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

I propose to take Questions Nos. 94 and 102 together.

Ireland stands to benefit greatly from its natural resources of oil and gas both financially and through strengthened energy security of supply. In respect of financial benefits, taxation on profits from production clearly is the most significant means by which Ireland stands to benefit. Substantial benefits also would result from economic activity generated through the construction phase of any new development and the subsequent production phase. I understand that more than 1,000 jobs have been created in respect of the Corrib field.

As the Irish offshore is relatively under-explored, the potential benefits that might be realised from our indigenous resources of oil and gas are not yet known. The Government has a clear strategy to address this and is focused in the first instance on encouraging an increase in the level of exploration investment in order that the petroleum potential of the Irish offshore can be better realised. This strategy is being given effect by a combination of actions. These include the strong promotion of the petroleum potential of the Irish offshore with the aim of attracting new exploration companies to Ireland, the maintenance of an appropriate and adaptive licensing regime, the acquisition of new seismic data and facilitation of access by new companies to existing seismic and well data, and the development and support of research initiatives that deepen our understanding of the petroleum potential of the Irish offshore.

As for the number of staff assigned to this area in my Department, at present 12 people work in the petroleum affairs division, and this team is supported by a number of external consultants with expertise in a range of relevant disciplines.

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