to extraction, and oil friendly dictatorships.

And even if the oil was harvested for the 'benefit ' of the Irish people would it make us any happier? Look at the middle east. All the oil in the world and the wealth is kept by a ruling elite who are normally dictators.
# 3 : Saturday 15-10-2011 @ 12:15
The cost of accessing some of the gas is also greater than the value of the gas itself.
# 4 : Saturday 15-10-2011 @ 12:48
Surely between 6 million plus people we can think of a way to get to tap the oil and gas ourselves?

if these reserves of oil and gas are enough to clear out debt then why don't we get cracking?
# 5 : Saturday 15-10-2011 @ 13:01
Tullow Oil? Is that not Irish?
# 6 : Saturday 15-10-2011 @ 13:16
Just for the sake of an informed debate, could you please tell us about the kick backs received by politicians?
# 7 : Saturday 15-10-2011 @ 15:04
This is something that should have every Irish persons blood boiling.
Our government are literally giving away money that could be used to pay off our debts.
It does not matter that we might not have the facilitys required to get it ourselves, that does not make it right to give 100% of it away for nothing.
People just dont fucking care in this country, or at least they dont care enough to do more than grumble about it over a few pints.
# 8 : Saturday 15-10-2011 @ 15:09
Why cant we suck it up ourselves, god knows we have enough unwanted quanqoes in thi country to run a continent. How come we cant pump it ourselves and use it?
# 9 : Saturday 15-10-2011 @ 15:22
It seems the politicians don't give a toss,the dead gangster Burke done a deal with the devil,While Norway take a huge share of oil revenue,only burke got to trouser any dosh,what a shit,what a shame.
# 10 : Saturday 15-10-2011 @ 15:27
We are the people and have the power, Burke was corrupt. Why cant any deals he made be declared null and void, tell the companies tough shite it happens. We are doing it ourselves so F off, those deals were done by a corrupt dipstick!
# 11 : Saturday 15-10-2011 @ 15:31
The minister for getting stuff out of the ground should explain himself.
# 12 : Saturday 15-10-2011 @ 15:33
# 13 : Saturday 15-10-2011 @ 15:35
Someone said :
The minister for getting stuff out of the ground should explain himself.

Would you believe anything they say, the people should demand by petition or otherwise. An inquiry and cancel all deals because they are acting on behalf of the people. Ministers cant even get the finger out, let alone get stuff out of the ground!
# 14 : Saturday 15-10-2011 @ 16:52
Someone said :
Tullow Oil? Is that not Irish?

They are Irish but i think they have easier pickings around Africa and Brazil.
# 15 : Saturday 15-10-2011 @ 16:59
I've had a brainwave !
Need some time to put words on it and I've got a consultation with some bovines just coming up
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