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Posts on ‘November 28th, 2011’

Corrib – Ireland’s Last Offshore Development for a Generation

Printed below is an article by Tony Allwright, a retired Irish Shell EP manager. (SOURCE ARTICLE)

26 November 2011

Protests – overwhelmingly unfounded and politically unchallenged –
have trebled the cost of developing Ireland’s offshore Corrib gasfield.
This huge “
political risk” will deter further such investments for a generation.

Many years ago, in the late 1970s and early 1980s, there was a Dutch company with an Irish name, Shell Teoranta BV, whose raison d’être was to seek and hopefully find oil offshore Ireland (“Teoranta” is Irish for ““Limited”).  It drilled a number of wells – for  example, on 19th December 1979, the Irish Times featured a photo of a jack-up rig drilling an exploration well just offshore Dublin – but to no avail.  All the holes were dry.  Concluding that Ireland was a lost cause, Shell Teoranta packed its bags and shut up shop, though not before claiming a huge write-off from the Dutch taxpayer for all its futile Irish expenditure, a provision of Netherlands law which explains why Shell Teoranta was registered there. Shell reckoned it had better uses for its shareholders’ money than to fritter it away on the ultra-long-shots of Irish exploration. read more

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