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‘Cork Mega Port’ features BOSIET training at the NMCI

Posted: May 6, 2014

IMG_2227The NMCI featured in episode two of ‘Cork Mega Port’ on Monday May 5th. The episode showed the SEFtec NMCI Offshore (SNO) team delivering a BOSIET course for delegates preparing to work offshore. Underwater cameras were used to give an exciting insight of the helicopter safety and escape training in action in the sea survival pool. Four hour-long episodes have been produced by Goldhawk Media who spent over four months filming at the Port of Cork.

The crew behind the documentary followed all port employees including management, crane drivers, tug operators, pilots, launch crew and maintenance and engineering staff. Informative, engaging and often humorous this documentary focuses not just on the port’s operations but also on the people who make it all possible. Monday’s episode can been seen on TV3 player at http://www.tv3.ie/3player/show/608/0/0/Cork-Mega-Port

‘Cork Mega Port’ airs on TV3, Monday’s at 9pm.

 

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Irish Examiner “Hobbs turns his fire on oil industry with campaign to maximise returns”.

Posted: March 4, 2014

Extract from http://www.irishexaminer.com/business/hobbs-turns-his-fire-on-oil-industry-with-campaign-to-maximise-returns-260729.html

 

“The first phase of Mr Hobbs’s Own Our Oil campaign was the launch of a book yesterday with the same title that aims to change the public’s attitude to Irish oil resources.

 

 The book looks at Ireland’s geology, policy, taxation, history and planning when it comes to the oil industry and is dedicated to former minister Justin Keating who developed a strict taxation regime for Irish resources in the 70s.

 

 The book is the first part of a campaign that is aiming to challenge the oil and gas industry in Ireland. Mr Hobbs warned that if the oil industry attempted to dismiss his campaign he would “take them apart”.

 

In the book, Mr Hobbs places a lot of emphasis on the difference in regimes between Ireland and Norway. Norway managed to build a sovereign wealth fund three times larger than Ireland’s national debt by effectively managing its natural resources.

 

 However, the chairman of the Irish Offshore Operators’ Association, Fergus Cahill, said comparing the two countries is a fundamental mistake.

 

“Norway produce two million barrels of oil a day. We produce none. Norway exports natural gas, we import virtually all of ours. To compare the two is a fundamental mistake,” he said.

 

 Mr Hobbs also drew parallels between the oil companies’ behaviour in Norway and Ireland. Mr Hobbs said that in the 1950s Norway was repeatedly told that there was no offshore oil in Norway.

 

 Mr Cahill said that was what the companies believed at the time and it was only with improved technology that the Norweigian industry developed.

 

 Mr Hobbs said they were not interested in trying to unpick any of the licensing options that are in place, but there was a need to try and maximise future returns from potential assets.

 

Up to a third of Ireland’s marine territory is already under licence from a period between the 1980s and 2007, when exploration terms signed ownership of various assets over to exploration companies, following then minister for energy Ray Burke’s dismantling of the tough taxation regime Justin Keating had put in place.

 

This means returns from these assets will disproportionately go to company shareholders and not the Irish taxpayer.”

By Vincent Ryan

Business Reporter

© Irish Examiner Ltd. All rights reserved

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Call not to Raise Oil/Gas Tax Take

Posted: July 29, 2013

Monday, July 29, 2013 by Geoff Percival- Irish Examiner

 “The main representative body for Ireland’s exploration industry has called for the Government to hold back on plans to increase the potential tax take from companies drilling for oil and gas in Irish waters.

As it currently stands, the Government stands to receive between 25% and 40% of profits from any commercial field in Irish waters — of which there are currently none (although Barryroe, in the Celtic Sea, is on course to be the first).

However, Natural Resources Minister Pat Rabbitte recently said that he intends to seek independent expert advice, by the end of this year, on what level of fiscal gain should be achieved by Ireland and how the State should go about achieving it.

A recent Joint Oireachtas Committee called for the profit take to be as high as 80%, which would mirror the Norwegian model.

However, while it takes 78% of the profit from any commercial field in its waters, Norway — as well as having a more mature and developed offshore exploration industry than Ireland — also repays the same percentage of drilling costs to companies if said field is found to be dry; something Ireland — in current economic times — could not do.

