Fergus O'Dowd (Louth, Fine Gael) | Oireachtas source

The joint committee published its report on offshore oil finds in May. The report recommends an increase in the tax rate to 80%, but it does not address the continuing low level of offshore exploration and makes no suggestion on how it can be improved. It also makes it very clear that even if there were to be changes from its perspective, they could not apply retrospectively.

The key point I would make to the Deputy is that we have had something like 146 wells drilled off the Irish coast to date compared to over 4,000 in the United Kingdom and over 1,200 in Norway. We have to compete with these countries to get companies to come here to find oil and gas and exploit it and bring it ashore. The reality is they are not investing here compared to the level of investment in other countries where there is certainty of finding oil. We have to attract them to come here. The big bonus, if and when oil and gas are found, is the spin-off to the economy in terms of job creation.

This is the best deal we have available. We believe it is at the right level to attract more companies to prospect for and find oil and gas. Our terms are comparable to those on offer in other countries such as France, Spain and Portugal and we have exactly the same take.

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