Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)

The petroleum affairs division, as mentioned by the Minister, estimates that 10 billion barrels of gas or oil equivalent are out there. We should be clear what is at stake. If that is anywhere even close to the mark, at current oil prices that would amount to €900 billion of gas and oil just off the west coast. One can consider that we have just borrowed €100 billion to bail out toxic banks and NAMA in a deal that will enslave this country to austerity, cutbacks and an unsustainable debt burden. Would it not be better to instead invest in developing resources and establishing a regime where we can get a reasonable benefit from the development and exploitation of those resources?

Is it a fact that we have one of the most pathetic arrangements for licensing, as we will get next to nothing? We have an arrangement where no royalties will accrue to this State from the development by multinational companies of our gas and oil resources. For all the bending over backwards we have done to facilitate Shell in its activities in Mayo etc., there is no security of supply. It does not have to supply to us if it does not want to.

Why do we not act like the Norwegians? That country has a 78% tax on profits made on oil resources in its territory and it owns 67% of Statoil, the national oil and petroleum company. The state jointly participates with multinational oil companies in the development and exploitation of those resources. It is shocking that the people of Norway will benefit more from the development of our gas and oil resources off the west coast of Ireland than we will. Should we not do something about it urgently? There are now reports of significant finds in Dublin Bay in the hands of more private companies but why are we giving away gas and oil resources rather than developing and exploiting them ourselves?

See this speech in context