Upcoming Events

National | Economics and Finance

no events match your query!

New Events

National

no events posted in last week

Blog Feeds

Anti-Empire

Anti-Empire

offsite link Fury, Resistance in Europe Over New Doom... Fri Oct 30, 2020 15:43 | Giovanni Legorano

offsite link How Would You Spend Your Last Thanksgivi... Fri Oct 30, 2020 14:00 | A.J.Kay

offsite link Sudan Enters the Outside-in Accords Fri Oct 30, 2020 13:13 | JP Sottile

offsite link Armenia’s Anti-Russians Get Their Come... Fri Oct 30, 2020 10:27 | John Helmer

offsite link Western Liberals Silent After ‘Moderat... Fri Oct 30, 2020 06:30 | Brendan O’Neill

Anti-Empire >>

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link David Quinn’s selective tolerance

offsite link A Woulfe in judges clothing Anthony

offsite link Sarah McInerney and political impartiality Anthony

offsite link Did RTE journalists collude against Sinn Fein? Anthony

offsite link Irish Examiner bias Anthony

Public Inquiry >>

Spirit of Contradiction

offsite link The Party and the Ballot Box Sun Jul 14, 2019 22:24 | Gavin Mendel-Gleason

offsite link On The Decline and Fall of The American Empire and Socialism Sat Jan 26, 2019 01:52 | S. Duncan

offsite link What is Dogmatism and Why Does It Matter? Wed Mar 21, 2018 08:10 | Sylvia Smith

offsite link The Case of Comrade Dallas Mon Mar 19, 2018 19:44 | Sylvia Smith

offsite link Review: Do Religions Evolve? Mon Aug 14, 2017 19:54 | Dara McHugh

Spirit of Contradiction >>

Shell to Sea Spokesperson Jailed for E300 fine as Millions roll in for Corrib Gas

category national | economics and finance | press release author Saturday May 07, 2016 19:38author by Shell to Sea - Shell to Sea Report this post to the editors

Maura Harrington jailed as Vermillion earn $17million from first three months of Corrib Gas

Shell to Sea campaigner Maura Harrington was arrested in Belmullet on Friday afternoon and jailed for 10 days in Mountjoy prison for the non-payment of a court fine of E300.
It is thought that the jailing relates to a 2012 protest attempting to block construction of the disputed development.
Ireland's resource giveaway.
Ireland's resource giveaway.

Ms. Harrington has continuously opposed the Corrib gas project due to health and safety concerns, environmental damage and the giveaway of Ireland's natural resources to private corporations. [1]

The jailing comes on the same day as Vermillion Energy - who owns an 18.5% share in Corrib gas - released sales figures of $17million from Corrib from the first three months of 2016. [2] At this rate the Corrib partners - Shell, Statoil and Vermillion - stand to make sales of $7.35billion from Corrib over a 20 year field lifespan. [3]

It is widely accepted that no or minimal tax will be paid by the developers of the Corrib Gas Project to the Irish state. Former Managing Director of the Corrib Gas project, Brian O’Cathain previously stated in 2010 “That Corrib will never pay tax”.[4] While a Vermilion investor profile estimated it would be 7 years before any tax is paid. [5]

Terence Conway of Shell to Sea stated: "The hypocrisy of this is evident - Maura goes to jail to for protecting our environment and resources while the multinationals are invited in to plunder."

He continued: "We are calling on yet another government to take back our natural resources that have been willfully given away by corrupt politicians and to ensure that no community has to suffer what we have for the past 15 years."

Mr Conway also repeated the numerous calls for independent inquiries into Corrib, including that by UN Special Rapporteur on Human Rights Defenders Margaret Sekaggya. [6]

Separately, speaking on on Thursday night to a packed RDS in Dublin, Canadian author and activist Naomi Klein said Shell to Sea had "inspired people around the world". [7]

ENDS

For more information contact:
Terence Conway: 086 0866264

http://www.shelltosea.com
http://www.facebook.com/shelltosea
http://twitter.com/#!/ShellToSea

Links

[1] Shell to Sea aims
http://www.shelltosea.com/content/campaign-aims

[2] "Millions roll in for Corrib Gas as production set to ramp up" Irish Independent" 07/05/2016
http://www.independent.ie/business/irish/millions-roll-....html

[3] Estimate based on projecting Vermillion's sales figures.
$91.9m would be the total sales for the first three months including the Statoil and Shell share. Multiply by 4 to get one years sales = $368million. Multiply by 20 years = $7.35billion

[4] Corrib 'will never pay tax', says project's former MD – News Release – Dublin Shell to Sea
http://www.shelltosea.com/content/news-release-corrib-w...er-md

[5] Vermilion Investor Profile - Seeking Alpha
http://seekingalpha.com/article/3754506-vermilion-energ...again

[6] United Nations, General Assembly, Human Rights Council 26/2/2013
http://www.ohchr.org/Documents/HRBodies/HRCouncil/Regul...n.pdf

[7] William Hederman facebook post
http://www.shelltosea.com/content/naomi-klien-shell-sea...world

Related Link: http://www.shelltosea.com
author by Observerpublication date Wed May 18, 2016 08:22author address author phone Report this post to the editors

I can't help but point out that the campaign is not getting any smarter as the years go by. The calculation that the Corrib field will make $7.35 billion over the next 20 years is based on the fact that the field will be producing exactly the same amount of gas in twenty years time as it did in the first three months of production! Sadly this is not the case as production declines year by year to a mere trickle at the end of field life. If it were producing at the same rate in 20 years time as it is today I sure the whole of Ireland would rejoice in the benefits of the additional tax revenue.

author by gasmanpublication date Wed May 18, 2016 11:49author address author phone Report this post to the editors

That isn't the gas. A conventional gas field like Corrib has ramps up quickly to a fairly long plateau and has relatively constant production and only towards the end does production drop off significantly.

In the case of unconventional gas fields like Fracking, production rises rapidly in the first year to 18 months and then falls off exponentially to a trickle. This sounds like the case you are describing and is not applicable to Corrib.

author by Educated observerpublication date Wed May 18, 2016 13:39author address author phone Report this post to the editors

I'm afraid that the statement in the previous comment is entirely incorrect on many levels. Corrib like many gas fields will have a relatively short plateau followed by a long and fairly steep decline. Take a look at the independent publicly available analysis such as that published by Wood Mackenzie if you don't believe me. The idea that it will produce for the next 20 years at the same rate is just ludicrous.

 
© 2001-2020 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy