Tom Fleming (Kerry South, Independent) | Oireachtas source

I welcome the Commissioner and his officials and thank him for his presentation. The situation in the Middle East is volatile and could threaten the availability of oil reserves. While it probably would have a huge impact worldwide, given the dire economic and financial straits in which we find ourselves, it certainly would have a major retrograde effect on this country. Today members received a report on oil security from the International Energy Agency and I wish to ascertain whether the Commissioner is satisfied with the level of Ireland's national reserves. Will it be able to withstand a dramatic fall in supplies? I hope this will not happen, but in the event that there is a sudden lack of availability, would we be able to withstand it? I ask because Ireland is on the periphery of Europe and this emphasises the point on renewable energy. As it is located on the edge of the Atlantic, Ireland probably has the best conditions for both wind energy and wave energy production; the latter certainly has huge potential off the coastline. Is the Commission setting down standards whereby Ireland should develop priorities in respect of the various factors mentioned and given the availability of energy resources? We probably should try to capitalise on all of these sources. Wave power also should be considered in addition to wind energy.

I refer to the Shannon LNG project in the south west - in County Kerry to be precise. As the Commissioner might be aware, the project proposes the importation, storage and distribution of liquefied natural gas, but it is running into huge impediments. An investment of €1 billion is planned and the project has much potential for job creation. While the particular region to which I refer needs such investment, bureaucracy is preventing the development from moving. I ask the Commissioner to investigate to ascertain whether he can use his good offices to have the project expedited. I refer to setting it up and getting it going.

As for our gas and oil fields and the potential therein off Ireland's southern and western coasts, I note there have been agreements with multinational oil exploration companies. However, Ireland does not appear to be realising the maximum financial gain from these interested bodies. In the Commissioner's opinion, can we renegotiate any deal done in the past in long-term negotiations? It does not appear we will get the amounts in royalties we should in the event that such resources are eventually brought onshore in viable quantities in the future.