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Multi Billion gas/oil rippoff. The Dunquinn fields

category kerry | miscellaneous | news report author Monday December 04, 2006 23:51author by david grey - Green Party- Kerryauthor email davidgrey at greenparty dot ie Report this post to the editors

Irish resources given to "business buddies"

The present government has given away billions possibly trillions of Euro of gas/oil reserves which could have benefited the Irish public coffers.I will refer to the reserves given away to Businessman Tony O'Reilly off the coast of Kerry.

The Dunquinn gas and oil reserves in the north and south Dunquinn fields in the Porcupine basin (125 miles off the Kerry coast) contain according to Tony O’Reilly’s providence resources approximately 4 billiion barrels of oil and 25 trillion cubic ft of natural gas, this has a market value in my estimation of in excess of €250 Billion.

Bearing in mind that the government gave this away for €1 to Tony O’Reilly’s Providence resources leaves us with a lot of unanswered questions.
The government maintain that they have no expertise at deep well drilling and exploration, yet they gave the rights to a company who had to seek assistance from Exxon Mobil and Sosina in order to realise the massive potential of these fields, in fact Tony O’Reilly’s Providence now have a 16% stake in all profits from these fields while Exxon Mobil take all the risks, a good return on a €1 stake while providence can sit back and count the profits when the fields are up and going! Providence have put the costs of setting up a platform and commencement of drilling at €50 million, small change when the potential profits are taken into consideration.

Bearing this in mind it is mind boggling to me why the government does not hold onto these resources, they are being given away willy nilly all over our coast, the government say they don’t have the expertise, yet when Norway found similar resources they set up a state oil company (Statoil), which is pumping billions into the state coffers, imagine how a fraction of the profits of just one of our nations oil/gas fields could be put to use in hospital services, education, social services, transport etc. very little will flow into Irish coffers from the exploitation by Exxon Mobil.

With peak oil expected to be from 5 to 15 years away it is my opinion that the government should have held ALL of our resources in state ownership until then, deep sea drilling technology is improving year by year, the government could well have secured our nations financial future by refraining from a giveaway to Media Moguls and multi nationals.

When the cost of these “giveaways” is counted I believe it will be a multi billion euro slap in the face to the Irish people, indeed the miss management of our economy with billions already wasted in over spends, computer voting and downright incompetence needs to be highlighted also.

To conclude I would like to commend the work of the shell to sea campaign, the disrespectful way people are being treated in Mayo is only the start, if we let the current government and multi nationals trample over the rights of local people to live a quiet, safe and productive life, we cannot allow the state to be used as a battering ram for big business, with the law abiding public at risk of being at the wrong end of a Garda baton, simply for peacefully standing up for their rights!

