Shell to Sea Spokesperson Jailed for E300 fine as Millions roll in for Corrib Gas
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economics and finance |
press release
Saturday May 07, 2016 19:38
by Shell to Sea - Shell to Sea
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.
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
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Comments (3 of 3)
Jump To Comment: 1 2 3I 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.
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.
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.