Seán Kyne (Galway West, Fine Gael)
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I shall answer the last question on fiscal terms first. The Deputy is right that there has been a lot of discussion over the period. There have been a number of changes over the years. The latest change took place in 2014 when there was a replacement of a profit resource rent tax with a petroleum production rent tax in respect of new petroleum authorisations and linked to the profitability of discoveries. Also, maximum marginal rate rises from 40% to 55%, with a minimum petroleum production tax of 5% of revenues as soon as a field goes into production. The fiscal terms that apply to production from a petroleum lease are determined by the date of the award of the initial petroleum authorisation. That was a change from 2007 where there was an additional profit resource rent tax of between 5% and 15% introduced and linked to the profitability of discoveries. In 1992, corporation tax was reduced to 25% below the general rate of 50%. There have been changes over the years but the State benefits from oil exploration.

The sum of €4 million was a once-off payment that was received in 2015. It related to the offshore data sales for companies that bid for the licences on the Atlantic margin.