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File photo an oil well. Petrel's Quad 45 site is close to an Exxon Mobil site where preliminary drilling is due to begin shortly. eyeidea via Shutterstock

'Several hundred million barrels' of oil may lie in new Petrel site off Kerry

Petrel Resources says it is holding talks with prospective partners after a second site in the Porcupine Basin suggests oil.

AN EXPLORATION COMPANY with rights to explore an area off the west coast of Co Kerry claims the field has shown the potential to hold hundreds of millions of barrels worth of oil.

Petrel Resources says the site in ‘Quad 45′, about 100 kilometres to the west of Valentia Island, has “the capability to hold several hundred million barrels of in-place oil”.

The site was authorised for exploration in 2011, when 13 various sites in the Porcupine Basin off the west coast were offered for new ventures.

Petrel was offered two of those sites; the other site in ‘Quad 35′, about 120 kilometres west of the Dingle peninsula, showed the capability of hosting in excess of a billion barrels of oil.

Quad 45 lies about 35 kilometres northeast of an area in the Dunquin prospect, which is already the focus of a major prospective drilling operation from a consortium led by Exxon Mobil.

The Quad 45 plot licensed to Petrel is shown here in pink with a red mark around it.

Petrel said it had purchased additional seismic data of the area and has carried out further regional seismic mapping.

“We have long believed that the offshore Porcupine Basin is a hydrocarbon province,” Petrel managing director David Horgan said in a media release.

“This has been further supported by our recent work in identifying potential prospects on both of our blocks.

“We look forward to increased activities across the Basin which we believe has the potential to be a major new oil province. We have commenced our search for potential partners.”

Shares in Petrel rose by over 10 per cent in early trading in London this morning.

Read: Cork oil estimates trebled to over 1.6 billion

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

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126 Comments
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    Mute Mata Mata
    Favourite Mata Mata
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    Apr 2nd 2013, 10:37 AM

    Bring in the Norwegians to advise us on a sovereign fund , built with good management of off shore resources. Good public participation so we can monitor regulators put in place by Political Parties !!!!!!

    343
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    Mute Itiswhatitis
    Favourite Itiswhatitis
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    Apr 2nd 2013, 10:40 AM

    Here here. It wouldn’t make sense for us to do the right thing though. It makes me so mad seen such stupid decisions by government idiots. Pat Rabbite should hang his head in shame at the loss of billions becuase he cant bring in proper tax on finds .His argument we might scare them away what a load of nonsense.

    162
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    Mute James O'Neill
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    Apr 2nd 2013, 10:51 AM

    Corporation tax and large employment, yeah we gain nothing. The Irish people bore no risk in finding it, why should they get 100% of it? It’s only worth something if someone bothers to find it…

    69
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    Mute Emmet O'Sullivan
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    Apr 2nd 2013, 10:52 AM

    That was done a couple of years ago…. Like the good lads we are we said thanks and on yer way.

    Wait til the politicians start to try Rezoning it…

    32
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    Mute Strongbow63
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    Apr 2nd 2013, 11:54 AM

    Isnt Statoil a Norwegian company. They are already here.

    26
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    Mute John Flynn
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    Apr 2nd 2013, 12:03 PM

    You’re entirely missing the point James. No-one suggested that we should gain 100% from this but currently, if the exploration proves successful from any of these oil companies, we stand to gain absolutely nothing, nada, zilch, niente from existing laws and deal the Haughey era had agreed. We need to be able to take a leaf out of Norway’s books and ensure Ireland benefits from this.

    93
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    Mute David Higgins
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    Apr 2nd 2013, 12:49 PM

    How much would we have to pay the Norwegians to come in? With the present system it costs the state nothing, they just regulate and give out the licence.

    12
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    Mute John Flynn
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    Apr 2nd 2013, 3:04 PM

    As it stands we make nothing out of it David. What’s the point in regulating it and making 0 profit for a potential natural resource that is rightfully ours, the Irish people.

    51
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    Mute Liam Mc Meel
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    Apr 2nd 2013, 3:13 PM

    No it TOPAZ now

    9
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    Mute ripedoffagain
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    Apr 2nd 2013, 3:54 PM

    They pulled out a few years ago and sold to topaz

    7
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    Mute Jim Flavin
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    Apr 2nd 2013, 5:26 PM

    @David higgins – - yes it would cost the state nothing – and we would be giving it away – even UK were not that corrupt .
    We are to endure poverty – while oil offshore is given away – are u mad – or just a FG obedience person

    20
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    Mute boildyeggs
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    Apr 2nd 2013, 9:37 PM

    How about the 25% tax which can rise to 40% depending on the output from the field. I think that’s more than zero as you suggest. I like everyone else would love for this oil to be entirely owned by us the people of Ireland. I would like to see 100% of it going into the countries coffers. I might be simplifying this but until such time as a government owned exploration company is established we have to rely on private companies to spend their cash discovering the oil. But it’s disingenuous to suggest we will receive zero form it.

