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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Posted: April 4, 2013
Tuesday 04/04/2013
“AN EXPLORATION COMPANY with rights to explore an area off the west coast of Co Kerry claims the field has shown the potential to hold hundreds of millions of barrels worth of oil.
Petrel Resources says the site in ‘Quad 45′, about 100 kilometres to the west of Valentia Island, has “the capability to hold several hundred million barrels of in-place oil”.
The site was authorised for exploration in 2011, when 13 various sites in the Porcupine Basin off the west coast were offered for new ventures.
Petrel was offered two of those sites; the other site in ‘Quad 35′, about 120 kilometres west of the Dingle peninsula, showed the capability of hosting in excess of a billion barrels of oil.
Quad 45 lies about 35 kilometres northeast of an area in the Dunquin prospect, which is already the focus of a major prospective drilling operation from a consortium led by Exxon Mobil.
Petrel said it had purchased additional seismic data of the area and has carried out further regional seismic mapping.
“We have long believed that the offshore Porcupine Basin is a hydrocarbon province,” Petrel managing director David Horgan said in a media release.
“This has been further supported by our recent work in identifying potential prospects on both of our blocks.
“We look forward to increased activities across the Basin which we believe has the potential to be a major new oil province. We have commenced our search for potential partners.”
Shares in Petrel rose by over 10 per cent in early trading in London this morning.”
Extract from thejournal.ie
http://businessetc.thejournal.ie/oil-porcupine-basin-kerry-petrel-853171-Apr2013/
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Posted: April 2, 2013
Extract from Independent.ie Tuesday April 2nd
By John Mulligan
“Oil giant ExxonMobil kicks off a $160m-plus (€125m) drilling programme off the west coast of Ireland this weekend with hopes that confirmation of major fossil fuel reserves will transform the country’s economy.
The US company is planning to drill test wells over a four-month period at two prospects at the Dunquin licence area in the Porcupine Basin, 200km off shore.
Previous data has suggested that there could be over 300 million barrels of oil and 8.5 trillion cubic feet of gas between the two Dunquin prospects.
If they could be proven and then extracted, such finds would mark one of the biggest ever global discoveries of oil and gas and be a game-changer for Ireland’s economic fortunes.
Hidden
But despite the 200 or so wells drilled off Ireland’s shores in the past number of decades, only two have resulted in commercial fields – Kinsale and Corrib.
Both are minnows compared to the prospective resources that could be hidden at Dunquin. Kinsale had about 1.5 trillion cubic feet of gas, while Corrib has about one trillion.
Located at a point in the Atlantic where the ocean is 1.6km deep, ExxonMobil’s drilling programme is being eagerly watched by oil companies from abroad and Ireland, including Petrel Resources, which has an exploration block just 35km away from the Dunquin prospect.
ExxonMobil controls 27.5pc of the Dunquin prospect, with Italian firm Eni holding another 27.5pc.
Spanish energy firm Repsol owns 25pc and UK-based Sosina has a 4pc interest. Irish exploration firm Providence Resources has a 16pc interest in the prospect. A major oil or gas find could catapult its shares higher.
The Dunquin prospect – where the reserves are as deep as 3.6km under the seabed – is one of the most important exploration areas for Providence, which is headed by Tony O’Reilly Jnr.
Providence is also betting that it could have a major oil find on its hands at a site called Barryroe, which is close to the Kinsale field. The company reckons that there could be 280 million barrels of recoverable oil at the Barryroe prospect.”
http://www.independent.ie/business/irish/oil-giant-exxon-starts-160m-drilling-project-off-west-coast-29163728.html
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Posted: October 28, 2011
It gives us great joy to announce that the open day this week broke all our previous records. We had in excess of 750 registered visitors come to the college throughout the day.
In addition, we had 40-50 representatives from companies/organisations and 16 stands in the sports hall.
The NMCI courses on display were the B.Sc Nautical Science, B.Eng in Marine & Plant Engineering, B.Eng. Marine Electotechnology and a Higher Certificate in Nautical Studies.
Visitors arrived from: Culldaff, Moville and Carndonagh, Co Donegal, Carna and An Cheatru Rua, Co na Gaillimhe, Dublin, Louth, Waterford, Tipperary, Limerick, Clare, Cork City, North Cork, West Cork, Kerry and many other areas.
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Posted: October 21, 2011
NMCI are proud to announce that their site has been nominated for a prestigious Web Award.
The commercial division of the National Maritime College of Ireland was nominated in the ‘Best Student Web or Social Media Project’ category at the Irish Web Awards which takes place in Dublin on October 22.
The site which includes details for our academic courses, the Irish Naval Service activates, professional maritime short courses, offshore courses and general information on the NMCI.
The nomination reflects the strong social media presence the commercial division now possesses in the form of YouTube, Vimeo Twitter, LinkedIn and a blog.
The National Maritime College of Ireland (NMCI) is the first third level college in the country to be built under the Government’s Public-Private Partnership scheme. A Public-Private Partnership (PPP) is a partnership between the public and private sector for the purpose of delivering a project or service traditionally provided by the public sector. NMCI specialise in offshore training and offshore courses.
The award show will be MC’d by RTE 2 DJ Rick O’Shea and includes a performance by Cork’s finest comedian Colm O’Regan.
Best of luck to all the other finalists!
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