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Follow on Google News | Ireland’s Oil Boost Could Be BillionsLast October, just one year ago there was discussion about billions of pounds being wasted exploring Irish waters for oil.
It was reported last year that not one drop of Irish oil had been extracted since the speculators arrived in the 1960s, but now is the beginning of an Irish oil industry which looks to be a huge success story, following decades of exploration around the Irish coast. Although this is the beginning of the oil industry in Ireland more work is needed to be done and issues such as taxation revenue, security of supply and jobs needed to be addressed. The oil recovery rate at Barryroe had exceeded expectations and, with oil at about $100 per barrel (77 euros; £62.5) it is offering a lot of value. However, campaigners have said that Ireland's relaxed laws with regard to its natural resources ought to be overhauled. Ireland takes 25% of all profits, rising to 40% depending on the volume extracted. They have warned that the oil from Barryroe may never be landed in Ireland, but instead taken for refinement to Europe or beyond, meaning fewer jobs on Irish soil. Although this predicted oil bonanza should be good news for the finances of Ireland, which is a country that has been struggling to recover from a collapse in its property market that caused a banking crisis and forced the government to seek an international bailout. Ireland has undergone five years of economic austerity while unemployment has soared to 14.8%, more than three times as high in 2007, when the boom turned to bust. Ireland's Energy Minister Pat Rabbitte concedes that the take is much lower than in the UK, or Norway, both of which have much greater resources of oil and gas (http://www.claxtonengineering.com/ The company involved states that they intend to take the oil from Barryroe to Cork, but that it is a decision that will be made on a commercial basis closer to the time of extraction. Some 25% in revenue of what is potentially billions of pounds worth of oil will, however, be a huge boost to a country, which has never successfully extracted a drop of oil (http://www.claxtonengineering.com/ End
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