At the end of a week that has seen international oil giant ExxonMobil put an indefinite pause on its interest in Ireland by finding no sign of any commercial hydrocarbons at initial drill at the highly-anticipated Dunquin field off the south-west coast of the country, the Irish Offshore Operators’ Association has called for a rethink by Government.

“We think the Government should be cautious in its approach,” said Fergus Cahill, chairman of the Irish Offshore Operators’ Association.

“It would be a great mistake to change the fiscal terms at this stage, especially in light of Dunquin, and at a time when we are just beginning to see more activity in Irish waters and more companies come in,” he added.”

http://www.irishexaminer.com/business/call-not-to-raise-oilgas-tax-take-238196.html

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Providence oil find could generate €4.5bn for State, says new report

Posted: May 28, 2013

Providence: Barryroe Well

Nick Webb – 26 May 2013

 

Providence Resources’ oil find at Barryroe, off the coast of Cork, could generate taxes of €4.5bn over the life of the well, according to a new report from PriceWaterhouseCoopers.

This is the equivalent to the entire annual corporate tax take in Ireland for 2011, according to PwC.

The State, it says, would earn money from the corporate tax and from the windfall taxes generated by the huge find off the south coast.

The PwC report suggests that 10 finds equivalent to Barryroe would have the potential to generate 13,500 jobs during the development phase and 11,500 jobs during the production phase of these fields. An entire new specialist oil services industry would need to be developed near the south coast to cater for the oil fields.

The Barryroe find is a game-changer for the Irish oil industry, as it is the first commercial oil field discovered off Ireland.

Recent months have seen massive activity off Ireland’s coast with the arrival of Kosmos, Cairn Energy and other new parties seeking to explore for oil. Fastnet Oil & Gas last week announced surveys had revealed that its Kinsale acreage could potentially contain up to two billion barrels of oil.

The next two months will prove critical for the future of Tony O’Reilly’s Providence Resources. Results of drilling at its Dunquin well may come through in July, while the €400m-listed firm may also ink a deal to farm out a major chunk of its valuable Barryroe oil field off Cork.

Industry sources believe that Providence may be taken over by an oil major such as Petronas or Exxon if the Dunquin results are positive.

However, at the same time as all this exploration is under way, the Government is examining whether to hike taxes levied on oil finds.

Irish Independent

http://www.independent.ie/business/irish/providence-oil-find-could-generate-45bn-for-state-says-new-report-29297083.html

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Deep Kinsale could contain 2.3bn Barrels of Oil

Posted: May 22, 2013

Fastnet Oil says independent assessment established  presence of  significant potential.

 

An independent assessment of explorer Fastnet Oil and Gas’s Deep Kinsale target off the south coast indicates that it could contain 2.3 billion barrels of oil.

Fastnet said today that an independent assessment of the licence area by SLR Consulting established the presence of a significant potential “unrisked” resource in place of over 2 billion barrels.

The group said that SLR carried out the assessment in accordance with generally accepted international procedures.

In February, Fastnet agreed a deal with Petronas subsidiary Kinsale Energy to farm into the so-called “deep Kinsale prospect”. It lies deep below the existing Kinsale gas field, which has by now given up all but 3 per cent of its reserves.

As part of its deal with Kinsale Energy, Fastnet carried out engineering and geological studies and a wide-ranging, three-dimensional seismic survey.

Fatnet said the independent assessment confirms that oil-bearing sands encountered in the Middle and Lower Wealden wells drilled by Marathon in the early 1970’s occur in the same geological structure that hosts the shallow producing gas sands in the Kinsale gas field.

The Deep Kinsale structure covers an area of up to 162 square km.

“Deep Kinsale is a large anticlinal structure, which has the potential to contain a significant oil accumulation directly beneath the producing Kinsale gas field and the two platforms, in the Celtic Sea,” Fastnet founder shareholder John Craven said.

Earlier this month, the oil and gas company, which is focused on near term exploration acreage in Africa and the Celtic Sea, was awarded a new licensing option in the North Celtic Sea. The option covers blocks in the Mizzen Basin, known as East Mizzen, and the western end of the North Celtic Sea Basin, offshore Ireland.

From The Irish Times-Pamela Newenham

 

http://www.irishtimes.com/business/sectors/energy-and-resources/deep-kinsale-could-contain-2-3bn-barrels-of-oil-1.1402539

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