    4
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    Mute boildyeggs
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    Apr 2nd 2013, 9:48 PM

    The Irish offshore has potential, but that potential can only be tested with continuing inward investment by oil and gas companies. With offshore exploration wells costing anywhere from $20 million to well over $100 million per well, the investment atmosphere must be attractive to bring this inward investment.
    http://www.iooa.ie/facts-and-figures-page.html
    I suggest people read this.
    Costs of exploration are enormous, and lets not forget in 40 years of exploration not one barrel of oil has been produced, nada, zilch, bugger all. So it’s easy to start shouting about all the potential, the success rate in the North Sea is proven

    3
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    Mute John Flynn
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    Apr 3rd 2013, 9:41 AM

    Boildyeggs – you’re right with those figures but you’ve left out one vital element, any exploration costs can be offset against the 25% or 40% tax on oil found. These exploration costs can go as far back as 25 years AND currently one of the companies exploring, Providence, has spent €590 million in exploration costs as of October 2012

    5
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    Mute Chris Smith
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    Apr 2nd 2013, 10:38 AM

    REALITY !
    Under existing agreements, negotiated in the Haughey era, a company which finds oil or gas in Irish territory does not have to pay royalties to the State, Also, ownership and control of the oil or gas is transferred in full to the company, which can choose to export the oil or gas directly without landing the resource in this country. Even if companies decide to sell in Ireland, the consumer will have to pay the full, current, international price.

    The only spin-off for Ireland under the deal brokered by the then energy minister Ray Burke in 1987 and finance minister Bertie Ahern in 1992, is a 25% corporation tax on the profits declared from the sale of the oil or gas. But the report points out that before declaring profits, the company can write off 100% of costs against this tax, including the cost of previous, unsuccessful wells drilled anywhere in Irish waters. In exceptional cases after 2007, a very large field could incur an additional tax up to 15% on post-tax profits.

    Financial returns to the State from extraction of Irish oil and gas are extremely low and are among the lowest government take in the world, the report said.

    It is estimated that the exchequer could earn as little as 7% of the revenue generated from the sale of the gas from an Irish field.
    THE DREAM; Ireland, can learn from Norway, where in one year alone it took in more than €50bn with a 78% tax rate on corporations.

    320
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    Mute Thomas Roche
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    Apr 2nd 2013, 10:51 AM

    Chris your correct. http://Www.myoilandgas.org

    93
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    Mute cooperguy
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    Apr 2nd 2013, 11:24 AM

    You can’t compare us to Norway. They have proven reserves with a track record of producing wells. Ireland has yet to produce a single barrel of oil.

    Hundreds of wells have been drilled off the cost of Ireland to date. They have yet to make money for anyone!

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    Mute Ronan Clarke
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    Apr 2nd 2013, 12:39 PM
    4
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    Mute ciaran clarke
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    Apr 2nd 2013, 1:42 PM

    @cooperguy.
    You won’t talk sense onto these “our government gave it away brigade”.
    Our strike rate is nowhere near Norway’s.they don’t seem to realise that Norway subsidises the drilling companies for missed wells.
    We could never afford that.
    People are blinded by their hatred for the government.

    40
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    Mute Tony Skillington
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    Apr 2nd 2013, 1:50 PM

    Would give that 10 green thumbs if I could Chris….we’re being fleeced and our lack wit politicians are doing sod all about it.

    34
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    Mute Conor O Callaghan
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    Apr 2nd 2013, 10:24 AM

    And the Irish people will own none of it nor will they benefit from it!

    317
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    Mute Stephen murphy
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    Apr 2nd 2013, 10:36 AM

    We’ll give it away, our teacher/politicians know what to do!

    165
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    Mute Paddy Reid
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    Apr 2nd 2013, 10:42 AM

    Petrel already has rights to it. It’s gone. Not sure if it was in Irish waters though. The map is unclear.

    33
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    Mute Vincent F
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    Apr 2nd 2013, 10:43 AM

    Can’t understand why we don’t create a new resource extraction tax.

    144
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    Mute David Higgins
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    Apr 2nd 2013, 10:44 AM

    The local economy will benefit hugely. Just look at the jobs created up in Corrib. You also collect a large amount of taxes from it all.

    36
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    Mute Irish Mule
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    Apr 2nd 2013, 10:47 AM

    Dave please don’t make excuses for them, that’s a drop in the ocean we should be like the Arab countries with amount of oil and gas we have but due to corruption it’s been stolen from the Irish people.

