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Rossport Mk II in the pipeline?

GOF58

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Jan 4, 2015
Messages
206
Of the key issues thrown up by the Rossport fiasco, one of the more contentious was the issue of government royalties. The Irish tax regime for developers of offshore resources is comparatively generous, the tax rate of 25% on profits and the ability to write off costs of capital-investment a key factor in determining the commercial prospects for hydrocarbon deposits (although changes broached for the Finance bill last year raised the ceiling on maximum tax levels for hydrocarbon exploitation from 40% to 55%).

Bearing this in mind, it is worth noting that in February this year, the Dept of Communications, Energy and Natural Resources has awarded 14 licencing options to different players, including Exxon, Statoil, and Woodside, in the Southern Porcupine Basin, which give the holder exclusive rights to an exploration licence in the reserved area;
Minister Joe McHugh described the response to the round as “extremely positive,” adding “this is by the largest number of applications received in any licensing round held in the Irish offshore.”
Industry sources have noted the discovery of 1.2 billion boe in one part of the the area by Esso in 2013, and given the downturn in oil prices (and concomitant fall in market price for rig workers due to spare capacity) it would appear that the hydrocarbon industry is gearing up to begin exploitation of the Porcupine basin. In the event of commercial production it will be interesting to see whether the issue of tax is revisited, especially in the context of increased political representation for parties like the AAA/PBP.

West Ireland's Porcupine Basin Shows Oil Generation. - Spectrum Geo

NEWS  |  Offshore Ireland Still Makes Sense in a Low Oil Price World  |  Rigzone

http://www.dcenr.gov.ie/natural-resources/en-ie/Oil-Gas-Exploration-Production/Pages/Types-of-Authorisations.aspx
 


Analyzer

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FG are probably afraid that the terms are still not generous enough.

In fact for FG this another opportunity to throw away some of our remaining sovereignty.

Corporatist sell out artists.
 

GOF58

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Jan 4, 2015
Messages
206
FG are probably afraid that the terms are still not generous enough.

In fact for FG this another opportunity to throw away some of our remaining sovereignty.

Corporatist sell out artists.
FF have a worse record in that regard, it was Ray Burke who introduced the present hydrocarbon tax regime in 1992.
 

wombat

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This reminds me of the periodic stories that appeared in the Indo about massive oil discoveries during the O'Reilly days. Why would anyone invest in unproven offshore reserves when oil prices are at their lowest in years?
 

Boy M5

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This reminds me of the periodic stories that appeared in the Indo about massive oil discoveries during the O'Reilly days. Why would anyone invest in unproven offshore reserves when oil prices are at their lowest in years?
Very good point about the bankrupt O'Reilly (who trousered dividends from Eircom, when it was indebted in a leverage takeover & couldn't invest in broadband).

They haven't.

They have just taken something for free, or for very little. An option with rights. I hope the exercise price is high. That said the deep oil support industry is in crisis as there is no investment in deep fields. So if they wanted to survey now is the time to do so - for next to nothing.

Official Ireland, inept & selling out the people for generations.
Best exemplified by the corporarist trousering party.
 

Boy M5

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FF have a worse record in that regard, it was Ray Burke who introduced the present hydrocarbon tax regime in 1992.
Why didn't the Stickies (with their extensive knowledge of foreign lands - DDR, N Korea & currency markets - US Dollars specifically) undo the former jailbird's handiwork? Why didn't FF under Ahern? Or the Trousering Party?
 

GOF58

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Why didn't the Stickies (with their extensive knowledge of foreign lands - DDR, N Korea & currency markets - US Dollars specifically) undo the former jailbird's handiwork? Why didn't FF under Ahern? Or the Trousering Party?
They're all the same, FF still have a worse record in both introducing the present tax regime and subsequently presiding over the Rossport project.
 

SPN

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16,895
Of the key issues thrown up by the Rossport fiasco, one of the more contentious was the issue of government royalties.
The primary issue at Rossport is safety.

The gas treatment plant should have been built at sea, as is the norm.

Government royalties are a small side issue, and ultimately distract from the important issue.




Industry sources have noted the discovery of 1.2 billion boe in one part of the the area by Esso in 2013, and given the downturn in oil prices (and concomitant fall in market price for rig workers due to spare capacity) it would appear that the hydrocarbon industry is gearing up to begin exploitation of the Porcupine basin. In the event of commercial production it will be interesting to see whether the issue of tax is revisited, especially in the context of increased political representation for parties like the AAA/PBP.
CO2 concentrations in the atmosphere are rapidly approaching 400ppm. In the very near future we are going to have to severely throttle back our emissions of new CO2 into the atmosphere. The scientific consensus is that we will have to leave 80% of the currently known reserves of fossil fuels in the ground if we are to prevent runaway heating of the planet.

For the last couple of years oil and gas companies have been buying back their shares instead of investing in new exploration.

They know what's coming.
 

Mad as Fish

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Dec 6, 2012
Messages
24,449
FG are probably afraid that the terms are still not generous enough.

In fact for FG this another opportunity to throw away some of our remaining sovereignty.

Corporatist sell out artists.
I should imagine that even the oil companies would baulk at the idea of jobsbridge workers on the rigs but should FG offer to throw in a canoe so they can find their own way to work then they might be swayed, just don't ask Joan for instructions on how to use them.
 

wombat

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The primary issue at Rossport is safety.

