Oil off Dalkey - How do we insure the government does not squander it?

T

Towger

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There has been talk of it over the years and now it appears that some proper testing is about to be done for oil in the Kish Bank region off the Dublin coast.
This could be, if managed correctly, Ireland's "Get Out of Jail Free Card" for all our NAMA expenses...

However, how do we insure the Government handles an oil find without squandering it, and what incentivises have already been given?

The last thing we need is another Ray Burke / Shell Corrib Gas episode with secret deals being made behind closed doors, and the country not getting a penny out of our national natural resources.
 
Find some way of installing a new Permanent Government and promote the current self-serving, pocket-lining incumbents to the new department of Enterprise Employment and Tourism for Rockall.
 
I'm sure that the compan(ies) that have spend tens or hundreds of millions exploring the area have first dibbs.
 
It's a load of high grade balonium.

New analysis of vintage 2-D seismic data has revealed the presence of a large undrilled structural closure at Lower Triassic level situated c. 10 km offshore Dublin. This feature, known as the Dalkey Island exploration prospect, may be prospective for oil, as there are prolific oil productive Lower Triassic reservoirs nearby in the eastern Irish Sea offshore Liverpool. Whilst the Dalkey Island exploration prospect could contain c. 870 MMBO in place, this undrilled prospect still has significant risk and the partners are currently advancing a focused work programme in order to better understand and hopefully mitigate these risks. However, given its location in shallow water and close proximity to shore, the prospect is of great interest as exploration drilling, together with any future development costs, are likely to be low.
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That's their own press release. The share price of Providence is unmoved. There may be oil in that region, and there may be not, there's absolutely no way of knowing from the information presented. This is simply telling the shareholders how they're going to be spending their money for the coming year.
 
Can this thread be moved back to there is was posted, and the smart comments deleted. It is a serious question and will only be degraded in Letting off Steam. We don't want or need a repeat of Corrib Gas carry on.
 
Unfortunately our government doesnt serve the best interests of the Irish people. It serves its corporate sponsors. Successive Irish governments seem to forget that Ireland was set up as a Sovereign Republic and its people supercede the government and its subsidiaries but thats not what they'd have you believe.
Therefore I hold no hope for any future oil finds not being squandered.
At present our forestry is undergoing a change into private hands. Some Swiss company whose name escapes me. Bertie Ahern being a benefactor there.
Private companies will buy up the forestry and be able to offset it against the Carbon Taxes they'll be liable for.

Peace
 
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