    158
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    Mute MrMagoo
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    Apr 2nd 2013, 10:52 AM

    Watch this video about our oil and gas and then tell me how angry you are. We Irish deserve what we get because we let this happen and then re elect the same gombeens again http://youtu.be/76VOnzXQMsU

    115
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    Mute Michael O'Reilly
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    Apr 2nd 2013, 10:57 AM

    Stop insulting teachers by linking our profession with these “failed teachers”

    128
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    Mute Emmet Purcell
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    Apr 2nd 2013, 11:04 AM

    “we should be like the Arab countries with amount of oil and gas we have”

    What are you even talking about? Ireland has never produced a single barrell of oil and to compare our proven gas resources to the Arabian Gulf is embarrassing.

    https://www.cia.gov/library/publications/the-world-factbook/rankorder/2178rank.html

    ^^^ That’s us down there at 145th position. Don’t let facts get in the way of populist, ill-thought-out rhetoric though.

    97
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    Mute Mark Salmon
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    Apr 2nd 2013, 11:20 AM

    David the reality is that there will be very little tax take apart from taxes collected from Irish residents employed in relation to the find thanks to the deal made by Chas & Co.

    42
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    Mute Eamonn Bolger
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    Apr 2nd 2013, 11:30 AM

    What’s offshore is irrelevant. Even if we owned the rights there would be a queue of fruitcakes demonstrating against bringing it ashore.

    75
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    Mute Simon McGrath
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    Apr 2nd 2013, 11:46 AM

    Ur In a dream world we need a lot more then jobs we need the money from the oil enough said

    33
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    Mute Leonard Washington
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    Apr 2nd 2013, 12:16 PM

    Great news!
    For the big oil companies.
    Enda will give it away.

    45
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    Mute james r
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    Apr 2nd 2013, 12:20 PM

    Lies and more lies david .. They write there costs off from our little tax and we get 0% . More daylight robbing of the irish set in motion by our governments !! And we the sheep look on in bewilderment

    53
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    Mute Deckav
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    Apr 2nd 2013, 12:38 PM

    1975 licensing terms introduced by Justin Keating meant we received royalties and retained ownership and control with state participation in exploration, development and production. During the 1980’s, Ireland’s terms were drastically changed by Ray Burke and Bertie Ahern following intensive lobbying by oil companies which led to a dramatic dilution of the benefits to Ireland of Ireland’s own natural resources. Ray Burke (who spent time in Jail) negotiated these new terms behind closed doors without the usual civil servants present. He insisted on going to this meeting alone….why??
    Listen to Eddie Hobbs discuss with Pat Kenny http://youtu.be/2Wysej_JOlA

    49
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    Mute Deckav
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    Apr 2nd 2013, 12:45 PM

    Ireland now has the second lowest tax take in the world out of 142 countries. And that is tax on profit – Ireland’s terms allow all costs going back 25 years to be written off against profits and the prospectors are already claiming to have amassed billions to date in costs. Therefore the state would receive very little revenue from any find under current conditions. Source – http://www.ownouroil.ie/background

    26
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    Mute Leonard Washington
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    Apr 2nd 2013, 12:45 PM

    Higgins! Please. How can you keep defending the give away of BILLIONS of oil and gas for a couple of hundred jobs for security guards?

    50
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    Mute Leslie Alan Rock
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    Apr 2nd 2013, 12:52 PM

    Dear god i give up. This proves we are being run by idiots. If there’s nothing in it for them,they don’t want to know.

    32
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    Mute Francie mc nally
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    Apr 2nd 2013, 1:38 PM

    Eh that seems to be in alphabetical order

    1
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    Mute Francie mc nally
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    Apr 2nd 2013, 1:55 PM

    Does anyone know how to actually do anything about it that will make a difference, it seems that no matter how many Facebook pages and youtube videos we make the government doesn’t care! Maybe if we do a poll on one of the FB pages we will get their attention! But seriously though, what can we do?

    9
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    Mute Adelle Smyth
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    Apr 2nd 2013, 3:03 PM

    Block all operations from starting in Kerry, I am from that area I know it will create jobs for local people, but it not worth it we should all benefit from this not just a few jobs. We should negotiate( something FG/F don’t like to do) a better deal. Royalties and tax rate entirely favourable to the oil companies.
    Where have the fighting Irish gone, I am so disappointed with my country for not standing up to these dictators, why is t that nothing has happened.
    Giving away our forest
    Giving away our oil
    Taking from disabled
    Water charges( will privatise that too)
    Increase in motor tax( roads destroyed)
    Cutting child benefit(272,000 children in poverty)
    USC
    Cutting frontline PS wages
    Cutting home help
    Cutting old age pension
    Reducing fuel allowance
    Cutting back to school allowance
    Increasing taxes
    Property tax
    Late night deal on IBRC that passed debt onto our grandchildren(illegal debt night before court case on its legality hmmm?)
    No negotiating again for a write down on debt for bailing out banks
    Bias media that spins the gov action to positive
    Thousands young forced to leave
    Students increased fees and cut to grants, which some have not got
    55% of eu debt crisis
    We pay about €14,000 per capita
    Rest of eu pays avg. €192 per capita
    Extravagant wages of the guys taking our money.
    Broadcasting charge regardless of tv in house

    When will the fighting Irish spirit surface We in massive debt, when will austerity stop who will they target next, bank accounts?

