Shell to Sea

[muppet]

Accounts show Mayo gas field richer than originally thought


There's more gas off the coast of Co Mayo than originally estimated, according to an offshore sub-sea survey in the Corrib gas field.

Commercial gas is set to flow from the field in the middle of next year after a series of delays.

The partners in the project — Shell, Statoil and Vermilion — are expected to spend an additional €300m on the project this year to bring the total spend to €3.4 bn by year's end.

Now, new accounts filed Canadian-based firm, Vermilion Energy Ireland Ltd — show that the volume of gas at peak production will be 8% more than originally believed.

http://www.irishexaminer.com/breakingnews/business/accounts-show-mayo-gas-field-richer-than-originally-thought-643885.html

Great news. Think of all that extra taxation we're going to accrue off that 8%. 

Where would the state have found the €3.4 billion invested already?

Why do we have to invest €3.4 billion today?

Since you were been sardonic around the extra 8% I assume you think that we should levy for more tax on the gas. But since 3 corporations have invested €3.4 billion based on agreements with the Irish government do we just renege on the exploration and extraction agreements and ignore their investment or do you think we should renegotiate? What do you think the consequences would be if we reneged or changed the terms?

We won't get a cent until the €3.4bn is paid off.

[Dinny Breen]

Accounts show Mayo gas field richer than originally thought


There's more gas off the coast of Co Mayo than originally estimated, according to an offshore sub-sea survey in the Corrib gas field.

Commercial gas is set to flow from the field in the middle of next year after a series of delays.

The partners in the project — Shell, Statoil and Vermilion — are expected to spend an additional €300m on the project this year to bring the total spend to €3.4 bn by year's end.

Now, new accounts filed Canadian-based firm, Vermilion Energy Ireland Ltd — show that the volume of gas at peak production will be 8% more than originally believed.

http://www.irishexaminer.com/breakingnews/business/accounts-show-mayo-gas-field-richer-than-originally-thought-643885.html

Great news. Think of all that extra taxation we're going to accrue off that 8%. 

Where would the state have found the €3.4 billion invested already?

Why do we have to invest €3.4 billion today?

Since you were been sardonic around the extra 8% I assume you think that we should levy for more tax on the gas. But since 3 corporations have invested €3.4 billion based on agreements with the Irish government do we just renege on the exploration and extraction agreements and ignore their investment or do you think we should renegotiate? What do you think the consequences would be if we reneged or changed the terms?

We won't get a cent until the €3.4bn is paid off.

Is any of that €3.4bn gone to towards local infrastructure, PAYE, VAT etc?

[muppet]

Accounts show Mayo gas field richer than originally thought


There's more gas off the coast of Co Mayo than originally estimated, according to an offshore sub-sea survey in the Corrib gas field.

Commercial gas is set to flow from the field in the middle of next year after a series of delays.

The partners in the project — Shell, Statoil and Vermilion — are expected to spend an additional €300m on the project this year to bring the total spend to €3.4 bn by year's end.

Now, new accounts filed Canadian-based firm, Vermilion Energy Ireland Ltd — show that the volume of gas at peak production will be 8% more than originally believed.

http://www.irishexaminer.com/breakingnews/business/accounts-show-mayo-gas-field-richer-than-originally-thought-643885.html

Great news. Think of all that extra taxation we're going to accrue off that 8%. 

Where would the state have found the €3.4 billion invested already?

Why do we have to invest €3.4 billion today?

Since you were been sardonic around the extra 8% I assume you think that we should levy for more tax on the gas. But since 3 corporations have invested €3.4 billion based on agreements with the Irish government do we just renege on the exploration and extraction agreements and ignore their investment or do you think we should renegotiate? What do you think the consequences would be if we reneged or changed the terms?

We won't get a cent until the €3.4bn is paid off.

Is any of that €3.4bn gone to towards local infrastructure, PAYE, VAT etc?

Very little. There will be 50 permanent jobs, which is obviously useful, but does it justify a €3.4bn tax write-off and free raw material (the gas)?.

Also, the State has paid a fortune in policing the whole thing.

[gerrykeegan]

Accounts show Mayo gas field richer than originally thought


There's more gas off the coast of Co Mayo than originally estimated, according to an offshore sub-sea survey in the Corrib gas field.

Commercial gas is set to flow from the field in the middle of next year after a series of delays.

The partners in the project — Shell, Statoil and Vermilion — are expected to spend an additional €300m on the project this year to bring the total spend to €3.4 bn by year's end.

Now, new accounts filed Canadian-based firm, Vermilion Energy Ireland Ltd — show that the volume of gas at peak production will be 8% more than originally believed.

http://www.irishexaminer.com/breakingnews/business/accounts-show-mayo-gas-field-richer-than-originally-thought-643885.html

Great news. Think of all that extra taxation we're going to accrue off that 8%. 

