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Where will the feedstock for these new gas to electricity generators come from ?
This article re Ireland and the Beyond Oil & Gas Alliance is from 11 November but I think worth a quick read. Ryan rules out buying back existing exploration licences, because of cost and...
"He stressed that the chances of the existing licences resulting in any oil or gas discoveries was very slim"
Now this is simply not true, the reason Marathon pulled out was because they were looking for oil, not gas. At the time Ireland's gas needs were more than adequately covered by importing North Sea gas from the UK. There simply wasn't the market to make extraction commercially viable.
https://www.independent.ie/news/environment/ireland-joins-alliance-working-to-end-global-oil-and-gas-production-41042717.html
Ryan is a deep cover GRH double agent now all keep silent.... Let the dark Lord do his work....
Morning Androcles,
I second that.
The Klingons on the starboard bow aside, there are several really oustanding posters on here who keep an eagle eye on developments that affect PRD, whether that be Morocco, Ireland or Trinidad.
I too express my apprection to Nico, BRV, GRH, MEM, Obadhia, PT and several others who do such sterling work on here to keep the information flow so strong.
I only ever saw it in one other stock - Tesla (there are some seriously smart cats that follow every move that company makes and, in some cases, have their own Youtube channels dedicated to it).
Goodness me, I didn’t check the boards last night, and missed a very interesting evening.
Thanks to all for your inputs.
Matt, exactly my thoughts. I was just reminding myself of Paul’s concluding remarks from the IMC presentation in September:
“Let’s not forget Ireland, my favourite hunting ground. So it’s been many, many years, 40yrs, in Ireland, trying to promote gas, trying to buy Marathon Kinsale, trying to buy Corrib. Right now is our time and our place. We have an LNG project, we have 2 successor authorisations and gas prices through the roof, and everybody screaming and worrying. Right now, we’re there. We’ve spent a long time getting to that position, we’ve stayed at the table no matter what happens.”
I’m sure Paul will never say “I told you so” but maybe he should be allowed to on this occasion!
Excellent links re ROI, thanks PT and Nico
I don't want to play poker against PG. This feels very much like he's paid his entry to the high stakes tournament, and after many have doubted him, is now sitting at the final table holding all the cards. No wonder he looks confident. It might be taking time, but it's playing out nicely.
Actually, I've just re-read the article it is worth a read because it shows that Ryan lied through his teeth at COP26 and his own party conference by claiming gas had no future in Ireland -see paragraphs from article below,
Eirgrid recently sought bids from power generation companies to provide back up gas-fired electricity plants to ensure there are enough supplies to meet likely demand in winter 2022/23.
The State company began the auction in late October and arrived at the provisional results last month. According to Eirgrid, the process was designed to secure additional power supplies...
After COP26, I'm sure many of us had written off further development in Ireland, I really do feel joyful this morning now our trifecta/tricast is back on..
See below from the PVR board, even if you don't bother with the article, it's worth a click to see the photo of mugged off Minister Ryan's sour face,
note the article on the building of new power stations but it did not show the "happy" face of Ryan. So here is the Irish times article and you can see that Ryan looks like somebody has stuck a damp squib up his rear end and lit it.
This runs contrary to anything he has been saying over the last months so who has forced him to change his mind?
The caption tells it all when it says: "Minister for the Environment Eamon Ryan: Government decided the development of new gas-fired power plants". And just last Saturday at the Green's AGM he was saying the opposite, that we had wind to beat the band.
https://www.irishtimes.com/business/energy-and-resources/eirgrid-lines-up-power-companies-to-provide-emergency-electricity-1.4743302
Nice one Tesla, this is magnificent news.
A few month's back, I got excited to see the FRSU projects attacked from some more pragmatic opponents who were arguing that locally piped natural gas had a far lower carbon footprint than importing LNG.
Game on... Ram's Head/Corrib South licences could still prove to be the Willy Wonka Golden Tickets.
Only just GRH!
Looking at the policy paper itself, there appears to be more to follow:
"The Department of the Environment, Climate and Communications is also carrying out a review of the security of energy supply of Ireland’s electricity and natural gas systems for the period out to 2030 in the context of net zero emissions by 2050. This review will inform future policy in relation to security of electricity and gas supply. "
Apologies...
Tesla beat me to it!
Some might care to read my Twitter feed
Some might not
Regards
GRH