    61
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    Mute Deckav
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    Apr 2nd 2013, 3:13 PM

    Francie. I know he isn’t everyone’s favourite person but Eddie Hobbs is doing something about it. Getting non political experts together to do something.
    http://www.ownouroil.ie

    18
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    Mute Stephen O'Donnell
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    Apr 2nd 2013, 3:17 PM

    Not idiots. They know well what they’re doing. Fraud is fraud in any circumstances

    9
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    Mute MrMagoo
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    Apr 2nd 2013, 3:21 PM

    Great post Adelle. Makes Grim reading when you see it like that.

    21
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    Mute Eoin Darcy
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    Apr 2nd 2013, 4:20 PM

    Thanks Adele nice to see someone still cares,the govt seems to be calling out all its shills these days to pretend everything is cushdy,the sad thing is that when it all boils over we will go straight to rioting and the govt will long for the days of a couple little protests and sorely regret all the bad moves its made!cant believe the amount of people with the we are where we are mentality,we still have options,Ireland’s resources for the Irish,not including Bertie’s IFF in that.

    15
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    Mute Rob Cunningham
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    Apr 3rd 2013, 12:18 AM

    Provide up to date facts! On recent data, we’d move up over 100 places on that dated list.

    2
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    Mute Fatness O Chopnessy
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    Apr 2nd 2013, 10:24 AM

    The Kerry lads will embrace it and reap the rewards not like those shell to sea crowd, clueless.

    88
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    Mute Chris Mansfield
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    Apr 2nd 2013, 1:41 PM

    Aside from using Farranfore to service any rigs, I can’t see anything in this for Kerry.

    If the oil is brought ashore in Ireland, it’s likely to be in Whitegate (near Cork), which has the only processing capability. With a bit of investment, there could be a role for Foynes or Bantry, but neither of them is in Kerry.

    More than likely, given how far offshore it is and the impracticalities of building pipelines at that depth, it will just be put straight into ships and will be off to Milford Haven or Rotterdam.

    11
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    Mute mattoid
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    Apr 2nd 2013, 1:56 PM

    @Chris
    Fenit?

    3
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    Mute Ryan Doyle
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    Apr 2nd 2013, 3:06 PM

    they’ll need a bigger pier at Fenit

    2
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    Mute brian magee
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    Apr 2nd 2013, 3:22 PM

    Its 100km off the coast from Kerry. there will be no benefit to Kerry,

    It’ll be all done by ship etc.

    4
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    Mute brian magee
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    Apr 2nd 2013, 3:23 PM

    Chris, I don’t think Whitegate can do raw crude oil..

    2
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    Mute mattoid
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    Apr 2nd 2013, 4:07 PM

    @Ryan
    Thats not an insurmountable hurdle

    1
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    Mute Alan Lyle-Stirling
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    Apr 2nd 2013, 10:39 AM

    Enda will probably offer to increase austerity measures so he can give the poor oil companies a tax break on their drilling costs..!

    75
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    Mute Itiswhatitis
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    Apr 2nd 2013, 10:42 AM

    Alan that might be a joke but I wouldn’t be surprised if Enda did that. The rage is building so much .

    44
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    Mute The Brass Rat
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    Apr 2nd 2013, 10:25 AM

    The state makes very little out the profits. We always do things arseways here.

    72
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    Mute Sean Beag
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    Apr 2nd 2013, 10:34 AM

    Twelve percent isn’t it? That’s pretty lucrative. As opposed to the nothing we would get if they hadn’t explored it.

    36
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    Mute Stephen murphy
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    Apr 2nd 2013, 10:37 AM

    Sean Beag, look up what Norway gets and rethink your reply!

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    Mute Sean Beag
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    Apr 2nd 2013, 10:42 AM

    Stephen look at a map. We are not Norway nor do we have the same known reserves. If there wasn’t something in it for the oil companies they wouldn’t be here. Exploration is risky and expensive as is setting up extraction.

    41
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    Mute Deckav
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    Apr 2nd 2013, 3:23 PM

    Sean Beag. Can you enlighten us as to how we get 12% ??

    11
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    Mute Daney Howard
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    Apr 2nd 2013, 10:45 AM

    Interesting video on how the Norwegians perceive our attitudes to natural resources and also a link to the Avaaz petition which has 15,000 signatures so far.
    http://www.myoilandgas.org

    53
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    Mute Barry Aston
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    Apr 2nd 2013, 10:34 AM

    We the population need to react accordingly to this robbery of our nations assets. Oil is going to be a massive part of humanity’s operation over the next twenty years and here I we are gifting it away. If the current government grew balls and saved our assets they could have a credible re-election footing.

    49
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    Mute Itiswhatitis
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    Apr 2nd 2013, 10:35 AM

    What the government should have done let them drill away but depending on the size of find apply a tax. That blooming simple.

