Pat Rabbitte (Dublin South West, Labour)

Yes, I know the point of the Deputy's question and I understand the question and the importance of it. However, the problem is I do not know how he can say what we are giving away. The point is we are not giving anything away because until we find something, we have nothing to give away. That is the issue. If the Deputy is of the view that the fiscal regime is not tough enough, it was toughened by my predecessor, Eamon Ryan in the Finance Act 2008. Before he did so, it had been 25% for the previous 20 years. Therefore, if it is a giveaway, why is there not a thicket of exploration rigs off the coast where the Deputy lives? Why have there been fewer than 20 holes drilled in the past decade? Nobody who has espoused the position - I sympathise with the Deputy's aspiration - has been able to explain to me why there is not a queue to drill for oil and gas off our shores, if it is a giveaway. If the Deputy decides that it is not practicable for this Government at this time to establish a State exploration company - at €70 million to €80 million a pop, we do not have the money to drill empty wells offshore - if he accepts the investment is not there to establish a State company, then we are reliant on the oil companies to do the exploration for us. Therefore, it is a matter of balance and how one attracts them to do so but we have done a very bad job in this regard so far, with an average of two holes drilled per annum. I am trying to balance a fiscal regime with the requirement to bring in the oil companies to do the exploration and the drilling and hopefully to make finds. That is the balance and that is my position. I was very conscious of what happened at Corrib having regard to the international reputation of Ireland in circumstances where we will be lucky to bring Corrib gas on shore after 17 years while Norway brings gas ashore within four years.

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