Andrew Doyle (Wicklow, Fine Gael)

I welcome the opportunity to speak on this motion. The primary reason for it is the Corrib gas debacle, which has been handled in a way that no one would see as an example for the development of natural resources. It is like the tourist in the middle of the bog in the midlands asking for directions to the Wicklow mountains and the local saying he would not start from there. We would not start from here if we were trying to optimise the value of our natural resources.

The problem is that we have been told we have 10 billion barrels of oil reserves, an accurate estimate but 93% of Irish territory is underwater, with most of that in the Porcupine Bank and Seabight on the north-west seaboard. It is like looking for a needle in a haystack.

Deputy Ferris sat with me on the Joint Oireachtas Committee on Climate Change and Energy Security, where we proposed an agreed Bill on foreshore licensing to allow for the development of offshore wind and wave energy. The template involved the Marine Institute, the exploration and mining section of the Department of Communications, Energy and Natural Resources to do the research. To develop a company to do this is like asking Ireland to develop a car manufacturing company that can fine-tune electric vehicles, when there are already experts abroad and we get vehicle registration tax. Why would we do it?

It amazes me that the Government is challenged to ensure we protect our 12.5% corporation tax rate, which is an incentive to attract investment, while we have a 25% regime on profits from these natural resources. This must be changed we are saying it is not high enough - but Sinn Féin cannot have its cake and eat it. We must get wells drilled and explore so we find the hot-spots that are then attractive to people so they come to us to ask for permission to drill wells.

See this speech in context