    We might not have so much debt if we stop giving everything away. FG numb skulls wake up you morons.

    48
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    Mute Itiswhatitis
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    Apr 2nd 2013, 10:31 AM

    Great news for that oil company but bad news for irish government since they gave it away. Blooming idiots our government thick out . The only thing there excellent at is propaganda and lies.

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    Mute Alan Lyle-Stirling
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    Apr 2nd 2013, 11:17 AM

    When I tell people here in Australia, they think it’s an Irish joke at first then go into disbelief..!!

    31
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    Mute stephen moynihan
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    Apr 2nd 2013, 10:26 AM

    Makes no difference to us as a nation. One other thing that was sold out from under our feet

    37
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    Mute Conor O'Loughlin
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    Apr 2nd 2013, 10:45 AM

    Its sickening to know that we have all these natural resources and we are handing out to large corporates who must be f###ing laughing at the muppets of a goverment of ours!!

    34
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    Mute David Kennedy
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    Apr 2nd 2013, 10:36 AM

    Funny nd strange that these are all been discovered while the country’s fuked

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    Mute Dec Rowe
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    Apr 2nd 2013, 5:02 PM

    Oh look, someone’s awake! :)

    2
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    Mute Max Power
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    Apr 2nd 2013, 10:48 AM

    Oil off Kerry?! Great! Who did we give it away to?

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    Mute Stephen murphy
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    Apr 2nd 2013, 4:37 PM

    Powerful Lobby groups, who donate to the big parties!

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    Mute Keith Redmond
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    Apr 2nd 2013, 11:38 AM

    As usual loads of people mouthing off on here about something they know nothing about. A few questions to the naysayers ;

    1. If we don’t strike a deal with an oil exploration company to dig for oil, who do people think is going to do it, the government ? Set up a new arm of the ESB perhaps ?

    2. So accepting that we need an oil exploration company to look for oil, do you think any of these companies is going to go to the expense of digging, when there’s no guarantee that they will find any or the amount of oil talked about, without getting a deal that’s beneficial to them beforehand? They’re holding the cards, unless we suddenly investing trillions and try to do it ourselves. Can you imagine the moaning on here if we did, and we only find enough to run a Fiat 500 ?

    3. Comparing us to Norway is populist nonsense. The seas off Norway have been well surgery for many years. They only have to stick a golf tee in the ground there and they’ll find oil. Therefore the risk of not finding something is not there, unlike Ireland. Hence their government can call the shots.

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    Mute Paul Harvey
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    Apr 2nd 2013, 2:58 PM

    You suggest we strike a deal. Striking a deal would suggest there is something in it for the Irish people. The fact is that there would be very little in it for us so why give it away. The more oil they find the bigger we get screwed.

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    Mute Danny McLaughlin
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    Apr 2nd 2013, 11:54 PM

    Keith,
    The ill informed also forget how Norway started. They had the exact same incentives as we have now.
    They struck gold with their fields and now 40-50 years later are reaping the rewards.
    I’m currently working in the Shetland Isles. The benefits to the local economy is substantial here. But, the fields here have been producing since the ’70′s.
    we have yet to produce a single barrel.
    This whole comments thread is a series of ill informed bull.
    But, that’s populist rhetoric for you.

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    Mute Andrew Fitzsimons
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    Apr 2nd 2013, 11:39 AM

    Sad to see Ireland is giving away it’s much needed, very valuable resources with little or no tax, yet it’s even sadder to see the Irish people passively lament it’s loss. A movement needs to come from the masses to DEMAND change in the country, because the government certainly won’t roll over and beg for it’s belly to be tickled!

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    Mute Nikolas Koehler
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    Apr 2nd 2013, 10:30 AM

    Happy happy joy joy. It’s great to be alive.

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    Mute Gaius Gracchus
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    Apr 2nd 2013, 11:12 AM

    We should sell it for €10,no wait….€12!

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    Mute Adrian Bannon
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    Apr 2nd 2013, 4:27 PM

    We have some of the greatest oil and gas reserves…the oil companies have known this for years.Its common for governments to nationalise oil industries…in the 70s Norway offered Ireland a field in the North Sea so that we could learn how to exploit our reserves…we(corrupt ministers/civil servants) declined and then came the Corrib field and now this…oil/energy companies are the most corrupt and corrupting companies,and this is a corrupt nation,we’re being taken for a ride.Our reserves are estimated to be at least 200000000000 2 trillion….write off the debt and use the oil/gas as a guarantee.The people of rossport have being fighting the worlds biggest company fo over a decade and they are still fighting!!Its time people visited them and found out the facts for themselves…tony o reilly/denis o brien created a image of the Shell to Sea campaign as loons through their media propaganda empire…both men stand to make billions through Providence and Topaz.Who is real terrorist?who is the victim?The UN recently made 3 specific recommendations about how the state and top gardai have treated/abused/jailed/harassed the people up there…but we wont see that in any newspaper!!
    In the latest twist in the cover up and theft of our property(the gas) and abuse of decent people who have opposed the project a local company OSSL have admitted being a middle man for Shell in bribing top gardai with e350000 worth of drink and OSSL are now exposing what is still going on…
    “Remove two thirds of remaining alchohol and transport on the instruction of Mr. Conor Byrne Shell E&P Ireland to Belmullet Garda Station to meet with Chief Superintendent John Gilligan, Garda James Gill, Garda Dermot Butler – transfer alchohol to the safe keeping of the three aforementiond gentleman….

