What loyalties is Ireland getting from the petroleum industry ?
Monday, March 15th, 2010The United States Government Accountability Office states in their publication “Oil and Gas Royalties – A Comparison of the Share of Revenue Received from Oil and Gas Production by the Federal Government and Other Resource Owners” that Ireland’s royalities were not even 20%, compare to other European countries (33…75%). In this studies Ireland’s government take is at the 2nd last rank before Cameroon.
The three oil companies involved in Corrib (Shell, Norwegean state oil company Statoil, and Vermillion) do not even have to pay any compulsory loyalties to our country when selling Irish gas on the international market.