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Ireland could be site of the next big oil rush

ANTOINETTE KELLY,

IrishCentral.com Staff Writer

Published Monday, September 5, 2011, 7:33 AM

Updated Monday, September 5, 2011, 7:33 AM

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Tony O'Reilly, whose billionaire father shares the same name, will have his company Providence Resources start drilling off the coast of Ireland as part of a $500 million-plus program next month, according to Express.co.uk.

The company could be the first of many to do so as Dublin may soon be awarding a new round of exploration licenses for a vast area of the Atlantic off the west coast of Ireland, covering an area of about 252,500 sq m. It is believed that 15 companies have applied to drill.

Experts say potential resources could top 10 billion barrels of oil.

"We have to get the drill bit turning,” says O’Reilly. “It’s like winning the Lottery: you have to buy a ticket.”

Providence, whose partners include America's Exxon Mobil, plans to drill up to 10 wells on six sites by 2013, and explore in the Celtic Sea off the south east coast, Dublin, Northern Ireland and in deep water off Ireland's west coast.

Providence will be able to take another look at prospects regarded before and not commercially viable, thanks to improved infrastructure, high oil prices and enhanced technology.

“The Arab Spring has highlighted energy security and has meant that Ireland is currying favour,” says O’Reilly. “It is an old district looked at through a new lens.”

One lucky hit could help not only shareholders, but could also help revive the Celtic Tiger by attracting investment and hefty tax revenues into the country.

Nster.com

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sirpeter | Sep 07, 2011, 10:06 PM EDT

I'm getting the impression Portia777 has little time for paper money.I'm just wondering what Portia777 uses to buy goods.Everywhere in the world they have no problem sucking up oil.But when Ireland do it Portia777 wants to bring down the wrath of nature on Ireland.

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seanomelbourne | Sep 07, 2011, 07:12 PM EDT

I hope portia doe's not drive a car (especially on a tar road),afterall that would be hypocritical

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Portia777 | Sep 07, 2011, 12:06 PM EDT

That's the way to do it.Keep sucking oil out of mother Earth until she implodes and then see how useful all that paper/money is.The profit is for the elite only as they plan the next genocide for the rest. With so many alternative energies available at no cost, why is all based on paper money? greed.Mother Earth has given for free and she can take it all back in a heartbeat. Just watch her do it shortly and then let citizens of Eire eat money/paper.

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timbobdennehy | Sep 06, 2011, 06:00 PM EDT

it will be given away with our irish government.

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sirpeter | Sep 06, 2011, 06:29 AM EDT

Creakygate.You're doing it again Creaky.You're sounding frivolous with a touch of dementia setting in over the last few weeks.You're telling Seano the Irish put up to much resistance to the gas coming ashore and then you tell Donal51 the Irish are to busy watching TV and cashing cheques to watch the coastline.Anyway Creaky there is no BP in Shell Oil so our coastline should be safe and to make it even better there is no Anglo in Porcupine Bank.That's a good start Creaky don't you think!!

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Towngate | Sep 06, 2011, 03:49 AM EDT

Sean: Bearing in mind the resistance the Morons of Mayo put up to a trickle of gas coming ashore there, recently, I pity the drillers trying to land any oil into Ireland. /// Donal51: It might be cheaper to pipe it straight to Yankeerikay or even Libyshiria! /// Normacathy: The Irish are too busy watching TV Soaps and cashing their welfare money to watch their coastline. They are the pollution that needs a good soaking of nice fresh oil to clean them up!

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seanomelbourne | Sep 05, 2011, 06:49 PM EDT

10 billion barrel of oil could be worth 250 billion to the Irish economy (at todays prices).The west may at last be awake or awash with cash.

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sirpeter | Sep 05, 2011, 05:48 PM EDT

@PatriciaMarya. No you can't see the oil derricks unless you can see for 200 miles.Well if you put your hand over one eye you can just see the top of the rig.We did the environmental impact studies and the currents will carry any spill up to Scotland so that's fine.As for the salmon they are the offspring of "the salmon of knowledge" we hope they will swim away.Newgrange could be a problem if by some freak of nature Ireland turned upside down and the east coast became the west coast.Yeah!! the 12 lane highway is going ahead,but it will be a massive flyover over Newgrange and it will help to keep the rain off it.We have the best in the world drilling,they did a great job stopping the spill in the gulf of Mexico.BP are doing the drilling,if it's one thing about the Brits they never make the same mistake twice.Hope you have peace of mind now Patricia. ;))

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PatriciaMarya | Sep 05, 2011, 02:48 PM EDT

Will the oil derricks be seen from the Cliffs of Mohr? And your salmon fishing industry, will that be protected? As another commenter put it - Is there an Environmental movement in Ireland? Are environmental impact studies being done? Wait, are they still putting a major highway through NewGrange or has the country come to its senses? NewGrange - 1000 years older than Stonehenge and 500 years older than the Pyramids - is it being protected or...? Please be careful, please. Your tourism industry helps a lot more of your citizens, not like the oil industry that just rewards the owners and the partially helps workers who come from all over.

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fargobarbi | Sep 05, 2011, 12:43 PM EDT

Ireland, please take heed! Although the economy is terrible right now, you will recover. Time and patience is what it will "mostly" take. Do NOT rush into letting "big oil" exploit your beautiful & precious coast line. Take a careful look at the Exxon Valdez mess & the Gulf Coast disaster. The U.S. will be cleaning up for years & years to come. One, just one oil spill will have the Celtic Tiger smothering and the Ireland coast will NEVER be the same. Get to the streets! Go Raibh Mile Maith Agat.

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ciarrai | Sep 05, 2011, 10:57 AM EDT

The Celtic tiger will be covered with oil and dead fish if this oil rush ever occurs of Ireland's coasts. Even a well run oil operation will pollute the bejaysus out of the place. The oil corps have not a sentimental bone in their malevolent bodies about the wonderful Irish environment. It will all be gone and the shareholders will be richer and richer. ExxonMobil made $10,000,000,000 in profit in a recent quarter. How much will they care about the environmental impact on Ireland? Answer: ZERO.

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normacathy | Sep 05, 2011, 10:32 AM EDT

OMG!are there any environmental impact studies? everything has a downside-no exceptions-how bad is the downside of this plan for oil exploration?Are there any environmental groups in Ireland? If no then they better consider setting them up yesterday

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donal1951 | Sep 05, 2011, 10:12 AM EDT

While oil, if found, would probably be sold primarily to other European countries, I'm sure the United States would take what it could get.

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