The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Some German commentators are now openly suggesting that gas pipelines ,out of Germany to other EU countries, may have to be closed off, as Germany will need all throughput for itself.
Whether that breaks contracts or not, is unclear.
ps200306,
I love the way you read my posts so assiduously and then comment.
You remind me of the man who parachuted into a field and was approached by a passer by so he asked them "Where am I?", "In a field", came the reply. "you wouldn't be an accountant by any chance?", the parachutist asked. "How did you know that?" came back the answer. "Because you are answering the questions correctly but your answers have no basis in reality".
Great at identifying the issues but absolutely f/a use at any reasonable solutions. No wonder you retired early. Probably now living on our backs on social welfare. You would be f/a use in any business; a permanent pain in the rear end - more trouble than you're worth.
The thing I don't get is even now as the Germans are holding their breath on Russian gas supplies , sanctimonious Ryan still wants to save the world - to hell with any hardship inflicted on his fellow citizens. If the German economy gets screwed we Irish are also Donald Ducked! Wake up FF/FG ,.time to speedtrack this project .
A bit sneaky having the meeting when the Taoiseach Micheál Martin was in Ukraine.I don't know who Fianna Fáil are anymore and part of their identity was once -who they were not !
It would appear a number of the FF TD’s are Senators are now going to make their move and Martin’s support of the Green agenda is probably a significant reason behind FF facing the political wilderness, you sense with the severity of the energy crisis deepening and a very bleak winter ahead, there is going to be a political scramble in Q3, for a more pragmatic approach to energy transition and the viability of indigenous energy assets supporting a coherent energy security plan, so I don’t think it will be a huge surprise to see the political support for Barryroe gain significant momentum,..GL S
Fianna Fail rebels tell Micheál Martin 'go or be pushed'
Taoiseach Micheál Martin must declare his intention to step down as Fianna Fáil leader in the autumn or he will be forced out, a large number of TDs and senators told Extra.ie this weekend.
A collective fear among party backbenchers of seat losses - aired at an unsanctioned meeting in Leinster House earlier this week - has crystallised into open revolt, pushing Mr Martin's leadership to the brink.
https://extra.ie/2022/07/10/news/fianna-fail-rebels-tell-micheal-martin-go-or-be-pushed
Manyana: "The license to drill was going to apply to a drill in 2023 so we still have time before then to get the approval."
It's not a license to drill. It's a petroleum lease undertaking. As per Linn, it would still take about a year to put together the Environmental Impact Assessment for a drill, and a separate permission to actually commence drilling would still be required. If PVR doesn't get their lease undertaking NOW, there will be no drilling next year.
Manyana: "Providence could wait until then and then seek funding from the EU for the drill and development."
SERIOUSLY, what colour is the sky on your planet? The EU doesn't hand out money for drilling oil wells. The very idea is laughable. The taxonomy for sustainable activities doesn't change this one iota. From the horses mouth (ec.europa.eu):
"The Taxonomy is not an instrument of EU energy policy. It is a tool to increase transparency in financial markets for private sector sustainable investments. It does not mandate investments and does not prevent any economic sector from receiving investments. Member States remain fully responsible and competent for deciding their own energy mix and for striking the appropriate balance – in terms of energy security, energy price stability and their commitment to decarbonisation and climate neutrality. The Taxonomy is an important element in the sustainable finance toolkit to help fund the Green Deal."
Sometimes I firkin' despair at the delusional outlooks on this board.
"Licence next week ..."
We have absolutely no reason to think there is a decision imminent except for an off-the-cuff remark from the chairman back in April, backed up by precisely ZERO justification. He has no influence over the powers-that-be, and may just have been told that there is 90 days worth of bureaucracy to go before a decision can be made. It's still up to Ryan to sign it off, and we can be pretty sure Ryan would prefer to shave his gonads with a rusty sickle than permit the extraction of oil in Irish waters.
Also, intuition, experience and common sense should tell you that something that was predicted for "within 90 days" which hasn't come to pass after 85 days is probably delayed or deferred or wasn't a good prediction to begin with. The idea that Menton could predict things outside his control with to-the-minute accuracy is highly improbable. I'd say there's a 50-50 chance that PVR will have to resort to law to try to budge Ryan. That said, I am not as confident about this assertion as I am about the fact that the EU doesn't dish out free money for drilling! You have to laugh, otherwise you'd cry ;-)
The license to drill was going to apply to a drill in 2023 so we still have time before then to get the approval.
Not only that, but the agreement of the EU to add gas and nuclear to the "EU" taxonomy rule book only becomes active on 1st of January 2023, so Providence could wait until then and then seek funding from the EU for the drill and development.
Note:
"The new rules will add gas and nuclear power plants to the EU "taxonomy" rulebook from 2023, enabling investors to label and market investments in them as green."
