meant to be 20per of their profits.
only after they mess around with their grants and manipulate the figures. basically sweet F all.
compare that to Norway who i think take 90 per cent of the oil.
oh well just another great Irish giveaway

meant to be 20per of their profits.
only after they mess around with their grants and manipulate the figures. basically sweet F all.
compare that to Norway who i think take 90 per cent of the oil.
oh well just another great Irish giveaway!

I often wondered about Pat Rabbitte’s support for the interests of the Oil and Drinks industries. Have they something on him? Because he does a far better job representing the wishes of those companies than the interests of the Irish public.

Look lads! It’s time to start playing hard ball with oil companies! Why can’t the government start up a brand new nationalised company? Hire the right people and keep as much revenue for the Irish people! Just look at Norway for example! They went from being one of our poorest neighbours to being the richest because of their oil and gas reserves! Come on Enda. Tough it out.

Rodrigo it’s not as simple as that. Where will we get the money to start the new company and where is all the oil?Do you really think it’s as simple as drilling one well and up it comes? We don’t have the money to do it and our politicians gave away our right’s in the past. All we can do is learn from that and make sure that it doesn’t happen in the future.

Trouble what Trouble,, sure we might piss and moan about it, but the media will paint those who do as hippies/crusties,jobless and the sheep of this country will simply nod there head grumble about something else and move on.

Look back at north american history/ IMF involvement and the rape of natural resource,, come to think of it check out Africa also a place of vast natural resources which can’t seem to feed the people who live there,, Oh well that’s because of the corruption in there governments, ,is it, well who set up and runs there governments, and who takes down those governments who do not play ball with big business,, the West does!!!

The Spirit of Ireland Project was an absolute no brainer. We could have used NPRF money to create thousands of construction jobs and then repaid the NPRF with interest exporting the excess energy to Europe.

But why do a sensible no-brown-envelope thing lie that, eh FF/FG??

ray burke and bertie. quelle surprise!

I work in the oil and gas industry and most of the comments above are BS. I am irish but work for an american company in the UK. It takes a long long time to be trained and is expensive, 5years uni, years training and circa €3000 per person survival training offshore (each country is requires different training). Ireland have got into the industry far too late. The amount of companies drilling in the north sea and Uk hardly sees a penny!!
Companies exploring can easily extract oil and gas elsewhere for cheaper. For example: Norway has its own standards called NORSOK which any country drilling have to abide by (strict as hell…. really you have no idea), the gulf, africa, southern, northern america have there own too. Most people working offshore are not from the county where the rig is based, they are contracted to the explorers, then drillers have there own employees they fly out. running a rig can cost €50,000 to €500000 a day. Russian equipment is outdated and maintenance would outweigh efficiency. Commissioning say a wellhead, HPU, WHPU, chemical injector is costing €10M, and these are only the basics. It is too expensive and risky for the government.
Check out Shlumberger, Weatherford, Nexen, Tyco, Agora, Rusoil to name a few if you want more info.
It is an extremely competative industry and Ireland are late comers, better late then never, I suppose

I tell you obe thing. Im extremely pissed off. Fianna FAIL and FG have signed away our rights to OUR oil and gas. This is crazy. What a shower of idiots. Why cant something be done about this?

were the shower of idiots for letting this happen

I’m going to play devils advocate here. How much oil has been been extracted from Irish waters so far. I’m pretty sure it’s close to zero and 90% of zero is still zero.

The alternative to lowering the tax burden to a level that multi nationals find acceptable for exploration is that we set up a state company to do it. How many billions do you think would get pissed away before the government pulls the plug on what would undoubtedly be another money hemorrhaging farce of a semi-state?

It’s all well and good to compare us to Norway…….but the facts speak for themselves, we’re not Norway, it’s like comparing apples and oranges.

True Brian we’re not Norway. Words like decency, innovative and honest are not words you could place against any one of the 166 TD’s we have or those that came before. Slimey gangsters every last one. Just look at the last 5 Taoiseachs and it speaks for itself. Kenny, Cowan, Ahern, Reynolds and Haughey….. Shocking isnt it.

if we’re getting nothing, why should
nt the oil companies get nothing then.

What!!!! Win Win,,,,, so what are the figures,and who gets the money,, anybody who makes there mind up without the detail definitely shows a lack of intelligence. don’t ya think Stephen??

preliminary figures suggest 20% of profits , add on top of that the temporary and permanent jobs, the introduction of Ireland into natural resources markets and the knockon benefits to local businesses benefiting from the employees, in exchange for selling a black liquid we werent going to take out of the ground ourselves anyway – its a pretty good deal.

Stephen, the company drilling can write off its drilling costs going back 25 YEARS against the profits from the oil coming out of the well before it has to pay the Irish exchequer a single cent of tax from its find.