Pat Rabbitte (Dublin South West, Labour) | Oireachtas source

At the commencement of the Dáil debate on the report of the former Joint Committee on Communications, Natural Resources and Agriculture on offshore oil and gas exploration, and in deference to the work of the joint committee, I outlined my intention to seek independent expert advice on the fitness for purpose of Ireland’s current oil and gas exploration fiscal terms. I also said I proposed to listen to the views of Deputies through the course of the debate before initiating the process of seeking such expert advice. I believe such expert advice should focus on the level of fiscal gain that is achievable for the State and its citizens and the mechanisms best suited to produce such a gain. Certainty regarding fiscal terms is a prerequisite to attracting oil and gas exploration investment to Ireland with a view to establishing the true oil and gas potential of the Irish offshore. In that regard, and particularly in the context of planning for the next licensing round, I intend to bring my consideration of this matter to a conclusion before the end of this year. That will ensure the next licensing round can be launched against a backdrop of regulatory certainty and thereby encourage much needed new investment in exploration in our offshore.

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