It’s worth noting that the lease undertaking does not need the Dáil to be in session to be granted, it’s a BAU process with the GSRO and the Ministers office, if you were to take a cynical view of Ryan’s modus operandi, it’s more likely he would sign it off when the Dáil is not in session,…GL S
One of the assets that Larry Goodman brings to Providence is that he is acutely aware of the importance of political pressure when it comes to business, having been put through the ringer during the beef tribunal of the early 1990s. Hopefully the license will be issued next week but if not,the problems around Ireland's energy security will become very apparent to the electoral next winter. If I was Eamon Ryan I would quietly sign the lease agreement when the Dail is in recess this month.
Licence next week? .......plenty of drums up north and The Dáil going into recess on the 15th.....
https://www.irishexaminer.com/news/arid-40914383.html..Licence next week ...
RTE news : Plan on reduction of greenhouse gas emissions delayed
http://www.rte.ie/news/2022/0709/1309361-emissions-targets/
Stupid Comments ,, Donald Duck ...
More fantasy football misleading dribble from Manmentia.
"Breaking news - Hold the press"
Imagine, an ex-Sinn Fein TD, who left Sinn Fein due to her anti-abortion stance in the 8 Amendment Vote & now runs as an Independant TD, is from a turf county & intends to vote down the current FF/FG/Green coalition.
You might as well tell us Boyd Barret might vote against them too.
Its unimaginable that enough non-Sinn Fein TD's will vote down the government, maybe force an election & risk their 2.5 more years of super salaries & future pensions & tons of perks, for doing F/A.
It would be worse than turkeys voting for Christmas.
Best case scenario, for Barryroe is that the coalition survives & new Taoiseach Leo & FF drop the greens & go into coalition with pro Barryroe Independants, even the Laurel & Hardy Raes.
And while my rosé chills, Ryan is very far from "brain dead". He is a very successful pension & property multi millionaire, Green Party Leader, senior government minister & total green ideologue, who will never change his stance & who has 100% success in blocking all fossil fuel plans in Ireland for years.
We shareholders should all look in the mirror to see what brain dead really looks like.
Deputy Carol Nolan, Laois Offaly TD, not happy with Fine Fail, Fine Gael and Ryan.
“It is now way past the point for Fianna Fail TD’s and Fine Gael TD’s to get off the fence; to stop their equivocating and their half-hearted ‘defences’ of turf cutting and turf use and actually demand that this Green minister, who commands no meaningful support for his nanny state agenda is stopped in his tracks."
https://www.leinsterexpress.ie/news/local-news/855922/laois-offaly-demand-on-fianna-fail-and-fine-gael-to-block-green-ban-on-online-turf-sales.html
Sinn Fein rumoured to call for a "no confidence" vote next week.
https://www.independent.ie/news/sinn-feins-mary-lou-mcdonald-tells-independent-tds-to-end-coalition-support-as-no-confidence-vote-looms-41821254.html
Ryan got roasted at a meeting in Kerry two days ago. Somebody presented him with a sod of turf and by implication told him to "s*d off".
Be careful what you wish for. There is a small but non-zero chance that FF or FG will have the backbone to stand up to Ryan on his catastrophic energy policies. The populist leftwing SF are unlikely to rock the boat and would pander to popular green sentiment even without the Greens in power. Barryroe's best chance (and it's a slim one) are with the current set of muppets.
This vote by McHugh is in isolation on a local issue and the government still won this votes with votes to spare
Highly unlikely that McHugh would vote against the government in a no confidence motion.
https://www.irishtimes.com/politics/oireachtas/2022/07/06/dail-loses-majority-as-mchugh-votes-against-mica-legislation/
All it needs now is a vote of no confidence by the opposition and this government is for the birds along with brain dead Ryan.
“Security of supply, availability and power generation” are particularly a concern for international tech companies, ”
Very clear that energy security of supply is important for Ireland to attract FDI
https://www.independent.ie/business/irish/idas-departing-shanahan-says-energy-supply-for-industry-key-to-jobs-growth-41818041.html
Yes, Ryan certainly backed the wrong horse in this race.
https://www.irishtimes.com/business/energy-and-resources/inclusion-of-gas-and-nuclear-in-eu-taxonomy-not-necessary-eamon-ryan-1.4794040
ER said it would never pass , A kick in his Green Nuts ...
it was a close call. The vote:
"278 MEPs voted in favour of the resolution, 328 against and 33 abstained. An absolute majority of 353 MEPs was needed for Parliament to veto the Commission’s proposal. If neither Parliament, nor Council object to the proposal by 11 July 2022, the Taxonomy Delegated Act will enter into force and apply as of 1 January 2023."
Since the passing of this allows for gas producers to apply for EU grants for development it will be interesting to see if Providence and its new name "Barryroe Offshore Energy" will apply for such grants.
If Ryan does not approve soon I expect Providence will issue legal procedures to get him off his high horse. And still we wait on the Rockhopper decision which, if they get anything over the £34m they have spent to date will probably result in Providence suing the Irish government for hundreds of millions of euro under the "Money message" in the constitution.