Where would the state have found the €3.4 billion invested already?

Why do we have to invest €3.4 billion today?

Since you were been sardonic around the extra 8% I assume you think that we should levy for more tax on the gas. But since 3 corporations have invested €3.4 billion based on agreements with the Irish government do we just renege on the exploration and extraction agreements and ignore their investment or do you think we should renegotiate? What do you think the consequences would be if we reneged or changed the terms?

We won't get a cent until the €3.4bn is paid off.

Why would it pay corporation tax before it makes a profit?

[Dinny Breen]

Accounts show Mayo gas field richer than originally thought


There's more gas off the coast of Co Mayo than originally estimated, according to an offshore sub-sea survey in the Corrib gas field.

Commercial gas is set to flow from the field in the middle of next year after a series of delays.

The partners in the project — Shell, Statoil and Vermilion — are expected to spend an additional €300m on the project this year to bring the total spend to €3.4 bn by year's end.

Now, new accounts filed Canadian-based firm, Vermilion Energy Ireland Ltd — show that the volume of gas at peak production will be 8% more than originally believed.

http://www.irishexaminer.com/breakingnews/business/accounts-show-mayo-gas-field-richer-than-originally-thought-643885.html

Great news. Think of all that extra taxation we're going to accrue off that 8%. 

Where would the state have found the €3.4 billion invested already?

Why do we have to invest €3.4 billion today?

Since you were been sardonic around the extra 8% I assume you think that we should levy for more tax on the gas. But since 3 corporations have invested €3.4 billion based on agreements with the Irish government do we just renege on the exploration and extraction agreements and ignore their investment or do you think we should renegotiate? What do you think the consequences would be if we reneged or changed the terms?

We won't get a cent until the €3.4bn is paid off.

Is any of that €3.4bn gone to towards local infrastructure, PAYE, VAT etc?

Very little. There will be 50 permanent jobs, which is obviously useful, but does it justify a €3.4bn tax write-off and free raw material (the gas)?.

Also, the State has paid a fortune in policing the whole thing.

Have you figures?

[muppet]

Accounts show Mayo gas field richer than originally thought


There's more gas off the coast of Co Mayo than originally estimated, according to an offshore sub-sea survey in the Corrib gas field.

Commercial gas is set to flow from the field in the middle of next year after a series of delays.

The partners in the project — Shell, Statoil and Vermilion — are expected to spend an additional €300m on the project this year to bring the total spend to €3.4 bn by year's end.

Now, new accounts filed Canadian-based firm, Vermilion Energy Ireland Ltd — show that the volume of gas at peak production will be 8% more than originally believed.

http://www.irishexaminer.com/breakingnews/business/accounts-show-mayo-gas-field-richer-than-originally-thought-643885.html

Great news. Think of all that extra taxation we're going to accrue off that 8%. 

Where would the state have found the €3.4 billion invested already?

Why do we have to invest €3.4 billion today?

Since you were been sardonic around the extra 8% I assume you think that we should levy for more tax on the gas. But since 3 corporations have invested €3.4 billion based on agreements with the Irish government do we just renege on the exploration and extraction agreements and ignore their investment or do you think we should renegotiate? What do you think the consequences would be if we reneged or changed the terms?

We won't get a cent until the €3.4bn is paid off.

Why would it pay corporation tax before it makes a profit?

They have a unique deal to write off all of their capital costs & get all of their raw material without royalties. We have had this out before on this thread.

[muppet]

Accounts show Mayo gas field richer than originally thought


There's more gas off the coast of Co Mayo than originally estimated, according to an offshore sub-sea survey in the Corrib gas field.

Commercial gas is set to flow from the field in the middle of next year after a series of delays.

The partners in the project — Shell, Statoil and Vermilion — are expected to spend an additional €300m on the project this year to bring the total spend to €3.4 bn by year's end.

Now, new accounts filed Canadian-based firm, Vermilion Energy Ireland Ltd — show that the volume of gas at peak production will be 8% more than originally believed.

http://www.irishexaminer.com/breakingnews/business/accounts-show-mayo-gas-field-richer-than-originally-thought-643885.html

Great news. Think of all that extra taxation we're going to accrue off that 8%. 

Where would the state have found the €3.4 billion invested already?

Why do we have to invest €3.4 billion today?

Since you were been sardonic around the extra 8% I assume you think that we should levy for more tax on the gas. But since 3 corporations have invested €3.4 billion based on agreements with the Irish government do we just renege on the exploration and extraction agreements and ignore their investment or do you think we should renegotiate? What do you think the consequences would be if we reneged or changed the terms?

