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Shell to Sea activists clash with Gardai after they blocked the path of Shell machinery in Co Mayo in July. The group says Ireland's oil and gas reserves are worth €1.6 trillion. Niall Carson/PA Wire

Shell to Sea claims 'devastating mismanagement' of oil and gas resources

The group has released a report saying exploration companies believe oil and gas within Irish waters is worth €1.6 trillion.

THE SHELL TO SEA group has released a report in which it claims that exploration companies believe the oil and gas reserves off Irish waters are worth over €1.6 trillion.

The group says its “groundbreaking” Liquid Assets report – which can be downloaded from its website – is the first time that the explorers’ own valuations of the sites they are licensed to explore have been collated – resulting in a figure which it says exposes the government’s failure to manage the nation’s natural resources.

“By trawling through figures published by oil exploration companies, researchers compiled companies’ estimates for a total of 69 different discoveries, ‘prospects’ and other areas licensed for oil and gas exploration,” the group said.

“The combined total of those company estimates is 20,964 million barrels of oil equivalent (of oil or gas), worth €1,600 billion at today’s prices.”

Socialist MEP Paul Murphy, who launched the report, said the general public was “increasingly aware that Ireland’s ‘take’ from its oil and gas is far lower than in other countries”.

“The Government and oil industry have defended this by insisting that ‘attractive’ terms will lead to investment, jobs and our own supply of oil,” he said – an image that was somewhat undermined by the report’s showing that extraction of Irish resources may not benefit Ireland at all in terms of employment or supply.

“The Government and oil industry defend Ireland’s giveaway licensing terms by claiming that Ireland is an ‘unproven territory’, where exploration is minimal,” added Dublin Shell to Sea spokesman Criostóir MacCuirc.

“This painstaking new research tells a different story.”

Current Irish law levies a tax of 25 per cent on profits made from the sale of Irish resources, but allows exploration costs to be written off against this – meaning the true extent of a possible Irish tax take remains unknown.

An image from the Shell to Sea report mapping the various oil and gas reserves identified off Irish waters. Source: Shell to Sea.

Read: More oil off Cork coast, says Providence

In depth: How much is the Barryroe oil find actually worth to us?

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    Dec 23rd 2016, 9:48 PM

    Lucky to not gotten his head shot off

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    Dec 23rd 2016, 11:38 PM

    I was wonder why they didn’t. If the car was fill of explosives…..

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    Dec 23rd 2016, 9:28 PM

    From Russia with love. And vodka

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    Dec 23rd 2016, 9:29 PM

    As ya do. If I ever need love I’m gonna drive around the Ilac shopping centre

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    Dec 23rd 2016, 11:43 PM

    Count your wheels afterwards.

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    Dec 23rd 2016, 10:06 PM

    What a legend. Was rooting for him as it went on.
    Keep on truckin’ Vlad

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    Mute The Viking
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    Dec 23rd 2016, 10:02 PM

    What I want to know is.. How in God’s name did he get it past the metal detector..

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    Dec 23rd 2016, 10:10 PM

    @ The Viking..it was a lada he was driving..

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    Dec 23rd 2016, 11:43 PM

    @The Viking: 1st gear, around 10mph

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    Mute Lazlo Saint Pierre
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    Dec 23rd 2016, 10:11 PM

    That video is crying out for the Benny Hill theme tune!

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    Dec 24th 2016, 1:18 AM

    Haha totally Benny Hill style Lazlo!!

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    Dec 23rd 2016, 10:53 PM

    At least he had his hazard warning lights on…

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    Dec 23rd 2016, 10:42 PM

    Headline is shite. WTF.

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    Dec 24th 2016, 12:42 AM

    OK… I’ll say it… Only because I’ve had a fee bottles of miller.. Should that be “rushing man” … *hands head in shame……and submits cv to the journal to help writing headlines.

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    Dec 24th 2016, 12:30 AM

    This is hilarious. That tall man closing both doors behind him, then – flip!

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    Dec 24th 2016, 5:30 AM

    He’s a real keeper

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    Dec 24th 2016, 7:16 AM

    I knew my girlfriend was a keeper the first time I met her….. she was wearing a huge pair of gloves.

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    Dec 24th 2016, 1:53 AM

    So romantic

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    Dec 24th 2016, 11:32 AM

    And all because the lady loves Milktray…

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    Dec 24th 2016, 10:54 AM

    I blame Love Actually. Liam Neeson encouraged his kid to run through airport security and suffered no consequences.

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