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Looking at a TV political programme on Irish TV and they are discussing government formation. If the Greens do not go into government with Fine Gael and Fianna Fail by the end of next week it looks like Fine Gael and Fianna Fail will open talks with the rural alliance group with the view of forming a government. Would be much better for Barryroe, even if that government only lasted a year or two.
If only it was in the North Sea. I wonder what the share price would be if we could relocate.
Found this on Twitter. Barryroe would be in joint seventh place in the top ten oil fields in the North Sea
https://www.offshore-technology.com/features/featurethe-biggest-oil-fields-in-the-north-sea-4836046/
The make up of the Spot on energy group will be the thing that drives this share forward. Some big name backers will convince people that Barryroe will be drilled.
I wonder what new gas field they are talking about
https://twitter.com/OffshoreIreland/status/1262820318818652160?s=19
I agree Manyana. I am being too generous with my Corrib figure. I suppose when you think about it, Barryroe is the only gas field that is available at the moment to replace the Corrib field. Also worth noting that the LNG plant at Shannon that would use fracked gas imported from America is a far harder sell politically than Barryroe.
I totally agree Highlander. Corrib, which provides nearly 80% of our energy needs, is coming to the end of it's life and when it does we will be completely reliant on gas from the UK. By importing gas from the UK we will increase our emissions by up to 30%. Barryroe is a shovel ready with proven gas reserves and the infrastructure is already there to connect directly into the national grid. The proven oil reserves can also be brought ashore to the Whitegate oil refinery creating jobs and extra exchequer revenue if the government think this is a good idea.
I feel there will be a change in public opinion when it comes to offshore drilling in Ireland post Covid. That's not to say that the majority of Irish people were not already in favour of using our own natural resources, they always were, but I sense a change of opinion on social media. People see the country needs to take every opportunity to rebuild the economy and they recognise that importing oil and gas increases our emissions, that using our own natural resources will bring jobs and exchequer revenue .
Irish Times reports on the AGM
https://www.irishtimes.com/business/energy-and-resources/providence-resources-shareholders-asked-to-approve-share-placing-1.4245375
Looks like the Green Party will go into Government. They have said that they want a transition away from oil and gas but that they are opposed to the importation of fracked gas. Bad news for the LNG plant at Shannon but it opens the door for Providence as there will have to be a increase in the supply of natural gas from other sources.
I heard the leader of the Green Party, Eamonn Ryan on the radio this morning and he said that he wants a transition away from oil and gas over the next ten years.
The collapse in the oil price and the fact that Providence is a couple of years away from producing oil and gas at Barryroe will work in their favour. With associated costs for drilling at a all time low, combined with investors who will stay the course, the timing is perfect for Providence.
China may come out of the coronavirus economically on top and may decide to reinvest in Barryroe. Otherwise Providence can only sit on Barryroe for the foreseeable future and hope the Irish government looks towards Barryroe as a future source of exchequer revenue.
The Government are putting in place three point five billion euros to deal with the coronavirus, which will wipe out the budget surplus. Hopefully in couple of months the coronavirus will have died down, and the government will be looking for ways balancing the budget. Barryroe will provide billions of euros of revenue for the exchequer. It is a near to long term prospect, but perhaps the public's opinion of using our own natural resources may have changed in a couple of months.
It is painful to say it, but we are in one way back to square one. We are dealing with a new investment case, a oil and gas field. The history of barryroe, as far as finding investors is something that is against it, but it is a new start, the facts of the field remain the same. It will have to be proven up again and new money and investors brought in. The fundamentals are sound and given time, people will come on board again. If we can get some sort of positive signal from a new government, as to their position on Barryroe, that will be the catalyst that will reignite the investment case for Barryroe.
Fianna Fail and Fine Gael are in talks to form a government, but it would be likely that the Greens would also be a part of this government. The opinion polls are showing a surge of support for Sein Fein, so another election would not be in the interests of either Fianna Fail or Fine Gael. With Barryroe now being marketed as a gas find, it will be easier for it to go forward in the current political" Climate". The Greens are saying that there will be no room for tax cuts if the country is to implement their Climate Change programme. This policy will allow the two big parties to squeeze the Greens politically. I would say that FF/FG will give the go ahead to Barryroe. Micheal Martin, the leader of FF and his finance spokesman, Michael McGrath, are both from Cork. As is the deputy leader of FG, Simon Coveney , who is the brother of the CEO of Greencore, Patrick Coveney.