Tom Fleming (Kerry South, Independent) | Oireachtas source

In a recent study worldwide it was ascertained that Ireland has the second lowest tax in the world - the Cameroons has the lowest tax - on royalty benefits to the State. This is alarming because it has also been reckoned that there is the equivalent of 10 billion barrels of oil reserves off our west coast alone. As the Minister said, much of this is non-viable but if we could extract a fraction of those 10 billion barrels, we would be well on the way to our economic and financial situation being in a much better position that it is at present.

The Norwegian experience is noteworthy. It has put in place sufficient rules and regulations to accumulate sizeable profits from the oil exploration companies.

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