    Remove the remaining alchohol from Ossl container and using an unmarked vehicle deliver the balance to Athlone town and meet on the Athlone by-pass with a Garda Superintendent Liam Grimes of the sub aqua division of An Garda Siochana pass the remaining alchohol to Superintendent Grimes”

    OSSL Invoice – which claims to have given €29,500 worth of alcohol to named Gardaí who policed Corrib protests

    Please check out the shell to sea site for a real history of Corrib and then raise some hell!!

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    Mute Adrian Bannon
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    Apr 2nd 2013, 4:32 PM

    http://www.shelltosea.com/content/youtube-video-protest-against-shell-nuigs-energy-night

    “Michael Crothers Managing Director of Shell Exploration and Production Ireland came to talk to the engineering students of NUIG. We came to show our opposition and ask some tough questions which made him very uncomfortable!”
    Posted Date:
    19 March 2013

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    Mute Ronan Quinn
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    Apr 2nd 2013, 12:03 PM

    its not news oil is there for decades rights will be sold off just like gas . We could be det free but greed is in the air.The only ones that will make money are big oil companys . Goverment should have build there owne oil company years ago to late now ministers pensions are more important.

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    Mute Sean Duignan
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    Apr 2nd 2013, 2:37 PM

    This is a no lose situation for Ireland as the Oil companies take the risk in exploration. If successful we charge them tax at 90% on profits,the same as Norway and all the benefit comes to us.
    Unfortunately the idiots we have in Government will give it all away. It must be worth a gamble to get us out of the complete mess we are in.

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    Mute brian magee
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    Apr 2nd 2013, 3:37 PM

    the problem is that with the poor hit rate few companies will bother explorign, so we end up with no money. how many barallels of oil are we currently producing??

    in Norway the hit rate is much neeter so companies will explore

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    Mute The Brass Rat
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    Apr 2nd 2013, 12:34 PM

    Rabbitte has said in interviews in 2010 or 2011on RTE that there is no way we have billions of barrels of oil , he shot down a report that we have at least 10 billion. The finds so far in Donegal, Cork and Kerry are almost 3 billion barrels.

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    Mute One-Off Ireland
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    Apr 2nd 2013, 12:41 PM

    they are NOT FINDS – they are probable reserves. completely different.

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    Mute Thomas Roche
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    Apr 2nd 2013, 12:54 PM

    In the same interview the oil companies spokesman tried to explain that the difference between Norway and Ireland as regard actual wells hitting oil was, wait for this Ireland only hits oil in 1 in 5 explorations where as Norway hits oil in 25% of explorations. Thats difference of only 5% that he amitted to. He tried to bambozzle the public by stating percentages in one scenario and fractions in the other. I taught Pat Rabbitte would jump all over him, but I think he was bambozzled by the figures…… Lots of oil has been found since then.

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    Mute One-Off Ireland
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    Apr 2nd 2013, 1:09 PM

    No it hasn’t

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    Mute One-Off Ireland
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    Apr 2nd 2013, 10:47 AM

    funny how people are so obsessed with giving away our so called resources. According to Fatih Birol, chief economist of the International Energy Agency in Paris, if civilization is to avoid catastrophic climate change, only about one third of the 3,000 gigatons of CO2 contained in the world’s known reserves of oil, gas and coal can be released into the atmosphere.

    Yes fossil fuels and climate change are directly linked

    Similar to the Providence Resources application in Dalkey, I hope people will see sense and do everything they can to keep this in the ground where it belongs.

    Besides deep drilling in the north Atlantic – are we out of our minds!

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    Mute Gavin Burke
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    Apr 2nd 2013, 11:14 AM

    If you use any fossil fuel at all, you are a hypocrite.

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    Mute One-Off Ireland
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    Apr 2nd 2013, 11:49 AM

    If you benefit from a stable climate, then you are a hypocrite

    everyone uses fossil fuel, the fact is that production will peak by 2030. You can deny that all you wish but this is a geological fact – oil is finite

    The world consumes 80 million barrels of oil a day – this ‘find’ will last 3/4 days of current demand.

    If I am a ‘hypocrite’ to suggest, like the IEA, that we should leave oil in the ground and transition to other sources then so be it…

    Besides I think the IEA, who are chief energy advisor to 28 of the worlds industrialised economies, know more about it.

