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The fuel shortages at the pumps in a few months from now should focus the spot light on Barryroe
https://www.irishexaminer.com/news/arid-40900784.html
Another possible view of events!!!
At Wednesday’s debate, the Greens and then Brophy, the FG spokesman, said they don’t comment on licence’s that are been processed.
On the following afternoon, Thursday, the interview with Varadkar took place. To be fair he did comment on the licence , pointing out what he believed the issue was. His comments were double checked and confirmed by the journalist with a phone call to Varadkar’s aide.
On the following day, a quick fire fundraiser was initiated and completed.
I am sure the Providence board will be straight on to Leo Varadkar in the morning and ensure he is fully appraised of all of the relevant facts and fair play to the RIG, they have certainly put Barryroe front and centre right across the political spectrum and have also exposed Ryan’s ludicrous contributions to the debate in regards to indigenous O&G assets and in particular the viability of Barryroe, the elastic is now at breaking point for Ryan and Friday’s fund raise completed in the space of a few hours, underlines the strength of support in the background and you sense that the lease undertaking is very much within reach now,…GL S
The Green Agenda is very aggressive TheShen. They are careful not to engage with the debate around the need for oil and gas instead choosing to demonize the industry. For example Caroline Lucas mentioned that it takes thirty years to drill a new well. Providence need to take a leaf out of her book - drilling a well taking six weeks, shipped ashore to Whitty, refined immediately and straight on to the forecourt, and due to extra supply, lowering the price to the customer. One of the problems for some countries is the lack of refining capacity, a problem that Ireland does not have,as oil from Barryroe would replace imports.
Putin earned $20bn from oil in May alone .In the whole of 2021 Russia earned $110bn from oil , so his revenue has more than doubled. I agree with you Battle ,time for Europe to come up with the goods and accept there are now other factors stronger than the Green agenda.
Europe using its own oil and gas fields will help in reducing inflation across the block as well as securing Europe's energy security as we transition to renewables in the medium term. Barryroe has an important role to play, not only in securing Ireland's energy security but also that of Europe's , especially when you consider that the proven reserves of 350 million barrels may well be just a section of what is available from the field. The PR department working for Providence have to date decided to keep a low profile due to the overarching shadow of the environmental movement, but things are changing fast on the ground. Two euros a litre for petrol is beginning to look like good value, so allowing people to know that there is 350 million barrels of crude oil waiting to come ashore and be refined into 350 billion litres of petrol, no longer seems like something that should be kept hidden under a stone. Public opinion will be on the side of Barryroe and that will apply political pressure.
1- Varadkar does not says he is against the project - it is subject to finance in his mind
2- He admits to not knowing all facts
3- The finance is clarified with financial letters of comfort in the application for the licence application so there is then no issue
4- This is an opportunity for Providence as a company to clarify this to Varadkar who can in turn press for Ireland’s home grown energy supply being met with home grown sources as this project does indeed meet the financial requirements
Leo Varadkar interview with The Currency
Fields of oil
While eradicating fossil fuels from the energy supply is the goal, it is likely that Ireland will take a full generation if not longer transition to being fully powered by renewables.
In the very long meantime there is a pecking order for the fossil fuels being used to power the country. Varadkar sees natural gas as the transition fuel, and below that coal and oil.
But rumbling away in the south-west is a row over the development of Barryroe Oil Field, potentially one of the largest oil fields in Europe, off the coast of Co Cork.
Providence Resources, the oil exploration company, is claiming they have been held up for six months from moving forward with the opportunity there by Minister Eamon Ryan’s inaction on signing a renewal for their licence for a well appraisal.
But Varadkar, while being open that he may not know all the facts about Barryroe, brings a different perspective on the dispute which is later confirmed by his aide over the phone.
In order for the government to renew the licence for Barryroe, the entity must undergo an economic assessment, which is ongoing but due to conclude soon, and there is a question mark over whether Providence has the financial backing to move forward with the next stage of its appraisal.
“My understanding is that to get the renewal, part of the process is that you have the financial backing to actually do it,” Varadkar says.
“These drills cost like a hundred million or something, and part of the condition of renewing a licence is that you are able to demonstrate that you have the financial wherewithal to make use of it and I think that may have been the issue.”
