Re: Cork - Ireland's Saudi Arabia
Jokes aside, while this would be good news indeed if this state had an oil & gas taxation policy that delivered benefits to the general public rather than to Big Oil, the public finances will not see a penny in tax paid on production from this well for a very long time, if ever. Providence's exploration costs (not 'well-specific') from the 25 years previous to the date that field goes into production can be set against their potential tax liability, meaning we are effectively paying for Sir Anthony's oil & gas gambles from the previous quarter-century, while he gets to pocket all the profits. There will be more of these 'finds' over the next few years, just to make sure all the entreprenhoors get on this gravy train before the desperation of austerity-addled govts. forces Oireland Inc. to re-examine the Burke/Ahern/Ryan terms for oil & gas production.
"It is we the workers who built these palaces and cities here in Spain and in America and everywhere. We, the workers, can build others to take their place. And better ones! We are not in the least afraid of ruins. We are going to inherit the earth; there is not the slightest doubt about that. The bourgeoisie might blast and ruin its own world before it leaves the stage of history. We carry a new world here, in our hearts."
— Buenaventura Durruti