We won't get a cent until the €3.4bn is paid off.

Is any of that €3.4bn gone to towards local infrastructure, PAYE, VAT etc?

Very little. There will be 50 permanent jobs, which is obviously useful, but does it justify a €3.4bn tax write-off and free raw material (the gas)?.

Also, the State has paid a fortune in policing the whole thing.

Have you figures?

Yes, the State invested €64bn in the collapsed banking system. A €3.4bn investment would have been buttons by comparison.

As for State policing, €16m by the end of last year: http://www.thejournal.ie/corrib-gas-pipeline-shell-protests-costs-1216937-Dec2013/

[gerrykeegan]

Accounts show Mayo gas field richer than originally thought


There's more gas off the coast of Co Mayo than originally estimated, according to an offshore sub-sea survey in the Corrib gas field.

Commercial gas is set to flow from the field in the middle of next year after a series of delays.

The partners in the project — Shell, Statoil and Vermilion — are expected to spend an additional €300m on the project this year to bring the total spend to €3.4 bn by year's end.

Now, new accounts filed Canadian-based firm, Vermilion Energy Ireland Ltd — show that the volume of gas at peak production will be 8% more than originally believed.

http://www.irishexaminer.com/breakingnews/business/accounts-show-mayo-gas-field-richer-than-originally-thought-643885.html

Great news. Think of all that extra taxation we're going to accrue off that 8%. 

Where would the state have found the €3.4 billion invested already?

Why do we have to invest €3.4 billion today?

Since you were been sardonic around the extra 8% I assume you think that we should levy for more tax on the gas. But since 3 corporations have invested €3.4 billion based on agreements with the Irish government do we just renege on the exploration and extraction agreements and ignore their investment or do you think we should renegotiate? What do you think the consequences would be if we reneged or changed the terms?

We won't get a cent until the €3.4bn is paid off.

Why would it pay corporation tax before it makes a profit?

They have a unique deal to write off all of their capital costs & get all of their raw material without royalties. We have had this out before on this thread.

It is not a unique deal, all companies can write off their capital expenditure against their profits.

[Rossfan]

Also, the State has paid a fortune in policing the whole thing.

Have you figures?
[/quote]

As for State policing, €16m by the end of last year: http://www.thejournal.ie/corrib-gas-pipeline-shell-protests-costs-1216937-Dec2013/
[/quote]

That is an absolute disgrace as was the way the protesters were treated, manhandled etc.
How long have you to wait for a Garda to call if you're house was burgled etc?
And then our Gas is being given free to these Companies.....

[muppet]

It is not a unique deal, all companies can write off their capital expenditure against their profits.

I still don't get this, even though you kindly tried twice on this thread alone.

If I set up a company and buy (with cash or borrowed money it doesn't seem to matter) 10 houses and subsequently rent them, does my company pay any tax on the rental income, or can my company pay myself (or the bank) back the entire cost of the 10 purchases before I pay any tax?

Serious question btw.

[Dinny Breen]

Accounts show Mayo gas field richer than originally thought


There's more gas off the coast of Co Mayo than originally estimated, according to an offshore sub-sea survey in the Corrib gas field.

Commercial gas is set to flow from the field in the middle of next year after a series of delays.

The partners in the project — Shell, Statoil and Vermilion — are expected to spend an additional €300m on the project this year to bring the total spend to €3.4 bn by year's end.

Now, new accounts filed Canadian-based firm, Vermilion Energy Ireland Ltd — show that the volume of gas at peak production will be 8% more than originally believed.

http://www.irishexaminer.com/breakingnews/business/accounts-show-mayo-gas-field-richer-than-originally-thought-643885.html

Great news. Think of all that extra taxation we're going to accrue off that 8%. 

Where would the state have found the €3.4 billion invested already?

Why do we have to invest €3.4 billion today?

Since you were been sardonic around the extra 8% I assume you think that we should levy for more tax on the gas. But since 3 corporations have invested €3.4 billion based on agreements with the Irish government do we just renege on the exploration and extraction agreements and ignore their investment or do you think we should renegotiate? What do you think the consequences would be if we reneged or changed the terms?

We won't get a cent until the €3.4bn is paid off.

Is any of that €3.4bn gone to towards local infrastructure, PAYE, VAT etc?

Very little. There will be 50 permanent jobs, which is obviously useful, but does it justify a €3.4bn tax write-off and free raw material (the gas)?.

Also, the State has paid a fortune in policing the whole thing.

Have you figures?

Yes, the State invested €64bn in the collapsed banking system. A €3.4bn investment would have been buttons by comparison.

