Press Release: How much is enough for Shell? Oil Giant made €25 Million a day profit in 2009

News Release
Issued by Dublin Shell to Sea
Thursday, 4 February, 2010
For immediate release

-- Company to siphon billions more from Ireland thanks to corrupt gas deal --

Royal Dutch Shell, which is seeking to bring gas from the Corrib field ashore using an experimental, cost-saving method, this morning announced global pre-tax profits of $12.518,000,000 billion (9 billion euro) for 2009. This corresponds to almost 25 million euro profit per day or just over 1 million euro every hour.

Dublin Shell to Sea spokesperson Caoimhe Kerins said: “How much money is enough for Shell? Their obscene profits are going to be swelled even further if the Irish Government’s extraordinary giveaway terms are not changed. The money Irish people pay for their gas in the coming years will flow into the coffers of Royal Dutch Shell and its shareholders.”

Under changes to the law governing oil and gas exploration made by Ray Burke and Bertie Ahern in 1987 and 1992, Shell and its partners Statoil and Vermilion will own 100% of the gas extracted from the Corrib field. They can then sell the gas to Bord Gais at full market rates or export it. Minister Eamon Ryan has continued to issue licences to multinationals on these terms.

The total value of Ireland’s offshore oil and gas has been estimated by the Government to be at least 420 billion euro (420,000,000,000 euro), but people in Ireland will see virtually none of this wealth.

An Bord Pleanála has also come under attack for going to what are seen as unnecessary lengths to facilitate Shell. Earlier this week, campaigners reacted angrily to the board's decision to grant Shell E&P Ireland a four-month extension to the deadline for submission of further information on the company’s application for an onshore pipeline in Erris. The February 5th deadline has been extended to May 31st.

Caoimhe Kerins said “This marks a continuation of efforts by An Bord Pleanála to facilitate Shell and their Corrib gas project against the wishes of the local community, and despite huge concerns over issues of safety and the giveaway of Irish natural resources.”

She also said: “Shell’s profit announcement also gives cause to reflect on the company’s stated reasons for building an experimental gas refinery and ultra-high-pressure pipeline in a shifting bog, rather than processing at sea in the normal way. They are doing this to save money. The extra cost of processing the gas at sea has been estimated by Shell at 360 million euro. Last year the company made that amount of money in profit every 14 days.”

ENDS

FOR FURTHER INFORMATION, CONTACT:

Caoimhe Kerins: 

Gary Ronaghan: