Noel Dempsey (Meath, Fianna Fail)

However, by 1987, prospecting had almost completely dried up in Irish waters because the terms were regarded as unfavourable compared to those in operation in other jurisdictions. The decision was taken to change them. The changes tracked changes made in other north-western European countries. Royalty payment schemes ceased to apply in the United Kingdom, Norway, the Netherlands and Denmark, the major oil and gas producers in north-western Europe. When these countries, each a much more inviting prospect for oil companies, changed their tax systems, Ireland had no choice but to do likewise.

I will briefly explain to whoever drafted this motion exactly what the situation is in respect of frontier licences.

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