Frank Feighan (Roscommon-South Leitrim, Fine Gael)

Is the Minister for Communications, Energy and Natural Resources, Deputy Rabbitte, aware that the Lough Allen gas field in the north west, covering the counties of Cavan, Leitrim, Roscommon, Sligo and Fermanagh could be of great benefit to the taxpayer? What measures is the Government taking to benefit from the potential resource? As a country we have not been to the fore in recognising the vast resources that exist. Through mismanagement and what some refer to as dodgy deals we seem to have lost control of vast amounts of licences from which the country could benefit substantially. Perhaps now is the time to set up a State oil company or gas company to help us get out of the recession. The State could buy out the existing licences. More importantly, it would allow us to wear the green jersey and benefit enormously from the potential resources.

The vast Lough Allen field stretches to counties Cavan, Fermanagh, Leitrim, Roscommon and Sligo. Given the rising price of natural gas and the application of new technology such as horizontal drilling, exploration in the area will be of considerable interest. In Texas horizontal drilling has replaced vertical drilling which has resulted in considerable growth in the sector. The Fort Worth chamber of commerce once compared the growth to having ten Boeing aircraft plants plunked down on the prairie overnight. Jobs were created in record numbers, royalty payments of billions of dollars poured into local landowners and the money began to circulate through the economy. This country's tax coffers will swell if the State gains more control of the sector.

Many years ago I was involved in exploration shares and I have knowledge of exploration companies. I am interested in the area because I believe it would be of significant benefit to this country. I do not have a personal interest. This country should consider setting up major exploration companies. We should consider taking the licences for ourselves. We should take a risk on behalf of the economy. We have seen what has happened off the west coast where we effectively lost control of licences and where considerable opposition exists to what is happening. I do not say that what is happening to Shell is right or wrong but it is important to have control of our own destiny. When one has such control, one has control of the tax take and where the profits go. Will the Minister outline what exactly we are doing to ensure we have control of the vast natural resources around our coasts but more importantly, onshore, where it is much more economical and less risky to exploit natural gas? That would be of considerable benefit and would be of huge interest to the taxpayer.

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