Fergus O'Dowd (Louth, Fine Gael) | Oireachtas source

In response to the Deputy, it is clear that it will significantly increase Ireland's supply of natural gas that, for instance, will come from the Corrib. This is an absolutely undeniable fact and patently and clearly is the case. It also is a fact there is significantly increased interest in Irish offshore oil and gas. We must find the oil and gas to bring it ashore and must make it attractive to companies to invest here. In this context, I note our tax rate is pitched at approximately the same level as those of France, Portugal and Spain. Consequently, Ireland is getting increasing investment. A major regional seismic survey is about to start off the west coast, from which 18,000 km of new two-dimensional seismic data will be made available to the oil industry. This investment will cost more than €20 million and will come in here shortly. It will improve significantly the available science at which prospective companies can look. Finally, earlier this year a very important international conference was held at which new scientific data were presented on foot of collaboration between the Canadian, Newfoundland and Irish Governments in respect of the underlying geology of our countries formed many millions of years ago. These data are increasing significant interest in Ireland's offshore oil and gas potential.

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