Although Ireland is not a resource rich country, some oil has been discovered off the coast. According to Providence Resources, the Barryroe site (30 miles off the Cork coast) should yield 280m barrels of oil. Extractive companies listed on the Irish Stock Exchange include Tullow Oil, Dragon Oil and Ovoca Gold. Currently headquartered in London, Tullow Oil is an Irish company founded in 1985 in the town of Tullow, to work on gas exploration in Senegal. Tullow Oil’s presence in Africa has become increasingly important over the past few years. Notably, Tullow oil has been active in recently oil-producing Uganda and Ghana : exploring the Lake Albert basin in the former and have purchased operating the Jubilee Field in Ghana.
Sources: BBC; Irish Stock Exchange; Tullow Oil
12 June 2013 – The European Parliament voted through the Accounting and Transparency Directives by a huge majority. These oblige all EU listed, and large non-listed, companies to publish what they pay to the governments where they operate. You can read PWYP’s press release here.
9 April 2013 – A milestone for PWYP as the EU reaches a deal on the EU Accounting Directive for country- and project-level reporting for extractive companies. You can find out more by reading PWYP’s press release.
Ireland held the EU Presidency for the first half of 2013