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    Mute brian magee
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    Apr 2nd 2013, 3:28 PM

    the issue with Dalkey is different in that the drill was 6km off the shore and poised a immediate threat to the bay and ll th erectrational users aswell as an ecological diaster.

    thsi is 100km off the shore so does nto have the same effect.

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    Mute One-Off Ireland
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    Apr 2nd 2013, 4:38 PM

    why are people so ill informed – the Deepwater Horizon incident affected 800km of coastline. besides, keeping oil in the ground has nothing to do with proximity

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    Mute Andy Cleary
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    Apr 2nd 2013, 12:05 PM

    We’re rich, oh wait we’re not.

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    Mute Verners Tess
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    Apr 2nd 2013, 5:09 PM

    Pat Rabbitte’s comment that we might scare them away is rubbish. Warren Buffett once said that if you come up with an idea that will make people money, the last thing on their mind is how much tax will I pay.
    The problem with us Irish is that we are so worried about what the rest of the world thinks of us that we will give it away in order to look good abroad. We love to screw ourselves in order to be patted on the back by the rest of the world.
    The bailout is a perfect example, pay everyone off, keep them all happy and screw our own!!!!!

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    Mute Colm Molloy
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    Apr 2nd 2013, 12:24 PM

    how come we import all our gas while we are pumping it from Kinsale for the last 30 or so years?
    something similar is in store with the oil i think

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    Mute One-Off Ireland
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    Apr 2nd 2013, 12:42 PM

    because Kinsale doesnt produce enough to cover demand – our electricity network is primarily gas fired

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    Mute Eoin Neylon
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    Apr 2nd 2013, 10:29 AM

    Why is Loop Head coloured purple in the above map as a matter of interest?

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    Mute hjGfIgAq
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    Apr 2nd 2013, 10:39 AM

    The pink area denotes an existing onshore licencing option – the Loop Head area is one of two onshore areas where preliminary testing for natural gas has been carried out (Enegi Oil wants to start fracking at it). The other area is in the north of Leitrim.

    For anyone interested, the image above comes from this PDF from the Department of Communications, Energy and Natural Resources, and outlines the areas in the Porcupine Basin (and some of Barryroe) which were covered by licencing operations before and after 2011.

    http://www.dcenr.gov.ie/NR/rdonlyres/88B94A58-8413-420C-B68D-1479CA4AC750/0/AwardofLicensingOptions.pdf

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    Mute random
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    Apr 2nd 2013, 11:17 AM

    Fracking in Clare, lovely.

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    Mute Carcu Sidub
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    Apr 2nd 2013, 11:56 AM

    Random

    In case anybody missed it there will be fracking in Ireland in the future and here is why.

    1. The British Government have given the go ahead for fracking in Northern Ireland and so areas of the Republic could and most likely will be exposed to the effects of fracking.
    2. Our Government will then allow fracking once they see how much money the Brits are making from it and to hell with the consequences.

    But don’t worry, as property prices drop because of the affects of fracking you won’t have to pay as much property tax. Until to sort out the smaller property tax returns the Government increase the rate of the property tax, so you must pay even more on your deprecating asset.

    Either way we are up the creek because of fracking.

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    Mute Cathal O'Loughlin
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    Apr 2nd 2013, 10:33 AM

    Lets give it away!

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    Mute Paul
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    Apr 2nd 2013, 10:40 AM

    Its not ours to give away. It belongs to the Germans.

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    Mute Conor
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    Apr 2nd 2013, 1:12 PM

    I think the most important words in the piece are MAY and SUGGESTS.

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    Mute Carcu Sidub
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    Apr 2nd 2013, 11:42 AM

    Best part is not one drop or even one cent or profit will make it on shore to Ireland.

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    Mute Max Power
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    Apr 2nd 2013, 5:14 PM

    With all the experts in the comments section it’s a surprise Ireland is in the shite it’s in at all.

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    Mute Danny McLaughlin
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    Apr 2nd 2013, 11:58 PM

    Hahahaha..!
    Max, that has to be the comment of the thread.

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    Mute Darragh Loftus
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    Apr 2nd 2013, 5:11 PM

    This should be a good news story for Ireland, however it is not just acceptable anymore that we settle for the benefit of having increased employment in an area as a result of a find of natural resources. In the current economic climate we find ourselves in, we should embrace any potential find and hence tax the find appropriately because it is ours and there should be a dividend there at the end of the day, a dividend that would contribute strongly in rectifying our current issues. A plan should be put in place, therefore formulating and enacting legislation that would impose appropriate taxes and levies on any find that there may be, if we can tax the people of the country, we can tax these huge companies.

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    Mute Barry
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    Apr 2nd 2013, 12:25 PM

    What will we as a nation gain from this??

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    Mute Mark osullivan
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    Apr 2nd 2013, 2:42 PM

    I drink your milkshake!!!!