In a statement released on Friday, the board of Providence said it was seeking to raise $1.8 million “for working capital needs, as well as to pursue its lease undertaking application for Barryroe”. The firm was offering a 16 per cent discount for investors on its closing price on Thursday evening.
Whether Providence gets the funding, and subsequently the licence, for now remains unknowable but it seems there is very little appetite in government buildings to look to new sources of oil as a panacea.
SPOT ON DEAL
Flambo,the Sot On "deal" was signed when oil was $46 Dollars a barrel . So for Leo to question finances is just a box ticking exercise.
Those responsible for the dereliction of duty at the Central Bank and Financial Regulator escaped almost scot-free.
One wonders in the case of energy whether the Commission for Regulation of Utilities (CRU) was similarly asleep at the wheel. At a minimum the commission should be required by the relevant Dáil committee to explain what steps (if any) it had recommended to government to provide against energy supply now being in such a precarious position.
Our sole indigenous gas supply since the decommissioning of Kinsale is now the Corrib field off the north Mayo coast and it is expected to run down by the end of the decade. In 2019, the then taoiseach Leo Varadkar, overcome by a bout of candour for which he is famous, told the UN, without a government decision, that Ireland was banning offshore exploration. This put him and Ireland back on the side of the angels.
However, the Tánaiste must now contend with the demands of some large international companies for the continued provision of big data centres. Varadkar must now walk a tightrope since each of these data centres requires more power than a very large Irish town.
Varadkar’s UN actions earned him a warm welcome from the same politicians who, before their conversion, pressed me as energy minister a decade ago to establish a state oil company to explore offshore. In 50 years, Ireland has never had an oil find.
Experts suspect that the Barryroe oil and gas strike off the south-west coast may change that and could offer significant commercial finds. Barryroe was licensed before the ban on exploration and is awaiting the necessary permissions for further drilling to confirm if it is commercially viable. After the Corrib is exhausted, such an indigenous supply would ease the pressure.
The department is due to publish a major report on energy security that it commissioned before the Ukraine invasion was anticipated by anybody. Presumably, it will provide clarity on general policy direction and enable not just a decision on Barryroe, but also on the future of the proposed LNG terminal at Tarbert, in north Kerry.
New technologies at research stage, as well as a lessening of community resistance to sensible wind projects, may yet enable us to speed up the optimisation of renewables. In the interim, we must keep the cows milked and the lights on.
Pat Rabbitte: Questions for the utilities commission as energy crisis was waiting to happen
Even before the Ukraine invasion, it was clear to most that an energy squeeze was on the way. So why was nothing done about it?
PAT RABBITTE
00:00
Protesters at a pro-Ukrainian march in Frankfurt am Main in Germany: Our energy supply is on a knife edge, and not only because of the war in Ukraine. Picture: Getty
When the present government was formed, the Department of Communications, Energy and Natural Resources was retitled the Department of the Environment, Climate and Communications. Energy was excised from the title. This was more than symbolic. Renewables appear to have become the sole focus of energy policy.
This is all very admirable, except it is not possible to transition to renewables without essential backup for when the wind doesn’t blow – and the cleanest backup is gas. By all means let us hasten the transition to renewables, but let us recall that last year we had the highest number of days without wind in the last decade. Better to have gas backup than be forced to buy diesel-driven emergency generation.
Last summer, I wrote a column in these pages to explain the risk of the state sleepwalking into an energy crisis. The emergency intervention last week by government to procure additional generation to prevent power outages this coming winter at a cost of €350 million highlights how acute the crisis has become.
A year later the reasons haven’t changed. The cumulative effect of a number of factors has left our energy supply on a knife-edge. They include the decommissioning of power stations, the voracious appetite of big data centres for energy, the end of the Kinsale gas field, the climate-proofing of energy activity and the new piety about a liquefied natural gas (LNG) facility on the south-west coast.
The power stations are functioning again, but it is not enough. EirGrid estimates the shortfall at about 700 megawatts (MW). My allusion last year to “volatile geopolitics” did not anticipate Russia’s invasion of Ukraine, which has driven energy security to the top of government agendas across Europe. The imperative to help Ukraine resist the brutal designs of Vladimir Putin is causing serious grief for governments heavily dependent on Russian gas in particular.
