Seán Kyne (Galway West, Fine Gael) | Oireachtas source

Licences have been signed under the Atlantic margin agreements. As I said, the International Energy Agency forecasts that oil and gas will remain a significant element of the world's energy supply up to 2035. Most of the growth for oil and natural gas in the coming decades is forecast to come from Asia. With the growth in vehicle ownership, it is estimated that Asia will account for two out of every three barrels of crude oil traded internationally, up from fewer than one in two today. The increased demand for natural gas from industry and power generation is projected to raise global demand by 50% by 2040.