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

The budget for natural resources is €26 million, of which €504,000 is spent on petroleum services, which is not a significant spend. The Deputy mentioned that the cost of drilling a well is €100 million but that is private investment, not State investment. I agree with him that offshore potential is significant. In this regard, Ireland has been described as the equivalent of Saudi Arabia in regard to oil. The Taoiseach's office has taken over responsibility for the Maritime Area and Foreshore (Amendment) Bill 2013. Foreshore licensing is highly complex and it has been a matter of responsibility for many Departments over the years. The Taoiseach's office has taken a leadership role in advancing the Bill, as the delay in dealing with it has stagnated development of the offshore energy.