The gas treatment plant should have been built at sea, as is the norm.
Safety for who? You see no problem with flying rig workers by helicopter 60 miles into north Atlantic in winter? I guess they are well paid so they are disposable?
It has been the norm in the North sea but not elsewhere, if it is possible to process gas ashore as in some of the Australian fields, that is what is done. The mumbo jumbo scare stories from the crusties at Rossport were only possible because of the level of scientific illiteracy of which the Irish media are so proud.
 

Watcher2

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Safety for who? You see no problem with flying rig workers by helicopter 60 miles into north Atlantic in winter? I guess they are well paid so they are disposable?
It has been the norm in the North sea but not elsewhere, if it is possible to process gas ashore as in some of the Australian fields, that is what is done. The mumbo jumbo scare stories from the crusties at Rossport were only possible because of the level of scientific illiteracy of which the Irish media are so proud.
Snivelling, conniving, gombeen corrupt politicians don't help in the cultivation of conspiracy theories either.
 

paulp

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Very good point about the bankrupt O'Reilly (who trousered dividends from Eircom, when it was indebted in a leverage takeover & couldn't invest in broadband).

They haven't.

They have just taken something for free, or for very little. An option with rights. I hope the exercise price is high. That said the deep oil support industry is in crisis as there is no investment in deep fields. So if they wanted to survey now is the time to do so - for next to nothing..
Ever wonder why we don't have 50 oilrigs off our west coast?
Free oil out there for whoever wants it, ~30 odd years since Burke brought it those conditions
 

SPN

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The mumbo jumbo scare stories from the crusties at Rossport were only possible because of the level of scientific illiteracy of which the Irish media are so proud.
We'll agree on the level of scientific illiteracy of the Irish media.

Also worth noting is the PR capabilities of the promoters vs the PR capabilities of the crusties.
 

ergo2

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Oct 4, 2008
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14,299
I remember back in the fifties some residents of Rossport queried the safety of rural electricification
 

ibis

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Mar 12, 2005
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Budget 2016: Chancellor George Osborne cuts North Sea taxes

The chancellor has announced a major overhaul of the North Sea tax regime, in response to difficulties facing the UK oil and gas sector.

In his Budget statement, he said Petroleum Revenue Tax (PRT) would be "effectively abolished", having cut it last year from 50% to 35%.

The existing supplementary charge for oil companies will also be cut from 20% to 10%, backdated to 1 January.
Budget 2016: Chancellor George Osborne cuts North Sea taxes - BBC News

Now would be a great time to hike our petroleum taxes, evidently. Because if you have to choose between a largely unknown area with high taxes and savage conditions, and a well-known area with low taxes and merely unpleasant conditions, you're clearly going to plump for the former.
 

Harmonica

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Jul 2, 2009
Messages
5,827
If the terms of exploration are so generous why isn't more commercial wells off the Irish coast? Seems we can grant allow private companies to find the oil/gas & then take our cut from the profits or else we setup a state company to explore & develop oil/gas finds. Lots of people seem to complain about the current setup but no clear alternative is suggested.
 

Boy M5

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Joined
May 20, 2010
Messages
21,731
Safety for who? You see no problem with flying rig workers by helicopter 60 miles into north Atlantic in winter? I guess they are well paid so they are disposable?
It has been the norm in the North sea but not elsewhere, if it is possible to process gas ashore as in some of the Australian fields, that is what is done. The mumbo jumbo scare stories from the crusties at Rossport were only possible because of the level of scientific illiteracy of which the Irish media are so proud.
What facts have you got to back up your post.
The Rossport fellas argued that the gas plant was unique in its location.

I was told by an authoritative source a lot of the problems were with the Exploration & Production company that got the rights at the start & was taken over by Shell who ended up owning the gas.
That company was Enterprise Oil where Justin Welby was 1 level below board level - as treasurer he reported to the CFO.
 

lostexpectation

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Joined
Jun 3, 2006
Messages
14,128
Website
dublinstreams.blogspot.com
Of the key issues thrown up by the Rossport fiasco, one of the more contentious was the issue of government royalties. The Irish tax regime for developers of offshore resources is comparatively generous, the tax rate of 25% on profits and the ability to write off costs of capital-investment a key factor in determining the commercial prospects for hydrocarbon deposits (although changes broached for the Finance bill last year raised the ceiling on maximum tax levels for hydrocarbon exploitation from 40% to 55%).

Bearing this in mind, it is worth noting that in February this year, the Dept of Communications, Energy and Natural Resources has awarded 14 licencing options to different players, including Exxon, Statoil, and Woodside, in the Southern Porcupine Basin, which give the holder exclusive rights to an exploration licence in the reserved area;

Industry sources have noted the discovery of 1.2 billion boe in one part of the the area by Esso in 2013, and given the downturn in oil prices (and concomitant fall in market price for rig workers due to spare capacity) it would appear that the hydrocarbon industry is gearing up to begin exploitation of the Porcupine basin. In the event of commercial production it will be interesting to see whether the issue of tax is revisited, especially in the context of increased political representation for parties like the AAA/PBP.

West Ireland's Porcupine Basin Shows Oil Generation. - Spectrum Geo

NEWS | Offshore Ireland Still Makes Sense in a Low Oil Price World | Rigzone

http://www.dcenr.gov.ie/natural-resources/en-ie/Oil-Gas-Exploration-Production/Pages/Types-of-Authorisations.aspx
would there be need to build another refinery? it was around that there were problems with the pipeline near peoples houses
 


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