Barryroe Co. Cork Oil Fields

[thejuice]

http://www.independent.co.uk/news/world/europe/exploration-company-strikes-oil-off-county-cork-7573038.html

An exploration company has struck oil and discovered the first commercial well off the Irish coast.

Providence Resources said flows in Barryroe, 50km from Co Cork, is almost double the 1,800 barrels of oil per day (bopd) barrier set by the firm as being commercial.

Tests are also being carried out on gas flow rates in the area.

Tony O'Reilly, chief executive of Providence, said flow rates of 3,514 bopd have been discovered at 100-metre depth in the North Celtic Sea Basin.

"The well has also confirmed that the basal sands are laterally continuous, highly productive and that the oils are of a very high quality," he said.

The test area covered 300 sq km - equivalent to a medium to large North Sea oil field - and was bigger than expected with much better flow rates than first hoped for. Providence Resources made the announcement on the Dublin and London stock exchanges.

Yer boy O'Reilly said on the radio today that they expect to pay 40% tax on it. Any truth? What does this mean financially in real terms.

Can/will this be used to placate our banks taxpayers debt problem?

Dare we feel a wee bit optimistic about our future??

All we need now is to re-elect Fianna Fail to carefully manage our new found wealth!! 

[Aerlik]

There was a doco on here last night looking at the Canadian "tar sands?" in the far north of the country.  10 years ago it was uneconomical to produce, but now with the price of oil it is full steam ahead.  It costs 50% of the value of the product to produce, apparently, but that is considered viable.

It the production goes ahead at home, at least we won't suffer the environmental rape and pillaging that is being forced upon the Kimberley region in Australia with the plan to build an on-shore gas processing plant.  Fcukin disgrace.  20 years' lifespan for profit and greed set to destroy forever, billions of years of evolution.

[ziggysego]

The US Administration are getting ready to send in thR Army to 'liberate' the Rebel County. - From Facebook.

[Capt Pat]

3500 barrels a day of Brent crude at 124 dollars a barrel. 365 days a year could give 80 million dollars a year could in taxes for the Govt. That is just one well, there has been talk of a lot of oil and gas resources around the country.

[muppet]

3500 barrels a day of Brent crude at 124 dollars a barrel. 365 days a year could give 80 million dollars a year could in taxes for the Govt. That is just one well, there has been talk of a lot of oil and gas resources around the country.

I suspect the tax will be on the profits only. I won't hold my breath.

Edit: Just watched 6.01, it will be a tax rate of 25% on the profits only until they have made a fortune (bonanza tax it is called) after which the tax rate rises to 40% of profits.

Imagine giving foreign companies all of the Hotels in NAMA, free of charge, and saying that if they pay us back only 25% of their profits we would be happy?

[Hardy]

What deal do the Scots and Norwegians have with the oil companies? And is it the same deal that they had for the very first fields or were they able to strike more lucrative exploration deals after their fields were shown to be reliably productive?

[Capt Pat]

So now it appears that there are up to 1.6 billion barrels of high quality oil. There is a corporate tax rate of 25% and inward investment to benefit the Irish economy.

[Capt Pat]

http://www.irishtimes.com/newspaper/opinion/2011/0818/1224302638286.html

[Capt Pat]

What deal do the Scots and Norwegians have with the oil companies? And is it the same deal that they had for the very first fields or were they able to strike more lucrative exploration deals after their fields were shown to be reliably productive?

Norway has a 78% corporate tax rate I think

[armaghniac]

And is it the same deal that they had for the very first fields or were they able to strike more lucrative exploration deals after their fields were shown to be reliably productive?

I think this is the point. The first guys get a good deal, when they find some stuff, others come along and you can ratchet up the tax.

[Hardy]

Thanks Capt.

[Shamrock Shore]

Wonder how the Shinners will organise their inevitable protest