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 Irelands 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 dêtre 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.