Pat Rabbitte (Dublin South West, Labour)

I move amendment No. 2:

To delete all words after Dáil Éireann and substitute the following:

"recognises that the true potential of Ireland's indigenous petroleum resources can only be established through effective exploration and calls on the Government to continue to take measures to attract an increased share of mobile international exploration investment to Ireland by:

-- maintaining fiscal licensing terms that appropriately reflect the risks and rewards of investing in petroleum exploration in the Irish offshore and onshore, relative to investing in exploration in other competing jurisdictions; and

--offering appropriate licensing opportunities designed to attract new companies to Ireland, supported by an active promotion campaign underpinned by petroleum research projects; and

and

further recognises that, having regard to the fact that only four commercial discoveries of petroleum have been made in the Irish offshore since the 1970s and to the significant costs involved in exploring for oil and gas in the deep waters of the Irish Atlantic Margin, that the cost of such exploration should be borne at this time by industry and not by the taxpayer."

With the permission of the House, I wish to share time with Deputy Healy Rae and the Minister of State at the Department of Communications, Energy and Natural Resources, Deputy O'Dowd.

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