IRELAND....''oil at sea''

Current Status of Irish Economy

Currently the whole world is aware of the economic crisis happening in America and Europe mainly. My native ireland is one of those countries badly affected by this downturn in the global economy. Unfortunately, years of ''the Celtic Tiger'' eventually ran out for our developers and our government which brought the whole thing literally crumbling down around them. When i say Crumbling i am referencing to the many 'Ghost Estates' now sitting idle in most towns and villages across Ireland. There was mention of plans to Knock these down at one stage. Yes. i do mean knock down new houses that have never been lived in!! Last year alone in Ireland there were 50,000 job cuts, now that's a lot for a small country. Presently, from what i have seen and heard, there is a new government in place who really don't know where to start. I suppose you cant really blame them in a way as they have a lot of catching up to do. theonly way they seem to see out of this debt is to borrow more money from Europe and cut the wages of those who are working and of those who are on Employment Benefits. OK that will help but by giving people less money surely that is generating another problem in that there is less money circling in the local Economy? So is this really the way out?

My Experience

I am a proud Irishman, always have been, always will be. It pains me to have had to leave my Native Ireland because of the crisis at home. But alas that is what me and thousands more must do to earn a living and support our families. I will say that despite the conditions at home, i was home a few weeks ago for one week, and typically irish people are still gettin on wit it. Anyway, i am in the Middle east now, and what industry am i working in, THE OIL AND GAS INDUSTRY. The Middle east is thriving on this stuff with billions of dollars going through the economy each and every day and as long as the pumps keep pumpin and the oil keeps flowing so will the money. So whats so different about here. Well its a hell of a lot hotter for a start. Otherwise not much difference, they have oil and gas here, Ireland has oil and Gas......hold on a second Ireland has what?

IRELAND SET FOR OFFSHORE OIL RUSH

I picked up an Irish Newspaper a number of Weeks ago here, a friend brought it from home, I was amazed at the headline.....IRELAND SET FOR OFF SHORE OIL RUSH. Have a lok at this internet article:

http://www.pennenergy.com/index/articles/newsdisplay/1401229942.htm

Now heaving read the Newspaper article and researched into this a bit more i was both excited and disgusted at the same time. Apparently it is fact that there is a lot of Oil and Gas in Ireland. Now that is great and the auction of these Licences will surely bring in money to the irish Economy, but surely there is a better way. As i said i am working in the Oil and Gas Industry in the Middle East. Oman to be exact. Out her the Oil and Gas is owned and regulated by the Country itself, not sold at source. Why cant they do that in Ireland. Its not that difficuly, it just needs a little bit of insight and knowledge from the countries leaders. All they need to do really is set up a Government body who owns and controls all the oil and gas fields. Then you bring in Contractors to start exploring and contractors to complete all the civil works and pipelines. Then you sell the Oil to whoever will buy it. Now there is a big set up cost involved in this and it would of course depend on how much Oil and Gas is there but it would be a very feasible option. What a lot of people dont know is there are a number of capped Gas wells in County Cavan, in Ireland. I am of the opinion that there is a lot more gas and oil than anyone is letting on.

Employment

At present there are thousands of Irish People living and working in the Middle East, and like me there are thousands who would love to Get back Home. This could be a huge opportunity for a lot of families to be reunited, for a lot of unemployed to gain employment and for the country to start generating an income for itself. Every country has to be looked at as a business and right now Ireland is in Liquidation. This is down to the fact that it has nothing to sell. The countries thriving in any economy are the countries who have and export value. The possibility and potential is there for ireland. I would urge our leaders to visit Oman and speak to the Sultan here, they would learn a very important lesson. However, the unfortunate truth is, the licences will be sold to the Oil companies and that will be the end of it.

Do you think the Irish Government are wrong in their approach to Oil and Gas reserves?

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Phil Plasma profile image

Phil Plasma 5 years ago from Montreal, Quebec

Even with licenses sold to companies the home country where these companies come in to extract the oil get a royalty. I agree with you that if the government in Ireland taken control of these resources it would have played out much better in the hands of the Irish, but even this way things are bound to improve.


tmheffernan profile image

tmheffernan 5 years ago from Middle East Author

Cheers Phil i can always count on u for views and comments. Yes the royalties alone should help but remains to be seen.

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