Oil and Gas fields off the Irish Coast


#345

Monopolies are impossible without a government.


#346

Eh, yeah, so are companies… Oh wait, are using a Mogadishu Instruments tablet tontype that? Still, don’t let me get on with your right on sticking it to the yeah whatever…


#347

The headline certainly doesnt reflect the article or reality.


#348

There could come a time when oil and gas off the coast are like gold and platinum in seawater; You know it is there but why would you put yourself to the trouble and expense of extracting it.


#349

Corrib gas terminal officially opened today. Quite astounding, really, for a multi-billion euro investment that neither the Taoiseach nor even Minister for Energy and Natural Resources were available for the ceremony. Most TDs would go to the opening of an envelope for a bit of publicity. Nope, the task was delegated to Minister of State, Joe McHugh, who attended amid tight security and a large Garda presence.

rte.ie/news/2016/0125/762806 … -pipeline/

I was pretty gobsmacked by this picture of the facility – reminds me of the wall around the Central Mental Hospital in Dundrum, although obviously this one is keeping the loonies out. I understand the pylon with the security cameras, but what about the windsock at the gate? Is that to help the snipers on the roof to adjust for wind conditions? :smiley:


#350

For helicopters landing I presume


#351

I drove around the area a number of years ago to see what all the fuss was about.

The terminal is remarkably unobtrusive. The area is also very sparsely inhabited even by rural Irish standards.


#352

I’m guessing it’s about where to evacuate in case of a gas leak?


#353

Saw E.ON’s gas price cuts in the UK the other day. Clever dudes – they got the announcement out before anyone else, and got loads of media attention. The actual cuts don’t take effect until some time next month, so once again the heating season is well advanced before they pass on any savings. And the cut is a paltry 5%, whereas wholesale gas prices have fallen at least 30%. E.ON’s excuse is that less than half your bill consists of gas costs, with the rest made up of fixed costs. Not a peep out of any of the Irish suppliers yet that I’ve heard, open to correction.


#354

#355

License awards from final phase of 2015 Atlantic Margin licensing round were announced yesterday by DCENR. More biggies involved: ENI, BP, ExxonMobil, Statoil et al.

dcenr.gov.ie/news-and-media/ … ards.aspx#


#356

irishtimes.com/business/energy-and-resources/shell-s-corrib-exit-leaves-energy-giants-up-to-2-5bn-in-the-red-1.3152789

These must be the obscene profits the hard left is always telling us about.


#357

Perfect timing too … to scare the bejesus out of the multinational joint venture who started drilling the Porcupine Basin this week.

independent.ie/business/worl … 21724.html


#358

Why did the State not buy this? Oil and gas is in a terrible state, now would have been a great time to take a significant stake in a developed gas project that would guarantee the country some sort of energy security for years to come.


#359

Or an Irish Pension Fund… Anyone know what kind of Irish/global assets Irish pension funds hold? A google of “Irish Pension Fund buys” throws up very limited answers. IPUT bought a fair bit of commercial real estate back at the start of the decade and some German fund bought liffey valley.


#360

Probably Irish REITs mostly :nin

Edit:
Here’s the Irish Strategic Investment Fund portfolio managed by the NTMA
isif.ie/portfolio/

Its predecessor was the National Pension Reserve Fund


#361

Providence are drilling the Drombeg/Druid prospect some 200km SW of Slea Head in the deep Porcupine. The drilling is supposed to last until early-mid september. The last time they were out around there 4 years back they found a lot of water rather than oil in their Dunquin North prospect…and only some oil.

If Drombeg/Druid turns out to be mainly water that is the end of deep water Porcupine exploration for a long time IMO.

Providence are running 3D seismic on the rest of Dunquin this year.

providenceresources.com/site … ELEASE.pdf


#362

This is clear evidence of what many of us thought all along: that offshore prospecting in Ireland is highly risky.

It is quite the opposite of drilling a hole in the Arabian desert and watching it gush up.

The state has been quite right to stay out of the business and take the sensible approach of auction the rights + royalties.

Despite this, I’ve seen social media posts from the usual suspects saying that the low low price meant that now was the time for the state to buy in!


#363

There’s never been a better time to waste money on a non-productive asset just to keep the chance of a furriner or a capitalis or shudder, both, from making a profit. Or indeed a loss :slight_smile:


#364

The State is very welcome to my Providence shares for no more than the price I paid for them. :smiley: