When Irish Eyes are Smiling

By Jamie Douglas

There is a new standard for when Irish eyes are smiling. After suffering bravely through being one of the PIIGS, being the first one of them to grab the steer by the horns, and doing what was necessary to work toward an honorable recovery, the country just won the Irish Sweepstakes, literally.

The Providence Resources Exploration Company announced almost in conjunction with the Patron Saint’s Day, that they found a massive oilfield off the coast of Cork on March 15, 2012. This is the first time that any sort of commercial oil and gas discovery has been made off the Emerald Isle.

The Barryroe, as she has been named, is a mere 300ft deep and has already started to produce 3,514 barrels of Norwegian quality sweet Brent crude per day (over a million US$ every 3 days), and as a by the way, it is also gifting the Irish with almost 3 million standard cubic feet of gas per day. Come next winter, the Irish should stay warm and toasty.

It has been thought for quite a while now that the southwestern continental shelf of Ireland may hold many valuable resources, but the area is still massively underexplored by world standards. All of us are aware of the environmental dangers of offshore drilling, and I sincerely hope that in this and all future discoveries and extractions all precautions will be mandated to keep damages to an absolute minimum. That said, it must be accepted that as long as the planet is energy dependent on hydrocarbons, their exploitation will cause some unavoidable damages to Mother Earth.

It is estimated that the initial discovery could lead to the recovery of up to ten billion barrels of crude as well as trillions of cubic feet of gas. The current field is estimated to hold about one billion barrels alone. At today’s price of Brent crude, that is a mighty $126 billion, more than enough to help the Celtic Tiger’s economy recover.

Ireland is a member of the European Economic Union and is a member of the €uro zone, however, like the UK, it never became a member of the Schengen Zone, thereby freeing the potential expat from a lot of restrictive regulations that cover most of the continent. For most who are looking to move to Ireland seeking work, try Parador instead. If however you are looking to be a self-sufficient retiree, there are opportunities there for you. Additionally, there are lower taxes as well as special opportunities for working artists.

Ireland has a lot to offer to the leisure oriented expat, from the big cities to the lonely countryside, which have some of the narrowest roads in the world. Some of you may find that there is a bit more rain than what you would prefer, but that is what makes it the Emerald Isle. There are many properties on the market right now, due to the sudden infirmity of the Celtic Tiger, many of them being great bargains after the superheated pre-bubble-popping period, but generally still in the medium-high range.

For those drawn to the climate and the economic conditions, my advice as always is to go there for a few months (and not just during the best of the summer months), rent a place where you think you would feel at home, and give it a go. If it works out for you, you can always buy a cottage with an extra bedroom for your favorite expat writer (My wife and I are really good house guests and carry our own weight!).

Ireland is facing a miraculous recovery and will be ready to receive you with open arms. And if you get bored, there is Scotland, the UK, and all of Europe available by way of low cost Ryan Air, Enjoy it. The green, green summer time is coming.

Jamie Douglas