The fact that we do not import our gas directly from Russia does not insulate us from crippling price rises. Britain had an obligation under European law to give us proportionate access to gas supplies, but since Brexit we are dependent on a bilateral agreement – a concept with which the Boris Johnson government is unfamiliar.
How has all this crept up on us? It was a crisis waiting to happen before Putin’s depredations in Ukraine. The parties in power, Fianna Fáil and the Greens, at the time of the financial crash were almost destroyed at the subsequent election. The parties that went in to pick up the pieces, Fine Gael and Labour, were similarly devastated. Those resp
Varadkar,meehole doint want to **** down sleepy ryans back incase he pulls the plug on current Cosy cartel goverment
They both know the best energy policy to serv citizens would have been to fasttrack permit signoff along with a possible partner fund venture with pvr with the oil/gas to be solely used for Irelands Domestic/Industrial market why even the eu would have possibly agreed to help parr fund the goverment knowing full well the precarious nature of Irelands Lack of energy security yet meehole and varad the lier continue to refuse to listen to reason and work in best intrests of Irelands citizens.
Varadkar has given a wide ranging interview to the subscription newsletter the currency .
In it , he mentions Barryroe and the views he expressed are confirmed later by his aide over the phone.
Basically, according to Varadkar, in order to renew the licence , providence must undergo an economic assessment , which is ongoing but due to conclude soon.
But there is a question mark over whether Providence has the financial backing to move forward with the next stage of its appraisal.
You need the financial wherewithal to make use of it and I think that may have been the issue, says varadkar
What this the reason for Friday quick fundraiser and will be it enough. Obviously the decision is on its way
A piece from the Guardian , can't say you haven't been told Eamo. You can add Leo and Micheal as well to that conveniently Gormless mix.
Just think of what the tax take the people of Ireland would get on fuel sources that we import anyway!
"Russia’s war in Ukraine could take years, said NATO Secretary General Jens Stoltenberg. “We must prepare for the fact that it could take years. We must not let up in supporting Ukraine,” Stoltenberg said. “Even if the costs are high, not only for military support, also because of rising energy and food prices,” he added."
Licence will come by 15 th of July . .
It's a cracker JH.Explains the recent big sell offs,someone always knows....prove it!
Some here argued about fuel security and fuel poverty over the years but Ryan ignores that.He still wants to save the world at our expense.
Ah well..Fundraise complete so that's next years salaries in the bag for the board. Cracking little investment this one! I'm guessing we'll see a similar move from LOGP fairly soon as they'll be running on empty by now I imagine. I love Irish Oil!
Wow Toroil, you seem to be a 7 Dan master of the ffffing obvious.
You are not T*** O'R*eilly by any fantastically silly chance ?
PVR has been nothing but a Cheltenham longest odds moon-shot for years & nobody truly serious, thinks otherwise.
Its primary value today, is as a tax write-off, for 98% of long suffering shareholders, as others have previously mentioned.
Its a kind of investment p*rn.
And it looks like Manmentia & his wing man Anovas, will have to subscribe, so as to be able to buy a house for each of the lovely grandchildren & maybe a 4th house !!!
Personally, I prefer to to buy my own house & avoid fantasy share competition's, like the plague.
Todays actions are TINA (google it, if must).
It's Hobson's choice for the large shareholders - if they don't continue to prop this up then they will certainly lose everything they have invested to date. At this stage they are gamblers chasing losses.
I am sure that the vast majority of this fund raise will be taken up by LG and the inner circle of the largest shareholders, I don’t believe we will see many share finding there way through to the PI community,…GL S
Watch Larry Goodman increase his stake with this rights issue. It will show his determination to get this done and it won’t be long before a new CEO is in place
All other large large holders and institutional holders are taking their options
Manyana SF amoung the 45 who couldnt be Ar$ed to vote
And you still believe they will give green light for pvr to drill barryroe when they win next general election You may forget about that one also the case for holding pvr for a bounce upon news of gov paying Compensation will take donkeys years and pvr will be long gone before they receive a penny
Time to wake up Lad.
Ri Mere revenue generator to keep the salary and expense gravy train in motion Doint be fooled into parting with your cash as Barryroe/pvr now nothing more than a trading entity.