Martin Ferris (Kerry North-West Limerick, Sinn Fein) | Oireachtas source

The Porcupine Basin was explored in 1978, 1979, 1980 and 1981. A number of exploration wells were drilled there and oil was discovered. However, because of the depth of water at which the oil was discovered - I believe it was approximately 1,700 ft. - modern technology was not then available to deliver the oil to the surface and to the shore and the find was capped and left there. I assume the Petrel Resources company has returned to those areas on the south Porcupine Basin, where it is due to start drilling in the new year. Based on its findings as a result of the two licences it purchased last year, Petrel Resources has stated it believes the area in which it intends to drill has the potential to deliver 1 billion barrels of oil. If that is true, one would be talking about a monetary value of between €85 billion and €100 billion, which would be a significant start. In addition, Providence Resources also has claimed to have made a big discovery off Dunquin.

Both of those will probably start next year and work together.

It would be remiss of us as elected representatives not to make the point that the resources which exist should be for the common good and the greater good of our people; they should not just be for the people who exploit resources for their own good. People may stand to make much money from this but there should be a proper taxation system consistent with what the committee delivered earlier this year. That report would have guaranteed that resources would go back for the use of this country's people.

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