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1,600 billion - Massive scale of oil giveaway revealed in Shell to Sea report

category national | crime and justice | feature author Wednesday September 19, 2012 23:33author by WSM Report this post to the editors

Govt gives our resources to private companies while we have all the banking debt

featured image
Map of Resource Thefts

€1,600 billion. That is the figure for Irish Oil & Gas reserves already licensed revealed last Tuesday morning (Sept 11th) in a detailed report from Shell to Sea using the energy corporations own reports and estimates. People in Ireland will see almost no benefits from this incredible wealth because the Irish state gives these reserves to the corporations at the cheapest terms in the world.

According to Dublin Shell to Sea "The figure is contained in a groundbreaking new report that reveals a more complete picture of the extent of exploration in Irish territory and exposes the State’s failure to effectively manage Ireland’s natural resources. By trawling through figures published by oil exploration companies, researchers compiled companies' estimates for a total of 69 different discoveries, “prospects” and other areas licensed for oil and gas exploration. The combined total of those company estimates is 20,964 million barrels of oil equivalent (of oil or gas), worth €1,600 billion at today’s prices. The research is presented in the form of a map and tables in a major new guide to the issues, ‘Liquid Assets’.

Speaking for Dublin Shell to Sea Criostoir MacCuirc said: “The Government and oil industry defend Ireland’s giveaway licensing terms by claiming that Ireland is an ‘unproven territory’, where exploration is minimal. This painstaking new research tells a different story. While it is important to note that oil companies may talk up their prospects to attract investors, on the other hand this figure is conservative, in that it only includes areas that have been licensed and for which estimates exist.These are already licensed to private companies, who will own and control all of the oil and gas they contain.”

The envirnomental concerns at extracting such huge quantities of fossil fuels are discussed in the report. UCD academic and Afri chairperson Dr Andy Storey said at this mornings launch in Buswell's hotel that: “This report makes the valuable point that leaving the resources in the hands of private corporations gets us nowhere – we need to assume public ownership of these resources and then decide, democratically, how, if at all, they are to be made use of.”

Liquid Assets: PDF of 44-page report/booklet

Related Link: http://www.wsm.ie/c/oil-gas-exploration-reserves-ireland-report

Tables summarising key information about licensed areas, including company estimates.
Tables summarising key information about licensed areas, including company estimates.

Excel Document Sources Spreadsheet: contains extensive background information about the 69 areas shown on the map and lists sources. 0.14 Mb

Caption: Video Id: 1hAirY3UW4o Type: Youtube Video
Launch of new Shell to Sea report- Liquid Assets


 #   Title   Author   Date 
   nationalization in a global economy     JoeMc    Mon Sep 17, 2012 14:32 
   Too good to be true     Ian Carter    Fri Sep 21, 2012 13:15 
   Re: Too good to be true     T    Thu Oct 11, 2012 22:51 


 
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