Dr. Paul Deane:

There is some background interference coming from someone’s microphone.

On the resource extraction, it is an important junction at this early stage for Ireland’s offshore potential. One can look at the model that the UK took in terms of oil and gas exploration, or one can look at the Norwegian model. The Norwegian model, or the Scandinavian model, is interesting because the Norwegian Government took an active, rather than passive, role in partnership. When a country takes on the role of being an active partner in these projects, it must help to de-risk the projects to some degree. When a country de-risks projects, it can then demand royalties. That would mean that the Irish Government will have to have some element of skin in the game, if you will, in terms of helping with the permitting, resource measurement and resource extraction.

It is an important point for Ireland to figure out at this early stage. We do not want to end up at a level where we have many wind farms built off the coast of Ireland in ten or 15 years’ time and we then realise that we have missed a huge opportunity. Now is the time to have those discussions. It has to go beyond a policy sphere to the societal sphere and it has to go beyond energy to our wider economy and those families who will be benefitting from those. It is an important conversation to have at this early stage, rather than later, when it may or may not be too late.