The vast majority of oil exploration options awarded by the Government, in its last licensing round two years ago, are set to be taken up and progressed despite the threat of a ban being imposed on offshore drilling in Ireland, writes
As far as energy is concerned, potential Brexit tariffs and the sterling exchange rate are red herrings. Tariffs — as opposed to transport costs — are no big deal in the oil, gas or electricity exploration and production industries.
After a deep slide in oil prices, Algeria’s Sonatrach is shifting strategy to offer foreign firms direct negotiations to buy stakes in 20 oil and gas fields in a bid to attract investors and increase output, a source at the state energy company said.
Royal Dutch Shell is to axe 6,500 jobs this year and step up spending cuts, responding to an extended period of lower oil prices which contributed toa 37% drop in the oil and gas group’s second-quarter profits.
Despite the bad news today about Providence pulling out of the Dunquin well, we may still have the potential to create thousands of jobs and a secure exports industry based on a commodity that will be in constant demand; a commodity that would make us less dependent on the bond markets and reduce the debt mountain faster than any other method; a commodity that would help us to return to a decent standard of living; a commodity that would make us independent: oil and gas.