Eamon Ryan (Dublin Bay South, Green Party)
Link to this: Individually | In context | Oireachtas source

The companies participating in the petroleum frontier exploration licences are required under the licensing terms for offshore oil and gas exploration, development and production of 2007 to pay an annual contribution to the petroleum infrastructure fund. The expanded offshore support group is in place to support the funding of research and applied research projects that have the aim of developing knowledge of the Irish offshore with a view to assisting in promoting exploration and development activity. The fund is managed by the Department and the annual contribution to be paid by the Department to each participating company is €17,472. Contributions are lodged to the Vote as an appropriation-in-aid under subhead G3 and are paid out from subhead D3. Expenditure on this item is a technical transfer of moneys received from the industry to the fund and is Exchequer-neutral. As the Deputy knows, we are exiting from the issuing of any new licences for oil and gas exploration. We will see a gradual winding down of these activities but the fund is a legacy from the past.