The most shocking revelation in the study is that either through ineptitude or corruption successive Irish governments have handed over a minimum of almost 21 billion barrels of oil equivalent to transnational oil corporations and their native gombeen front-men.

 

At today’s prices 21 billion barrels of oil equivalent is worth approximately €1,600 billion. While this is merely the price for crude oil, it dwarfs by a factor of almost 25:1 the money we have borrowed from the EU/ECB/IMF Troika. After refining and use in downstream petro-chemical industries that base of €1,600 billion is multiplied into several trillion Euro.

The report is very clear in exposing the truth behind the robbery of our oil and gas reserves.  One key element of this 44-page information booklet is a groundbreaking map, showing for the first time all the known prospects and discoveries in Irish territory, together with tables listing the relevant exploration companies' own estimates for how much oil and gas these licensed areas contain. 

The map and tables – the product of months of painstaking research – are backed by an extensive online spreadsheet, which contains detailed sources and further information and which will be up-dated as companies release new figures.

Mr Michael Finnegan, president of the Workers Party, stated: “This booklet should be essential reading for every socialist, trade unionist, and community activist in the country. The 2013 budget is still months away and even now vulnerable sections of society ate haunted by fear of further savage cutbacks on basic services which will put their very lives in danger”.

“This study conclusively proves that the government and media mantra that: “There is no other way” and “We are all in this together”, to be the most blatant hypocritical claptrap.”

“The Workers Party has long stated that the way out of this depression is through job creation and the utilisation of the natural wealth of this country. The Shell to Sea report vindicates our position that we have vast potential wealth which, if harnessed for the benefit of the Irish people, could provide jobs, fuel security, industrial development; and world-wide exports. The complete refusal of this FG / Labour government, as with the earlier refusal of the FF/ PD/ Green government, shows their true class nature and their philosophy that private profit trumps the needs of the Irish people”.