Marathon sells Corrib stake to "responsible" Vermillion
international |
environment |
news report
Thursday June 25, 2009 12:09
by watcher
Marathon's share in the controversy-ridden Corrib gas project is to be sold on to Canadian firm Vermillion Energy Trust, which claims to "live and breathe" a motto of "excellence, trust, respect and responsibility every day".
A Canadian-based firm, which claims to be "responsible", is to acquire Marathon's 18.5% share in the Corrib gas giveaway (1).
The announcement comes as the State, Shell and fascist-leaning IRMS collaborate against brave souls taking part in direct actions on the land and sea in Mayo. By settling out of court in a recent landmark case, Shell admitted that it had collaborated in human rights abuses and murder in Nigeria. Calgary-based Vermilion is to pay US$100 million to Marathon on closing of the deal, which is expected to occur before the end of 2009, according to a press statement released on June 24 (2). A second payment of approximately US$300 million to US$135 million will be paid to Marathon if the first gas from the field is achieved (2).
"We’re a responsible producer, and we care about the communities we work in. It’s not just lip service," Lorenzo Donadeo, the President & CEO of Vermillion recently told Canadian Business Online. "We’ve got really strong corporate values that we try to live and breathe every day. They’re centred around excellence, trust, respect and responsibility", he said. "Vermilion considers itself a responsible energy producer, and as a responsible energy producer we’re a company committed to the care of our people and the environment, and we also like to ensure that we enrich the communities in which we live and work in", added Donadeo (3).
Contacts:
Lorenzo Donadeo, President & CEO;
Paul Beique, VP Capital Markets
Vermilion Energy Trust
2800, 400 4th Avenue SW
Calgary, Alberta T2P 0J4
Phone 1-403-269-4884
investor_relations@vermilionenergy.com
community@vermilionenergy.com
References:
(1) Vermillion's 'responsibility' webpage
http://www.vermilionenergy.com/responsibility/community...t.cfm
(2) Press release about sale of stake
http://www.vermilionenergy.com/files/pressreleases-2009...4.pdf
(3)Interview with Lorenzo Donadeo, the President & CEO of Vermillion, published on March 12, 2009
http://www.canadianbusiness.com/managing/ceo_interviews..._7236
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Comments (14 of 14)
Jump To Comment: 1 2 3 4 5 6 7 8 9 10 11 12 13 14That'll mean that Paddy Cosgrove and Fr. Kevin 'Fr. Shell' Hegarty will be sorted then, I presume?
A google news search came up with this gem, presumably quoting Vermilion execs themselves or sources in the 'trust'
"'Given the advanced stage of the project, the risk of major cost overruns is considered manageable,' Vermilion said.
"The Corrib field is expected to produce gross volumes in excess of 300 million cubic feet per day of natural gas for a period of two to four years before experiencing natural declines of 20 percent. Net production to Vermilion is initially anticipated at approximately 9,000 barrels of oil equivalent per day.
"Current net reserves attributable to Vermilion from the Corrib field have been estimated by the Trust's independent reserve engineers at 17.5 million boe effective as at January 1 2009, although Vermilion believes that future development and/or production performance could increase reserves up to 35 million boe, according to internally prepared estimates of the ultimate potential.
"The field, which is estimated to contain approximately 1.0 trillion cubic feet of natural gas in place, lies in 350 metre water depth and will initially produce from five wells, all of which have been completed and tested and are currently being tied into a subsea template.
"The wells will be tied into an onshore gas treatment facility that is 75 percent completed and then into Ireland's natural gas grid. Several other prospects on the exploration license have been identified that could further extend the life of these assets if successfully drilled and completed.
"One of these prospects, North Corrib, is being considered for drilling in 2010 after recently obtaining partner approval. The cost to drill these prospects would be approximately US$10 million per well, net to Vermilion, providing significant upside opportunity at relatively low cost."
I'd figure that Bertie Ahern and Ray Burke are responsible for that 'relatively low cost'!
Denis Halliday was interviewed on the RTE news and was, amongst other things, about his support for the protestors at Rossport. He simply outlined how he felt the Irish people were not being fully presented with all the facts and how, given the current financial crisis, that the terms of the deal should be re-examined, so that the state might get a cut of the 50 billion deal, similar to as has happened in Bolivia, Venezuala and other places. He also outlined that those protesting are not terrorists but normal people standing up for their rights.
well done Denis, well done to all struggling with those in Mayo
Rossport Abu
Irish government deploys navy, Gardai in Mayo today to help Shell rape our resources
http://www.politics.ie/economy/80357-irish-government-d....html
Activists on their way down there will be updating using twitter. #s2s is the tag they're using. Anyone with time on their hands today tomorrow etc could check there periodically for updates and put them on here.
And some very very twisted news : http://breakingnews.ie/ireland/fisherman-rescued-off-ma....html
Contact them to complain / clarify etc
BreakingNews.ie, part of the Thomas Crosbie Media network of websites.
