Brendan Griffin (Kerry South, Fine Gael) | Oireachtas source

I appreciate the opportunity to speak on this matter. I call on the Government to consider establishing a State body to co-ordinate and develop the oil industry. I am anxious to see a proactive State effort to ensure the Irish people will derive the greatest possible benefit from our oil reserves.

Recent significant oil-related developments off the Cork and Kerry coasts signal major potential and Members must ensure the most is made of it. Significant opportunities now present themselves before any oil is actually extracted and preparation and exploration could prove to be significant money spinners and employers for both regions and the State as a whole and Members must be alert to this. They should not wait any longer as the opportunities are there now. This is coming in the midst of the greatest economic crisis the State has ever known and oil and its associated benefits offer great hope. This must be harnessed and put to tangible good use for the people of the country and this is the reason I call on the Government to consider the establishment of this State body to co-ordinate and maximise the potential of the oil industry.

Historically, State bodies such as Bord Iascaigh Mhara and Bord na Móna have delivered major benefits for the State by making the most of the natural resources available to their respective sectors. I envisage this also would be the case in this regard. Oil now offers a massive wealth opportunity to the people and the State must step in and make the most of it for this and for future generations, who will benefit therefrom. This agency should comprise professional expertise brought from the oil industry and it would act as a one-stop shop on oil-related matters. Among other tasks, such an agency would liaise with oil companies to provide access to Irish companies, services and trained personnel. It also would advise the Government.

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