Ireland is in a state of upheaval, following the discovery of a major oil field off the coast of the country. The deposit is estimated to have a potential of over 280 million barrels: a veritable passport for Ireland, which sees it as an opportunity to emerge from the crisis in which it has been mired since 2008.
What’s more, research suggests that other similar deposits are scattered throughout the Irish Sea. All the more reason for speculation on the part of the Irish government and people, who are still undergoing austerity measures.
However, the exploitation of such natural resources will require a great deal of rigor, and Irish law stipulates a minimum royalty of 25% of all profits linked to the exploitation of an oil deposit. It remains to be seen how Ireland can make the most of this oil, without sacrificing its respect for the environment…
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