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Gas to wholesalers was around 140.00$ per 1000cubic meters so lets get this correct 140.00 $ plus Per 1000 cubic meter X 1 TRILLION = 140.000,000,000 That's right 140$ BILLION so we should received standard Production Sharing Agreement 80% , where talking in the region of at least 100 BILLION to the people, so lets start shouting that its not Ray Burke's to give AWAY ! Thank y0u.On a happier note Beach Party at Glenglad Beach @ 3 pm see y0u all there. Is it still legal to go and cool off on a warm summers day there is no signs that say no swimming in the Bay . But then again ask of the 17 year old student on holiday from a far away country visiting her cousins and went for a swim was arrested for just swimming in the local public beach , I don't think it's legal but your talking about shells forced law on the Irish people of Erris and the world.
You have your units mixed up. It is 1 trillion cubic feet, not meters, so you divide your figures by 35.3 and the value of the gas in the ground (assuming you could get it all out) would be $4 billion.
...it still wasn't Ray Burke's or Bertie Ahern's to give away! It is still our oil and gas and we're going to have to fight hard to get it back into the people's control, developed in a safe and responsible way and to the benefit of the people of Erris, Ireland and the world.
The show ain't over till the fat lady sings.
“Shell will be dragged from the boardroom to the courthouse, time and again, until the company addresses the injustices at the root of the Niger Delta crisis and puts an end to its environmental devastation,” said Elizabeth Bast, International Program Director for Friends of the Earth U.S. “Communities, human rights lawyers and activists will continue to demand justice with the same determination and hope shown by Ken Saro-Wiwa and the Ogoni people.”
From: http://remembersarowiwa.com/royal-dutch-shell-forced-to...ourt/
There has to be something "kinda quare" going on I'd nearly say?
I wonder if the Garda Siochanna have ever investigated the possibility of bribes being paid into offshore accounts, blackmail, and that kind of thing?
Allowing for the way that Shell Oil's awful reputation is now appearing all over the place, and in ways which cannot be denied, and the vast sums of money involved in our amazing and so far completely unexplained "oil and gas giveaway", surely the time has come for a full and proper (and public) investigation into this whole business?
All such an investigation would require is a few garda in Dublin probably - bent on helping the People of the Republic of Ireland - instead of the hundreds of them that are now helping Shell up in Mayo.
Where to start?
If I was a responsible member of the Garda Siochana, I think I might now be very tempted to start an investigation by issuing an invitation for former Justice Minister Ray Burke to come in for a bit of a chat regarding the core role that he apparently played in the "great oil and gas giveaway" to Shell Oil -- having due regard for the fact that former Minister Burke was later jailed for corruption.
Former Justice Minister Ray Burke, Shell Oil, Corruption:
http://www.google.com/search?hl=en&q=Former+Justice+Min...&aqi=
It's true Watson; the more one looks into this whole business the more suspicious one becomes.
The "royalties of 6 to 7 per cent" would have been in keeping with the Article 10 of Bunreacht na hEireann (Constitution) -- but former Minister Burke abandoned these royalties it seems.
How Mr Burke could have done this without attracting the attention of all those whose job it is to prevent violations of the Constitution is a complete mystery to me at the present time.
My comments here derive from the contents of the two excerpts below, which I am assuming are correct:
"In 1985, Fianna Fáil's Ray Burke significantly modified an agreement that guaranteed the state a national stake and financial return from any commercially successful find. In 1975, Labour minister Justin Keating gave the state the right to a 50 per cent stake plus royalties of 6 to 7 per cent in any commercially successful find, and imposed a 50 per cent tax on the companies."
"Burke abandoned the government stake against the advice of his department and abolished payment of royalties. In 1992, intense lobbying by the oil companies led to a lower tax rate of 25 per cent under then Minister for Finance Bertie Ahern. The tax could be written off against commercial costs over the previous 25 years, including costs incurred on work in other jurisdictions. ‘Frontier licences' were introduced, allowing oil companies to hold drilling licences for up to 20 years."
Both of the above excerpts are from: http://www.soldiersofdestiny.org/theshellsaga.htm
Holmes & Watson,
I find the piece below (from http://en.wikipedia.org/wiki/Rossport_Five) interesting:
"In an unusual move by the Irish judiciary, the men (The Rossport Five) were told that a judge would be on hand at any time of day or night if they wanted to purge their contempt, by promising they would no longer hinder Shell employees."
Unusual move by Irish judiciary, Rossport Five:
http://www.google.com/search?hl=en&q=Unusual+move+by+Ir...&aqi=
Now if you guys don't mind me asking, would I be right in thinking that the judges in this part of Ireland have to solemnly and sincerely promise to uphold the Constitution? -- something to do with Article 34.5.1 I've been given to understand?
Article 34.5.1 of Bunreacht na hEireann:
http://www.google.com/search?hl=en&q=Article+34.5.1+of+...&aqi=