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€160,000,000,000 Barryroe Oil Field Must be Nationalised

25/07/12

Brian LeesonResponding to the latest disclosure in relation to the Barryroe Oil Field, Cathaoirleach éirígí Brian Leeson has re-iterated the socialist republican party’s call for the nationalisation of Ireland’s hydro-carbon reserves.

Earlier today (July 25), the private energy company Providence Resources released new data suggesting Barryroe may contain up to 1.6 billion barrels of oil, almost four times greater than earlier estimates.

Speaking from Dublin Leeson said, “The Barryroe data released by Providence is highly significant for a number of reasons. Firstly it suggests that the reserve is a lot larger than previously thought, which means an economy of scale will be achieved, reducing the per barrel cost of extracting the oil. Secondly the data suggests that the oil is of a particularly high grade which reduces the amount of processing required, which further reduces the per barrel cost of the oil. Thirdly it suggests that the oil is relatively easy to extract from shallow waters just 50km offshore. And finally Providence have seen fit to tell us that their data suggests additional potential in adjoining geological structures that have yet to be drilled.

“All of the available information suggests that Barryroe is the first viable oil field to have been confirmed in Irish territorial waters. At current prices it has a staggering potential value of roughly €160 billion.

“When taken with the Corrib Gas Field, which has a potential value of somewhere between €20 billion and €180 billion, the potential of Ireland’s hydrocarbon resources becomes clear. And that value will only rise over the coming years as the world's known oil reserves are depleted and additional Irish reserves are discovered.”

Calling for the nationalisation of all Irish hydrocarbon resources, Leeson said, “The political establishment would have us believe that there can be no retrospective renegotiation of Corrib, Barryroe and other reserves. éirígí rejects this assertion, believing that the right of the Irish people to benefit from their own natural resources supersedes the right of the private energy companies to make super-profits. The people of this country are under no obligation to honour deals that were negotiated by corrupt politicians including Ray Burke and Bertie Ahern.

“There are numerous examples across the globe of countries that have retrospectively, in part or completely, nationalised their hydrocarbon reserves. The sooner all of Ireland’s oil and gas reserves are brought into public ownership the better.

“éirígí believes that Ireland’s hydrocarbon reserves have the potential to become one of the engines of a new Irish economy – an economy that is controlled by, and provides benefit to, all of Irish society.

“The wealth generated from Barryroe, Corrib and elsewhere could be used to fund vital public services and offset the worst excesses of the coming energy crisis. A portion of that wealth could also be ring-fenced for investment in the development of renewable energy technology, particularly wind and wave technology, which Ireland is especially well positioned to exploit.”

 

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