Michael Colreavy (Sligo-North Leitrim, Sinn Fein) | Oireachtas source

I will be brief because I know the Leas-Cheann Comhairle is under pressure. I welcome the Minister's decision to open a review of the fiscal terms of petroleum licensing in Ireland. I think we need to get away from setting the terms of production before exploration has been done. I do not think there needs to be an intrinsic link between one and the other. The terms of production should be set when we know what is there to be produced. The cost of exploring Irish waters should be written off over 15, 23 or 25 years - it should not be an upfront cost that has to be recouped to the companies before this nation takes in 1 cent in revenue. I assume the Minister will accept submissions from interested parties as part of all the work that is going on.

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