Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Under this Administration Government promises have been fulfilled. We set out what we would do and we have done it. I would say 90% of what we laid out in 2010 has been fulfilled and a little more. I am no expert on the industry and neither is the Deputy. I understand there is a ten-year period in which to explore, followed by a period of 15 years in which to develop the typical find. The investment is, therefore, very long term. An essential part of attracting people to develop whatever oil resources are to be found under the sea, especially under the Atlantic Ocean, is certainty for investors. Compared with the United Kingdom and Norway, Ireland is not the prime site or first choice. Any change in the date in the Bill would remove the certainty which is essential in encouraging investment.