Martin Ferris (Kerry North, Sinn Fein)

The gas alone would meet our gas needs, at present consumption levels, for the next 62 years. Exploration rights for Dunquin are licensed to Exxon and its partners, which estimate that the supply will come on stream after 2013.

Off the coast of Clare is the Spanish Point field, with known gas reserves of 1.25 trillion cu. ft. and 206 million barrels of oil, valued at €30 billion. It is hoped that production will begin in 2011. Again, as with the Corrib field, this State would only benefit fully if the taxation and royalty regime were changed to undo the terrible deal made, for whatever reason, in 1992. Tax rates are extremely low and most of the current 25% tax on profits can be written off against exploration and operation costs.

I appreciate that the Minister was successful in having a new rate of 40% introduced but this only applies to new exploration licences and does not cover the existing oil and gas licences. It should be extended to all licences to ensure that when the gas and oil come on stream, they will provide, as they can, a considerable boost to the country in terms of meeting energy needs and generating revenue. One should bear in mind all the benefits of the revenue during an international economic downturn.

Consider the potential of using our oil and gas to establish security of supply. At present, we import 85% of our fuel. We are also at the end of a supply line that extends from Russia all the way across Europe to Britain and, finally, Ireland. The dangers of being dependent on this supply were highlighted recently during the stand-off between Russia and the Ukraine.

I support the motion along with the Labour Party amendment. Support for an alternative energy initiative involving the creation of green, clean energy must come from the Government if it is to have any success.

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