Tom Hayes (Tipperary South, Fine Gael)

It is vital that we should debate this matter at a time when so many people are unemployed and when the phrase on everyone's lips is "jobs, jobs, jobs". There are over 400,000 individuals who cannot obtain employment but who would give almost anything to get a job. These people have begun looking in different directions, and particularly towards our natural resources, in order to see if there is any hope for our country.

There is always tension with regard to the risks and rewards which mark all aspects of the energy business and the exploration and development sectors generally. Retrospective changes in the terms of licences would send a negative message to our foreign direct investment partners and, specifically, to the high-investment exploration business which relies on highly skilled employees. At a time of such unemployment, the taxing of this sector out of existence could hardly be considered a wise move. While the Government is seeking to open the door to development and exploration and is declaring the country open for business, the motion tabled by Sinn Féin clearly intends to slam the door shut.

Everybody agrees that the regulatory process in Ireland is cumbersome. That fact is recognised in the programme for Government. It is the aim of this Administration to streamline the system. That aim was welcomed by Engineers Ireland at its recent conference. It will be discussed further at the forthcoming Energy Ireland conference.

We will all benefit from exploration relating to and development of our natural resources, be they mineral deposits, hydrocarbon reserves, wind or wave energy. In view of the high investment potential for the economy, such exploration and development must be encouraged. Killybegs has shown that the industries to which I refer can coexist in harmony with indigenous industries such as fishing. To progress the development and in order to understand the reality of the reserves, investment is necessary to obtain new and additional data from seismic and drilling results.

I fully support the efforts of the Minister, Deputy Rabbitte, and I welcome the 2011 offshore licensing round as a positive step in attracting the necessary investment. The licensing round must be endorsed because the investment to which I refer provides badly needed jobs. In addition, it will assist us in more accurately determining the extent of our hydrocarbon reserves. The figures relating to untapped potential have not been established as fact. The oil in question has yet to be found. There is no guarantee with regard to the billions of euro to which the motion refers. There must, therefore, be investment in the exploration sector. Until the oil is discovered, it is not an asset because 100% of nothing is nothing. This is a fact of which other sectors of the economy are all too well aware.

Gas is universally recognised as a bridge to a fully renewable energy economy. It is a transition fuel to the green energy future. The motion tabled by Sinn Féin is incredible in that it seeks to retard our economic and energy progress through future taxation and through the intention to kill off any future investment in discovering our natural resources.

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