As for State policing, €16m by the end of last year: http://www.thejournal.ie/corrib-gas-pipeline-shell-protests-costs-1216937-Dec2013/
[/quote

What has our failed banking system got to do with the cost of gas extraction. Where did you get the Garda costs from and is there a breakdown as to what the Corporations contributed. Do the Garda not pay tax on their income?

[muppet]

Accounts show Mayo gas field richer than originally thought


There's more gas off the coast of Co Mayo than originally estimated, according to an offshore sub-sea survey in the Corrib gas field.

Commercial gas is set to flow from the field in the middle of next year after a series of delays.

The partners in the project — Shell, Statoil and Vermilion — are expected to spend an additional €300m on the project this year to bring the total spend to €3.4 bn by year's end.

Now, new accounts filed Canadian-based firm, Vermilion Energy Ireland Ltd — show that the volume of gas at peak production will be 8% more than originally believed.

http://www.irishexaminer.com/breakingnews/business/accounts-show-mayo-gas-field-richer-than-originally-thought-643885.html

Great news. Think of all that extra taxation we're going to accrue off that 8%. 

Where would the state have found the €3.4 billion invested already?

Why do we have to invest €3.4 billion today?

Since you were been sardonic around the extra 8% I assume you think that we should levy for more tax on the gas. But since 3 corporations have invested €3.4 billion based on agreements with the Irish government do we just renege on the exploration and extraction agreements and ignore their investment or do you think we should renegotiate? What do you think the consequences would be if we reneged or changed the terms?

We won't get a cent until the €3.4bn is paid off.

Is any of that €3.4bn gone to towards local infrastructure, PAYE, VAT etc?

Very little. There will be 50 permanent jobs, which is obviously useful, but does it justify a €3.4bn tax write-off and free raw material (the gas)?.

Also, the State has paid a fortune in policing the whole thing.

Have you figures?

Yes, the State invested €64bn in the collapsed banking system. A €3.4bn investment would have been buttons by comparison.

As for State policing, €16m by the end of last year: http://www.thejournal.ie/corrib-gas-pipeline-shell-protests-costs-1216937-Dec2013/
[/quote

What has our failed banking system got to do with the cost of gas extraction. Where did you get the Garda costs from and is there a breakdown as to what the Corporations contributed. Do the Garda not pay tax on their income?

The bank collapse puts into perspective the cost of investment into our oil/gas reserves. The spin for decades has been that we both hadn't the expertise and that we couldn't afford it. Well obviously we could afford it. We had put €5b into Anglo before we even privatised it.

The Gárda costs came from the newspaper article I linked. And Yes, unlike Shell apparently, the Garda pay tax on all of their incomes.

[Dinny Breen]

Too many quotes. That link doesn't tell us how much was funded by the corporations though so what is the true cost of the policing?

A profit has yet to be earned so what taxes should be paid?

Stopping a banking system collapse and investing in oil/gas exploration are not the same thing and your reaching trying to co-relate, how much has been spent on failed exploration licenses?  What if we spent billions on failed attempts to bring oil/gas in, what you say about the government in that instance?

[muppet]

Too many quotes. That link doesn't tell us how much was funded by the corporations though so what is the true cost of the policing?

AFAIK Shell don't pay for the Garda and even if they did, they would simply write it off against tax so again the tax-payer would pay.

A profit has yet to be earned so what taxes should be paid?

Royalties should be paid on the gas, tax on the income with reasonable allowances for investment. We shed crocodile tears for those who emigrate, yet if they stayed we would charge them 52% tax on their incomes, even if they were insolvent or in negative equity.

Stopping a banking system collapse and investing in oil/gas exploration are not the same thing and your reaching trying to co-relate, how much has been spent on failed exploration licenses?  What if we spent billions on failed attempts to bring oil/gas in, what you say about the government in that instance?

I agree they are not the same thing. But we found €64b for the reckless banking system. What does it matter what I say about the government regarding that? Nada. Surely we could have bought out Enterprise Oil, like Shell did, and thus take no risk with exploration?

[gerrykeegan]

It is not a unique deal, all companies can write off their capital expenditure against their profits.

I still don't get this, even though you kindly tried twice on this thread alone.

If I set up a company and buy (with cash or borrowed money it doesn't seem to matter) 10 houses and subsequently rent them, does my company pay any tax on the rental income, or can my company pay myself (or the bank) back the entire cost of the 10 purchases before I pay any tax?

Serious question btw.

It's a very unrelated question I give you that.
A company who deals in property is generally treated as an investment company, they are taxed slightly differently from normal companies. Management expenses are allowed (rates, insurance, interest on loans etc) but there are restrictions on directors salaries.