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

national | crime and justice | feature

Wednesday September 19, 2012 23:33

by WSM

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

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.

In these links, some from ShellToSea and some from Indymedia, one can get an idea of the scale of scandal that lies before us, the deep level of corruption, consequences and how we are all suffering now from the financial crisis -caused by a slightly different form of corruption from much the same layer in Irish society and yet we are being robbed not just of our resources, but the very fabric of our society is being torn apart (health, educational, social & civic) , national sovereignty given away, and our taxes increase to pay for the gambles and speculation of the bankers, developers and bondholders -i.e the elite.
Related Links: ShellToSea First find the oil, and then raise the taxes | Our oil and gas might as well be off the coast of Brazil for all the good it will do us | News release: Devastating report exposes State's mismanagement of oil & gas resources | News release: New evidence of Shell's covert surveillance emerges | News Release: Rabbitte's betrayal further exposed by Providence's 1.6 bn barrel oil find | Drillers to earn €53bn from Irish oil find | Norwegian Fisherman warns of destruction of seismic survey
Indymedia: Resource Wars: a feature of the 21st century? -shows how the resource theft is a global phenomena | One Gas Well to Secure Ireland's Energy Supply!!! | Business as usual for Gardaí – trying to smear women in ‘rape tape’ controversy - perfect illustration of how the corruption from the whole resource issue permeates into human rights abuses. | Review of the Corrib Gas Project Oral Hearing | Farmers group wants Ireland to follow Iceland and burn the bondholders | Mandate To Default On The Unjust Bank Debt That Is Sinking Our Economy - just like the resource theft, we've been fooled again by being landed with the banking bailout bill | Press Statement: “Wealthy Elite will still have political power after election,” says 1% Network -demonstrates nothing changes. | Shell to Sea distribute 1000's of 540 billion notes | The Unfolding Crisis and Ireland's Economic Ruin -Our descent into the financial black hole. | Students Occupy Department Of Finance -See how the govt brutally attacks our young people because they have to make cuts to save the bankers & speculators losses.
Fracking is the next diaster! Poland and Fracking - Lessons to be Learned - Ban Fracking In EU | Fracking in the Lough Allen & Clare Basins | Renowned Investigative Journalist Greg Palast Talks about Fracking in Enniskillen, Carrick on Shannon and Dublin -link to video of full talk.

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

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