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

By: 
WSM

€1,600 billion. That is the figure for Irish Oil & Gas reserves already licensed revealed this morning 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.

Posted Date: 
11 September 2012

News release: Devastating report exposes State's mismanagement of oil & gas resources

News release - Issued by Dublin Shell to Sea - Monday 10th September 2012

-- Research reveals company estimates of 21 billion barrels in licensed areas -- 

Oil and gas under the areas of Ireland’s seabed already licensed to private companies is worth more than €1,600 billion (€1.6 trillion), according to the companies’ own estimates. 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. 


The research is presented in the form of a map and tables in a major new guide to the issues, ‘Liquid Assets’, published by the Dublin Shell to Sea campaign and launched today (Monday 10 September) by Paul Murphy MEP. 


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. 


Paul Murphy MEP said: “This devastating report exposes the State’s utter failure to manage Ireland’s natural resources on behalf of people in Ireland. Not only ownership, but also control of Ireland’s oil and gas is being handed over to private corporations.” 

Liquid Assets Report

By: 
Dublin Shell to Sea

All you need to know about Ireland's oil and gas resources

'Liquid Assets' is a definitive guide to Ireland's oil and gas resources and how the State manages them, published by Dublin Shell to Sea.  One element of this 44-page information booklet is a groundbreaking map, showing for the first time all the known prospects and discoveries in Irish territory, together with tables listing the relevant exploration companies' own estimates for how much oil and gas these licensed areas contain. 

The map and tables – the product of months of painstaking research – are backed by an extensive online spreadsheet, which contains detailed sources and further information and which will be up-dated as companies release new figures.

You can download the following documents here:

  • Sources Spreadsheet: contains extensive background information about the 69 areas shown on the map and lists sources.
  • Liquid Assets: PDF of 44-page report/booklet
  • Map of oil and gas exploration in Irish territory
  • Tables summarising key information about licensed areas, including company estimates.

These reveal the true extent of exploration in our waters. The total of the estimates issued by exploration companies for their licensed areas in Irish territory is 20,964 million (i.e. almost 21 billion) barrels of oil equivalent and belies the oil industry's repeated claims that Ireland's offshore is an "unproven territory" with scant exploration taking place. 

Posted Date: 
9 September 2012

Paul Murphy MEP to launch report revealing total estimates for Irish oil/gas fields

NEW RESEARCH REVEALS STAGGERING TOTAL OF OIL COMPANIES’ ESTIMATES FOR IRISH RESERVES

-- Paul Murphy MEP to launch groundbreaking report on Irish oil and gas --

What: 'Liquid Assets' - a definitive guide to Ireland’s oil and gas resources

Who: Paul Murphy MEP to launch

Where: Buswell's Hotel, Kildare St, Dublin

When: Monday, 10th September, 2012

Time: 11a.m. 

Groundbreaking research to be published in a report on Monday reveals the duplicity of the oil industry. Oil companies claim Ireland’s offshore is ‘unproven’, with almost no exploration taking place and with little or no chance of success. On this basis, they insist Minister Rabbitte must continue issuing licences on the extremely ‘attractive’ terms introduced by Ray Burke 20 years ago. 

Providence’s recent announcement that the Barryroe field contains up to 1.6 billion barrels of oil provides a glimpse of the true picture. The big question is: what is the total of all the geological estimates issued by exploration companies for their licensed areas in Irish territory? 

The answer is a staggering figure, the result of months of painstaking research by campaigners, who trawled through figures issued by oil exploration companies. The figure will be revealed at Monday’s press launch of ‘Liquid Assets’, a definitive guide to the issues around Ireland’s hydrocarbon resources and how the State manages them. 

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