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    Mute Eoin Darcy
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    Apr 2nd 2013, 4:27 PM

    DRAAIIINED!

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    Mute Mick Curtin
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    Apr 2nd 2013, 7:48 PM

    FFS bring back Chavez! Corrib is bad enough but the litany of crooked deals beggars belief for Ireland. The ministers should be held accountable: how can ANY minister ( Pat Rabbitte – these days ) sign off on behalf of the people particularly when the deal is a fraud for the nation???????
    Seriously people, we are as thick as we are asleep to put up with this flagrant fraud.

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    Mute ciaran clarke
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    Apr 2nd 2013, 10:38 AM

    Think it’s gas their drilling for.

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    Mute Alan Scott
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    Apr 2nd 2013, 1:00 PM

    Good, Enda will use this to pay the bankers

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    Mute The Brass Rat
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    Apr 2nd 2013, 1:48 PM

    We will be complete laughing stocks when an oil company is going to announce that they have found a north sea type wells that have enough oil to last decades.

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    Mute One-Off Ireland
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    Apr 2nd 2013, 2:59 PM

    That is impossible. The required amount of oil to last two decades is 1 trillion barrels – that is the same amount of oil consumed for the past 150 years

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    Mute Keith Redmond
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    Apr 2nd 2013, 11:39 AM

    Surgery =surveyed

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    Mute Rita Cahill
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    Apr 2nd 2013, 7:48 PM

    Lets Steal Away” the insolvency way,
    There’s no Need to Turn cant tell of the tale,
    Politicians and EU have robbed our pot of Gold,
    Selling our Lands of property Heritage sold,

    Reeking In the Money and the peoples inheritance,
    EU and This Government how low can you get
    The Irish People will never forget,
    Targeting the Disable and the old,
    Civil Servants, and all must be privatized and sold,
    Advising People to Live under a Fiver a day,
    Who the hell do they think they are,
    Control Bullies is what they are,
    FG and LB and FF, and Other TD members who got us into this mess, sold us to the dictator’s of the puppet masters.

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    Mute Kevin Twomey
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    Apr 2nd 2013, 5:00 PM

    I think the “their giving it away for free” argument is really misleading. It does have to work like this in our scenario.

    I would though like to see a caveat of guaranteed supply to the Irish market at a reasonable and fair price in the case of an international shortage.

    All taxes gained from this should go into a fund to develop wind/hydro systems which would guarantee us energy independence.

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    Mute Amaru Lee Murphy
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    Apr 2nd 2013, 5:11 PM

    Drill babe drill

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    Mute Seán O' Sullivan
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    Apr 4th 2013, 3:33 AM

    And it sure put them on the map

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    Mute michael johnston
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    Apr 2nd 2013, 8:57 PM

    If it should come to pass that Ireland becomes an exporter of oil,what will it benifit the Irish economy

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    Mute Patrick Collins
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    Apr 2nd 2013, 11:58 AM

    Were rich?? We’re rich!!!

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    Mute One-Off Ireland
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    Apr 2nd 2013, 12:40 PM

    & your kids will be poor, very poor!

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    Mute Jack Bowden
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    Apr 3rd 2013, 12:34 AM

    Ireland has one of the best exploration laws in the world. It encourages exploration.
    If you want everything to stay in the ground forever and ever we have bad laws.

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    Mute One-Off Ireland
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    Apr 3rd 2013, 9:05 AM

    there are lots of very good reasons to leave it in the ground

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    Mute Danny McLaughlin
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    Apr 3rd 2013, 12:02 AM

    I love it when there is story here about Ireland’s oil reserve.
    The amount of ill informed nonsense you see would be unbelievable, if you don’t actually read all the other Oil stories.
    Take a bow folks.

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    Mute Rita Cahill
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    Apr 6th 2013, 4:37 PM

    Any Dumbo;s that Voted in All Referendum Treaty’s last Year are The people Who are At Fault Because They legalized more EU power and legalized all the oil and Gas Give-away including Forest Woodland, Allowing foreign era from Eu to Fish in your ocean, The yes side are to Blame For All of The mess we are in now, media Get a Slice of Apple pie, including the government who are in partnership with the oil gold Diggers from Europe, You are to Blame not Them, the Yes Side sold our Country Out, so Quit moaning, it is too late now, nothing we can do to stop it now, your Final votes in Referendum Last year on Both Account, these are the two you voted for here….THE MAASTRICHT TREATY
    PROVISIONS AMENDING THE TREATY ESTABLISHING THE EUROPEAN ECONOMIC COMMUNITY WITH A VIEW TO ESTABLISHING THE EUROPEAN COMMUNITY
    http://www.eurotreaties.com/maastrichtec.pdf
    THE TREATY ON EUROPEAN UNION
    http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2010:083:0013:0046:EN:PDF

    you were lied to, but you fools that said yes are the problem, because you either don’t read or cannot be bothered

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