Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

The estimates come from the oil companies. I brought a little file to hand over to the Taoiseach which details the oil company estimates and shows 90 billion barrels off the west coast and a similar amount found off the rest of the country. At current market prices that is approximately €1.5 trillion worth of estimated gas and oil. If even a small fraction of that is commercially extractable it would pay off the debts imposed by the troika on this country.

I am glad the Taoiseach mentioned Norway. I have a simple question for him. Will he adopt the Norwegian model? Norway does not allow any drilling unless there is a public inquiry and thoroughgoing public consultation. There can be no drilling within 25 km of the coast; 78% of the profits go to the state in taxes and royalties; and ownership of the gas and oil stays in the hands of the national company, Statoil, which is owned by the state and the citizens. Will the Taoiseach halt any permissions for drilling or extraction by oil companies until we have established a Norwegian model to manage our natural resources in order to keep the environment safe and so that the citizens of this country can benefit from the resources in our waters?

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