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Press Release: Giveaway budget to follow u-turn on natural resources

-- Street theatre outside Dail at 11 a.m. on Budget day --

Brian Lenihan will announce a giveaway Budget on Tuesday thanks to a surprise move that has solved Ireland’s economic crisis at the stroke of a pen. In a dramatic u-turn by Fianna Fail, Ireland’s vast oil and gas reserves are being reclaimed by the Government. These natural resources are valued at 540 billion euro.

The Finance Minister - played by an actor from the Shell to Sea campaign - will be presenting the giveaway Budget from 11 a.m. on Tuesday outside Leinster House on Kildare Street.

The Department of Communications, Energy and Natural Resources has estimated that up to 10 billion barrels of oil equivalent in oil and gas lies in the Atlantic Margin area of Ireland’s offshore territory (www.dcenr.ie). At 2010 prices this is worth approximately €540 billion.

According to a leaked transcript of the Minister’s speech, Mr Lenihan will say: “We’ll use the first €90 billion euro to wipe out Ireland’s national debt; the next €90 billion to obviate the need for the bank bailouts; a mere €16 billion will get rid of the cuts in Government spending over the next three years, and that will leave up to €344 billion to build an economic future for this country.”

Mr Lenihan will have to overcome the attempted intervention of a Shell executive, representing the oil and gas industry, who will attempt to steal back the hydrocarbons.

Like the deal with Shell and Statoil on the controversial Corrib gas field, which contains clauses allowing the Government to renegotiate the State share in the gas, the deals on the oil and gas in Ireland’s Atlantic Margin are open to renegotiation. However, to date the Government has found it easier to face down the Irish public rather than the powerful multinational oil corporations. Shell to Sea hopes to help build public pressure to renegotiate the deals with ongoing events such as the one on Tuesday’s.

The event will take place from 11 a.m. on December 7th outside Dáil Éireann on Kildare St.

ENDS

Press release
Issued by Dublin Shell to Sea
Monday 6th December 2010
For immediate release



FOR VERIFICATION OR COMMENT, CONTACT:
Gary Ronaghan