• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 5 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 4 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 2 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 26 mins Used Thin Film Solar Panels at 15 Cents per Watt
  • 3 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 12 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 5 hours China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 12 hours US Shale Economic Impact: GDP gain realized in shale boom’s first 10 years
  • 12 hours Iran Is Winning Big In The Middle East
  • 14 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
  • 9 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 10 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 11 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 12 hours TRUMP'S FORMER 'CHRISTIAN LIAISON' SAYS DEEPWATER HORIZON DISASTER WAS GOD'S PUNISHMENT FOR OBAMA ISRAEL DIVISION
U.S. Sanctions To Halve Venezuela’s Oil Rig Count

U.S. Sanctions To Halve Venezuela’s Oil Rig Count

A U.S. sanction waiver expiry…

Canada’s Oil Crisis Is Far From Over

Canada’s Oil Crisis Is Far From Over

The negatives for Canadian oil…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Offshore Oil Discoveries Could Lead Ireland out of Economic Woe

The world runs on oil and gas, and despite the effort of environmentalists to push for a transition to greener energy sources, it will do so for a long time to come. That means that finding a reserve of hydrocarbons could be a big boost to a countries economy. It allows imports to be cut, and if the reserve is large enough revenues can be earned from exports. Even for tiny countries with tiny discoveries the impact of domestic oil production can be dramatic.

Over the summer Providence Resource’s discovered a reservoir of oil in the Barryoe field just 45 miles off the Irish coast, estimated to contain more than a billion barrels. Actually the discovery was made nearly 50 years ago, but only with today’s technology has the oil become economically viable to extract.

The discovery and potential extraction of this oil has come at a perfect time for Ireland’s struggling economy. For nearly a decade Ireland has been suffering from a property boom and bust which has devastated its economy. In an attempt to attract oil companies to the country it has set corporation tax at just 25 percent, and allows any exploration costs to be written off. In contrast the UK last year uncreased its oil company corporation tax from 50% to 62%.

RELATED: Why North American Gas Prices Are So High

Fergus O’Dowd, the Natural Resource Minister for Ireland, has said that just making some small discoveries “could have a massive impact on the economy. The key to it all is to get people to prospect, to get out there to drill.”

Drilling for oil and gas offers a realistic chance to solve Ireland’s economic woes in the near-term.

By. James Burgess of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play