Related Link: http://www.providenceresources.com

 #   Title   Author   Date 
   Mayo Today Kerry tomorrow     sean moraghan    Tue Dec 05, 2006 00:05 
   Govt resources rip off     david grey    Tue Dec 05, 2006 00:31 
   What Drivel     Reality    Tue Dec 05, 2006 09:14 
   deary deary     no idear    Tue Dec 05, 2006 11:43 
   My Reality is different to yours.     Master of perception.    Tue Dec 05, 2006 11:47 
   risky business     oilman    Tue Dec 05, 2006 11:50 
   The facts     Reality    Tue Dec 05, 2006 12:01 
   Why are we so gullible?     JFH    Tue Dec 05, 2006 12:59 
   Oil wells.     John    Tue Dec 05, 2006 15:36 
 10   Is there a massive cover up?     JFH    Tue Dec 05, 2006 16:32 
 11   Seven Heads     giggle    Tue Dec 05, 2006 17:19 
 12   Providence     Dave    Tue Dec 05, 2006 19:21 
 13   Hold din kæft, jeg taler til dig!     David Grey    Wed Dec 06, 2006 00:37 
 14   deep well drilling article     david grey    Wed Dec 06, 2006 00:54 
 15   Norway.     John    Wed Dec 06, 2006 10:26 
 16   Mr John     Miriam Cotton    Wed Dec 06, 2006 13:07 
 17   Norway.     John    Wed Dec 06, 2006 15:20 
 18   Ignorant statistics     Stuart    Wed Dec 06, 2006 15:41 
 19   john     john eile    Wed Dec 06, 2006 16:17 
 20   What are you talking about?     Dave    Wed Dec 06, 2006 17:42 
 21   Mortality Rates.     John    Wed Dec 06, 2006 18:07 
 22   Dave     John Eile    Wed Dec 06, 2006 18:07 
 23   PS     John Eile    Wed Dec 06, 2006 18:11 
 24   Happiness.     John    Wed Dec 06, 2006 18:21 
 25   Back to the gas     CJD    Wed Dec 06, 2006 19:12 
 26   Excess Irish mortality     Stuart    Wed Dec 06, 2006 19:32 
 27   reply to miriam     david grey    Wed Dec 06, 2006 19:55 
 28   Mortality figures     John    Wed Dec 06, 2006 20:08 
 29   Typical R Wing guff     John Eile    Wed Dec 06, 2006 22:13 
 30   better off leaving the gas underwater     wageslave    Thu Dec 07, 2006 05:42 
 31   Greenhouse gas.     John    Thu Dec 07, 2006 11:43 
 32   Excess Irish death rates     Lab Rat    Thu Dec 07, 2006 14:36 
 33   Exploit our hydrocarbons instead of our young men and women!     JFH    Thu Dec 07, 2006 14:44 
 34   Death rates.     John    Thu Dec 07, 2006 15:39 
 35   It is all about truth being smothered with the Spin!     JFH    Thu Dec 07, 2006 16:52 
 36   Birth Rates     John    Thu Dec 07, 2006 17:49 
 37   Stats     Mark    Thu Dec 07, 2006 18:47 
 38   John, better to cry foul than say nothing!     JFH    Thu Dec 07, 2006 19:38 
 39   Figures     John    Thu Dec 07, 2006 20:05 
 40   Birth Rates.     John    Thu Dec 07, 2006 20:44 
 41   never mind the birthrate     chrissie    Thu Dec 07, 2006 21:05 
 42   Ireland's poor life expectancy     Lab Rat    Thu Dec 07, 2006 21:06 
 43   Cut to the chase!     JFH    Fri Dec 08, 2006 00:14 
 44   Birth Rates     John    Fri Dec 08, 2006 10:02 
 45   Wealth but not health     Stuart    Fri Dec 08, 2006 12:58 
 46   Missing the point deliberately? Back to the Hydrocarbon Rip-off     jack    Fri Dec 08, 2006 13:45 
 47   Graph     John    Fri Dec 08, 2006 17:41 
 48   John     True Left    Sat Dec 09, 2006 12:16 
 49   Indymedia and postings     Stuart    Sat Dec 09, 2006 19:35 
 50   resorce theft off the kerry coast     d    Sat Dec 09, 2006 20:43 
 51   Thank you d - k     True Left    Sun Dec 10, 2006 12:32 
 52   Derailing the thread     Stuart    Sun Dec 10, 2006 14:21 
 53   No topic is an Island!     JFH    Mon Dec 11, 2006 13:07 
 54   value of Dunquin     ndo    Thu Dec 18, 2008 09:27 
 55   Indictments needed     Patrick    Thu Dec 18, 2008 11:33 
 56   "War against the State" (from within and by our "public servants"!!)     Kathleen    Thu Dec 18, 2008 12:28 
 57   Any news on Duquinn oil fields in Kerry or the Corrib     Kevin T. Walsh    Thu Dec 18, 2008 15:43 
 58   Grand Jury     Jackie    Thu Dec 18, 2008 18:35 
 59   David Grey     Done Quinn    Thu Dec 18, 2008 20:22 

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