News release - Issued by Dublin Shell to Sea - Monday 10th September 2012
-- Research reveals company estimates of 21 billion barrels in licensed areas --
Oil and gas under the areas of Ireland’s seabed already licensed to private companies is worth more than €1,600 billion (€1.6 trillion), according to the companies’ own estimates. The figure is contained in a groundbreaking new report that reveals a more complete picture of the extent of exploration in Irish territory and exposes the State’s failure to effectively manage Ireland’s natural resources.
The research is presented in the form of a map and tables in a major new guide to the issues, ‘Liquid Assets’, published by the Dublin Shell to Sea campaign and launched today (Monday 10 September) by Paul Murphy MEP.
By trawling through figures published by oil exploration companies, researchers compiled companies' estimates for a total of 69 different discoveries, “prospects” and other areas licensed for oil and gas exploration. The combined total of those company estimates is 20,964 million barrels of oil equivalent (of oil or gas), worth €1,600 billion at today’s prices.
Paul Murphy MEP said: “This devastating report exposes the State’s utter failure to manage Ireland’s natural resources on behalf of people in Ireland. Not only ownership, but also control of Ireland’s oil and gas is being handed over to private corporations.”