Noel Dempsey (Meath, Fianna Fail)

——no one in the Department or oil companies seems to have.

If we were as generous as the ideologues and Deputies claim, we would have a greater response and more interest, that is, unless one believes in the conspiracy circulated by Sinn Féin. It believes that there are considerable quantities of oil and gas off our shores, the Government and companies know about them and we are intent on giving these supposedly large reserves to multinationals for nothing. However, the reality is that it is still difficult to sustain interest in prospecting in Irish waters. Of the 26 frontier exploration licences awarded between 1994 and 1999, each to run for at least 15 or 16 years, 21 have been relinquished. If we were sitting on these large reserves, would people be handing back their licences?

There are indications that current prospects may prove to be more successful. One can only assume that commercial finds would increase the attractiveness of Ireland to those looking to prospect. On that basis, the licensing terms are and always have been open to review. If a reform of the Irish fiscal system to redress the balance or obtain a greater share of petroleum rent for the State is necessary at some point in the future, it will be done. If it is possible to extract a royalty payment without killing off interest in exploring Irish waters, it will be done. However, before we get to that point, we must have a viable sector to tax. I remind Deputies that 40% or 50% of nothing is nothing.

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